25 Nov 2015 14:24
Regency Mines Plc
("Regency" or the "Company")
Disposal of Investment - Update
25 November 2015
Regency, the natural resources exploration and transactional company, announces developments in relation to its investment in Ram Resources (ASX:RMR)("Ram").
Further to the announcements of 3 June 2015 and 27 July 2015, Regency has now disposed of its entire shareholding position in Ram ("disposed assets"). Sales of a total 74,000,000 shares have now taken place, raising net proceeds of AUD188,005.66. Included in that is the sale today of the last 59,516,530 shares of the 74,000,000 which raised net proceeds of AUD118,437.89.
Regency retains a 4% carried interest, convertible into Ram shares at the rate of AUD 50,000 per 1% at the price of any placing, as well as a royalty, in Ram's Fraser Range Project.
The book value of the disposed assets in the audited accounts at 30 June 2015 was AUD 211,928.
Andrew Bell, Chairman, comments: "This is one more step in the process of realising value from Regency's non-core investments in order to concentrate on transactional and cash-flow generative opportunities.
We retain a royalty, as well as a convertible carried interest, allowing us both to participate in any upside and to create future liquidity of up to AUD 200,000 from these assets."
For further information, please contact:
Andrew Bell 0207 747 9960 or 0776 647 4849 Chairman Regency Mines Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.
Christian Pickel 0203 128 8208 Media Relations MHP Communications