18 Jul 2012 09:58
For immediate release: 18 July 2012
Creon Resources plc
("Creon" or "the Company")
Director's Dealing
The Company announces that Mr Jeswant Natarajan, a director and Chief Executive Officer of the Company, subscribed for 7,000,000 new ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares"), pursuant to the Open Offer and Subscription announced on 22 June 2012, which was approved by the shareholders of the Company on 11 July 2012, at a price of 0.5p per new Ordinary Share. Mr Natarajan is now interested in 17,000,000 Ordinary Shares, representing 0.62% of the issued ordinary share capital of the Company.
Further information please contact:
Creon Resources plc | |
Jeswant Natarajan - Chief Executive Officer | Tel: +44 (0) 20 7583 8304 +60 12 212 1332 |
Daniel Stewart & Company plc | |
Nominated Adviser & Broker | |
Paul Shackleton/Tessa Smith | Tel: + 44 (0) 20 7776 6550 |
GTH Communications Limited | |
Toby Hall/Suzanne Johnson-Walsh | Tel: + 44 (0) 20 3103 3900 |
Note to Editors:
The Company's Investment Policy is to invest principally, but not exclusively in the resources and/or resources infrastructure sectors, with no specific national or regional focus. The Company may be either an active investor and acquire control of a single company or it may acquire non-controlling shareholdings.
The proposed investments to be made by the Company may be either quoted or unquoted; made by direct acquisition or through farm-ins; may be in companies, partnerships, joint ventures; or direct interests in resources projects. Target investments will generally be involved in projects in the exploration and/or development stage. The Company's equity interest in a proposed investment may range from a minority position to 100 per cent. ownership.
The Company will initially focus on projects located in the Middle East and Asia but will also consider investments in other geographical regions.
The Company will identify and assess potential investment targets and where it believes further investigation is required, intends to appoint appropriately qualified advisers to assist.
The Company proposes to carry out a project review process in which all material aspects of any potential investment will be subject to due diligence, as appropriate. It is likely that the Company's financial resources will be invested in a small number of projects or potentially in just one investment which may be deemed to be a reverse takeover under the AIM Rules.
Where this is the case, it is intended to mitigate risk by undertaking an appropriate due diligence process. Any transaction constituting a reverse takeover under the AIM Rules will require Shareholder approval. The possibility of building a broader portfolio of investment assets has not, however, been excluded.
The Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends. Given the nature of the Company's Investing Policy, the Company does not intend to make regular periodic disclosures or calculations of net asset value.