7 Apr 2017 11:20
7 April 2017
China Africa Resources plc
("China Africa")
Change of Name, Registered Address and Corporate Update
China Africa Resources plc (LON:CAF), the AIM listed natural resource exploration and development company, announces that it has now completed the formal process of changing its name to Pembridge Resources plc (LON:PERE) (the "Company" or "Pembridge"). Dealings under the new name are expected to commence at 8.00 a.m. on 10 April 2017.
The Company's website address will be www.pembridgeresouces.com with effect from today.
The Company also announces that it has changed its registered address to: Suite A, 6 Honduras Street, London EC1Y 0TH with immediate effect.
The Company has noted considerable speculation about its intentions and would like to take this opportunity to provide an update to its shareholders.
The Directors believe that the mining, engineering and finance expertise it has acquired at a senior level since the management changes started on 17 February 2017 makes it well-placed to identify and potentially develop a number of projects which are currently under consideration.
An option under consideration by the Board is for Pembridge to become an AIM Rule 8 Investing Company while maintaining the ability to complete a Reverse Takeover ("RTO") should an appropriate opportunity arise.
David Linsley, Chief Executive Officer, said:
"In a very short time we have put together a team that is highly experienced in developing producing, cash-flow generating assets. Through our exclusive network we have sourced a number of compelling projects and we are carrying out initial due diligence on these. Shareholders will appreciate that at this early stage we cannot reveal any specific details about these opportunities. We continue to evaluate both the Botswanan copper investment and the Lithium project that management has inherited and will provide the market with an update once our review has been completed. We are cognisant of the time constraints imposed on us by the stock exchange however we are confident that we will be able to move forward as either a Rule 8 Investing Company or on an RTO in the not too distant future"
Shareholders should be aware that within six months of becoming an AIM Rule 15 cash shell (on 11 January 2017), the Company must make an acquisition or acquisitions which constitutes a reverse takeover under Rule 15 or face suspension from trading on AIM. The process of converting into a Rule 8 Investing Company will also satisfy the requirements of Rule 15.
Contact:
Pembridge Resources plc David Linsley, Chief Executive Officer
| T: +44 (0)203 778 0655 |
SPARK Advisory Partners - Nominated Adviser Sean Wyndham-Quin Neil Baldwin
| T: +44 (0) 2033 683 555
www.sparkadvisorypartners.com |
SI Capital Limited - Joint Broker Nick Emerson Andy Thacker
| T: +44 (0) 1483 413 500 |
Beaufort Securities Limited - Joint Broker Elliot Hance
| T: +44 (0) 207 382 8300 |
Blythe Weigh - Financial PR Tim Blythe, Camilla Horsfall, Nick Elwes | T: +44 (0) 207 138 3204 |
The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.