27 Jul 2012 12:00
27 July 2012
Praetorian Resources Limited
("Praetorian Resources" or the "Company")
Completion of Subscription by Longships plc
The Board of Directors of Praetorian Resources is pleased to announce that completion of the subscription by Longships plc of £2,308,010 in cash for 4,616,020 new ordinary shares in the Company (with 2,308,010 new subscription shares in the Company attached) (the "Subscription") took place earlier today (immediately following the conclusion of the general meeting of shareholders of Longships plc at which, inter alia, the Subscription was approved by its independent shareholders).
Application has been made to the London Stock Exchange for the 4,616,020 new ordinary shares and 2,308,010 new subscription shares to be admitted to trading on AIM. It is expected that such admission will take place at 8.00 a.m. on Tuesday, 31 July 2012. Following the completion of the Subscription, the Company has 44,698,886 ordinary shares and 22,349,443 subscription shares in issue and Longships plc has an interest of 10.3 per cent. of the Company's issued share capital.
Each of the three members of the Company's advisory and execution team - Richard Lockwood, Malcolm Burne and Charles Cannon-Brookes - are shareholders in Longships plc (with an aggregate holding of representing 21.26 per cent. of the company's issued share capital). Malcolm Burne and Charles Cannon-Brookes are also directors of Longships plc. Longships plc's ordinary shares are admitted to trading on AIM and the subscription by Longships plc has been treated as a related party transaction in so far as Longships plc is concerned for the purpose of Rule 13 of the AIM Rules for Companies. The Company's nominated adviser, Westhouse Securities Limited, is also nominated adviser to Longships plc.
Contact:
For further information, please contact:-
Praetorian Resources Limited | +44 1481 253 797 |
Robert King, Director | |
Westhouse Securities Limited (Nominated Adviser) | +44 20 7601 6100 |
Richard Baty | |
Petre Norton | |
Ocean Equities Limited (Broker) | +44 20 7786 4370 |
Guy Wilkes | |
Newgate Threadneedle (Financial PR) | +44 20 7653 9850 |
Beth Harris | |
Graham Herring |