Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Continues...
The success in Zambia demonstrates how Jubilee is perfectly poised to play a pivotal role in the processing of copper secondaries and tailings.
“This is an incredibly exciting period for Jubilee and we are thrilled to have the further support from new and existing institutional shareholders, and we look forward to the future with confidence”.
Transaction Structure
In order to satisfy demand and to meet the minimum investment criteria of the two institutional investors, Jubilee has secured a total of 111 430 640 shares representing 4.96% of the enlarged issued shares, as follows:
· ACAM LP has agreed to the partial conversion of the loan provided on 21 March 2019. The terms of the loan provided for conversion and ACAM has agreed to convert US$2.5 million of the principal amount plus accrued but unpaid interest, on the same terms as envisaged by the original agreement (subject to minor amendments to facilitate this conversion). The US$2.5 million plus accrued but unpaid interest of US$0.591 million has been converted into 80 728 619 new fully paid Jubilee ordinary shares (“ACAM Shares”) at a conversion price of 2.81 pence per share. After conversion, the remaining principal amount outstanding is US$5.5 million.
· Directors, Colin Bird and Leon Coetzer, are owed shares in lieu of the salary sacrifices they made over an extended period between 2013 and 2017. To make the Placing possible both directors have agreed to release all such shares towards the Placing. Foregoing salary was necessary at the time in order to support the Company and to provide a platform to continue the implementation of the Company’s strategy. The accrued salary is repayable in shares under the terms of the Share Plan approved by shareholders at the 2013 AGM. Under the terms of the Share Plan, the price at which shares may be issued to settle the accrued salary is taken as the VWAP for the quarter in which salary was sacrificed. The current balance of accrued salary owed to directors is £625 497, comprising £244 667 owed to Mr Bird and £380 790 to Mr Coetzer.
Under an agreement between Mr Bird and Mr Coetzer in 2013, it was mutually agreed that Mr Bird in his personal capacity would guarantee the cash amount of any accrued salary owed to Mr Coetzer to ensure the retention of Mr Coetzer. Mr Bird recognised the retention of his skill set and training would be vital to the successful implementation of the Company’s strategy. He further recognised that these skills were and remains in high demand. In return for this personal guarantee, Mr Coetzer would only retain at any time an entitlement to an equivalent share settlement to a maximum share value of 150% to the cash amount of any such accrued salary and that any additional rights to such share allocation would be ceded to Mr Bird. Therefore, the Company has issued 19 154 466 new ordinary shares in total to settle the accrued salary in full, comprising 14 760 730 new ordinary shares to M
Jubilee Secures Further Support from Blue Chip Institutional Investors
Jubilee, the AIM and Altx traded metals processing company, is pleased to announce a placing of new and existing ordinary shares representing 4.96% of the enlarged issued share capital of the Company to meet institutional demand. A total of 99 883 085 (4.45%) new ordinary shares and 11 547 555 (0.51%) existing ordinary shares in the Company have been placed, at a price of 13 pence per share, with two supportive institutional shareholders, one of which is new to the share register (“Placing”).
The Company also advises that it will be hosting a webcast, offering shareholders the opportunity to engage with the Board for a General Company update and talk about the six months operations update at 10am UK time (Noon SA time) on 18 January 2021.
Shareholders are invite to participate by following the link provided:
https://webcasting.brrmedia.co.uk/broadcast/60008bbc59cf24171a328549
Highlights
Jubilee secures investment from two blue chip institutions, including one new to the share register
The investment is made based on the Company’s earnings and recognition of the accelerated implementation of its copper and cobalt strategy which holds the potential for enhanced sustainable and quality earnings growth
The substantial investment made by these blue chip institutions is facilitated by both the partial conversion of the convertible loan note held by ACAM LP, which facilitated the acquisition of the Sable Refinery in 2019, as well as a share contribution by certain Jubilee directors
Leon Coetzer, Chief Executive Officer, says: “This combined investment by two traditionally long term, supportive institutional shareholders is a milestone acknowledgement of the Company’s achievements and brings recognition to the successful implementation of our strategy to date and our focus going forward.
“The investment entry requirements for these institutions were enabled through ACAM LP agreeing to the partial conversion of the convertible loan note held by them, and in addition certain directors agreed to allocate shares owing to them by Jubilee in lieu of salary sacrifices, in recognition that the share register would be strengthened by the addition of these institutions.
“The partial conversion of the ACAM LP convertible loan reduces the Group’s borrowing and ongoing borrowing costs and is consistent with the restructuring of all historical debt held by the Company into far less costly debt provided by alternative financial institutional facilities. On completion of the transaction all directors and officers maintain their current share option incentives.
“As announced on 14 January 2021, our South African operations continue to grow and contribute to earnings while our Zambian copper and cobalt strategy is now moving at pace with the potential to produce significant earnings backed by our secured positions and a widely forecasted increasing copper price.
Good RNS but important info missing.
a gold concentrate was produced, grading 20.7 grams per tonne
The important question is how much ore was processed to obtain the gold concentrate that produced this 20.7 grams per ton?
If it was 10 tons then that would give a grade of 2.07 grams a ton of ore processed
If it was 100 tons then that would give a grade of 0.207 grams a ton of ore processed
Now you see why full info is required
Stocksie
https://www.news24.com/fin24/companies/mining/zambia-sees-deal-with-glencore-over-mopani-within-a-month-20201117
Zambia expects to conclude talks over buying Glencore's stake in Mopani Copper Mines within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines.
Although reading it again, the Deferred Shares are just smoke with no relevance unless there is a winding up - and even then will be worth nothing.
Consolidation 200 to 1 on 30 November
Not so simple...
Consolidation on 30 November
1 normal share and 19 Deferred Shares received
The Companies Act 2006 prohibits the Company from issuing shares at a price below their nominal value. As the price at which the Placing Shares and Subscription Shares are proposed to be issued is the same as the 20 pence per share nominal value of Ordinary Shares arising on the Share Consolidation outlined above, it is proposed that each of the consolidated Ordinary Shares of 20 pence be sub-divided into one New Ordinary Share of 1 pence and one Deferred Share of 19 pence, such Deferred Shares having the rights and being subject to the restrictions attached to them as set out in Resolution 1 in the Notice of General Meeting. The Deferred Shares will not entitle their holders to receive notice of or to attend or vote at any general meeting of the Company, or to receive any dividend or other distribution. On a return of capital on a winding up or dissolution of the Company, the holders of the Deferred Shares shall be entitled to receive an amount equal to the nominal amount paid up thereon, but only after the holders of the New Ordinary Shares have received £100,000 per New Ordinary Share. The holders of Deferred Shares are not entitled to any further right of participation in the assets of the Company. The Company shall have the right to purchase the Deferred Shares in issue at any time for no consideration. As such, the Deferred Shares effectively have no value. Share certificates will not be issued in respect of the Deferred Shares, and they will not be admitted to trading on AIM.
2nd RNS - Trading resumes today
Open Offer timetable
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Record Date for the Open Offer
6.00 p.m. on 13 October 2020
Announcement of the Open Offer
7.00 a.m. on 15 October 2020
Existing Ordinary Shares marked "ex" by the London Stock Exchange
8.00 a.m. on 15 October 2020