Last checked at 27 Apr 2016 07:00
27 April 2016
Kennedy Ventures plc
Related Party Transaction
Kennedy Ventures plc ("Kennedy Ventures" or "the Company"), the AIM listed Investing Company, which is focussed on tantalite production through its stake in African Tantalum (Pty) Limited ("Aftan"), which owns and manages the Tantalite Valley Mine ("TVM") in Namibia, announces that on 26 April 2016 the Board approved an interest-free and unsecured loan facility of up to £150,000 (the "Loan") from Westleigh Investments Holdings Limited ("WIHL"). The loan will provide working capital which, inter alia, the Company intends to make available to Aftan in order that it can undertake a preliminary evaluation of TVM's lithium potential, as disclosed on 31 March 2016 in the Company's Interim Results and to potentially take advantage of certain short term trading opportunities in tantalite. To date the facility is undrawn.
WIHL is a company in which Giles Clarke and Nick Harrison, both of whom are directors of Kennedy Ventures, hold a beneficial interest of 73.28% and 26.72% respectively and as such the Loan is classified as a related party transaction under Rule 13 of the AIM Rules for Companies.
The independent directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
For further information on the Company, visit: www.kvplc.com, or contact:
Kennedy Ventures plc | |
Peter Hibberd (CEO), c/o Gordon Poole | Tel: +44 (0)203 757 4997 |
Grant Thornton UK LLP (Nominated Adviser) Colin Aaronson / Richard Tonthat / Daniel Bush
| Tel: +44 (0)20 7383 5100
|
Shore Capital (Broker) Mark Percy / Toby Gibbs (corporate finance) Jerry Keen (corporate broking) | Tel: +44 (0) 207 408 4090 |
Camarco (PR) Gordon Poole / Billy Clegg / Tom Huddart | Tel: +44 (0) 203 757 4980 |