TIDMLPH
RNS Number : 1294R
LP Hill PLC
09 September 2014
9 September 2014
LP Hill Plc
("LP Hill" or the "Company")
Subscription to raise GBP405,000 gross and Board Changes
LP Hill (AIM: LPH), the AIM listed uranium, thorium, base and
precious metals and gemstones exploration and development company
operating in Madagascar, is pleased to announce that it has raised
GBP405,000 before expenses, via a subscription for new ordinary
shares by an existing substantial shareholder, and certain board
changes.
Details of the Subscription
Kijani Resources Limited ("Kijani Resources"), an existing
substantial shareholder in the Company, has subscribed for
1,000,000 new ordinary shares of 0.1 pence each in the capital of
LP Hill (the "Subscription Shares") at a price of 40.5 pence per
Subscription Share (the "Issue Price"), to raise approximately
GBP405,000 before expenses (the "Subscription"). The Issue Price
represents a discount of approximately 10 per cent. to the closing
mid-market price of 45 pence per ordinary share on 8 September 2014
(being the latest practicable business day prior to the date of
this announcement). The Subscription Shares will represent
approximately 2.54 per cent. of the Company's enlarged issued share
capital and the Subscription is conditional on admission of the
Subscription Shares to trading on AIM ("Admission").
The net proceeds raised from the Subscription will be used to
repay the group's existing indebtedness and for general working
capital purposes. The Company anticipates raising additional equity
and/or debt finance in due course in order to ensure that the group
maintains an appropriate capital structure and is able to fund its
ongoing working capital requirements and potential future
development opportunities.
Application will be made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM. It is
expected that Admission will become effective and that dealings in
the Subscription Shares will commence at 8.00 a.m. on 15 September
2014.
Following the issue of the abovementioned Subscription Shares,
the Company's issued share capital will consist of 39,441,403
ordinary shares with voting rights. The Company does not hold any
ordinary shares in treasury and accordingly there are no voting
rights in respect of any treasury shares. The Subscription Shares
will be fully paid and will rank pari passu in all respects with
the Company's existing ordinary shares.
The above figure of 39,441,403 ordinary shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, LP Hill under the
Financial Conduct Authority's Disclosure and Transparency
Rules.
Following Admission, Kijani Resources will be interested, in
aggregate, in 8,180,000 ordinary shares, representing approximately
20.74 per cent. of the Company's enlarged issued share capital.
By virtue of Kijani Resources currently being a substantial
shareholder in the Company, the Subscription constitutes a related
party transaction for the purposes of Rule 13 of the AIM Rules for
Companies.
Accordingly, the directors of LP Hill consider, having consulted
with Strand Hanson Limited (the Company's Nominated Adviser), that
the terms of the Subscription are fair and reasonable insofar as
the Company's shareholders are concerned.
Board Changes
LP Hill is also pleased to announce the appointment of William
Redford as a Non-Executive Director of the Company with immediate
effect. Mr Redford joins the board as a representative of Kijani
Resources.
Mr Redford is currently Managing Director of Mareeba Group
Limited, a socially responsible investment organisation focused on
renewable investment opportunities and sustainable technology and
was formerly a licenced Gibraltar EIF Director. Mr Redford has more
than ten years' experience trading vegetable oil, firstly for
Frahuil S.A. and latterly for Phillip Brothers, the commodity
trading division of Salomon Brothers, where he was head of the
vegetable oil trading desk and had responsibility for arranging
international shipments of over one million tonnes of oil annually
and negotiated contracts with crushing plants and refineries. Mr
Redford also worked for six years as an interdealer broker in the
European Government Bond Market.
In addition, the Company announces that Roy Spencer has assumed
the role of Non-Executive Director and Bernard Olivier has assumed
the role of Executive Chairman, both with immediate effect.
Bernard Olivier, Executive Chairman, commented:
"We are delighted that William has joined the LP Hill Board. His
valuable international business and investment experience will
assist us in identifying and evaluating potential opportunities to
expand the Company's asset portfolio in line with our stated
strategy.
"The sizeable investment, via the Subscription, and support from
Kijani Resources is also welcomed and we look forward to working
with William, as their Board representative, going forwards as we
endeavour to deliver long-term shareholder value."
For further information, please contact:
LP Hill Plc Tel: +61 8 9368 1566
Bernard Olivier, Executive Chairman Mob: +61 4 0894 8182
Strand Hanson Limited (Nominated Adviser) Tel: +44 (0)20 7409 3494
James Harris
Matthew Chandler
James Dance
Pareto Securities Limited (Broker) Tel: +44 (0)20 7786 4370
Guy Wilkes
or visit: www.lphill.com.au
Additional information on Mr William Redford
The following additional information is provided in accordance
with paragraph (g) of Schedule Two of the AIM Rules for
Companies:
William Francis Redford (aged 56)
Current Directorships/Partnerships Past Directorships/Partnerships
(last 5 years)
ALF Resources Limited Advalorem Value Asset Fund Limited*
Global Swietenia Limited Hydroponic Consultancy Services
Limited (BVI)
Global Swietenia Limited (Gibraltar) Ratio Limited
Ratio European Trader Fund
PCC Limited
Ratio Holdings Management Limited
(BVI)
Ratio Private Client Fund PCC
Limited
Ratio Sustainability Limited
Resources Limited (Gibraltar)
Silex Fund PCC Limited
The Mareeba Group Limited (Gibraltar)
* - Mr Redford was, until 19 August 2013, a director of
Advalorem Value Asset Fund Limited ("Advalorem"), a private company
incorporated in Gibraltar. Chantrey Vellacott DFK LLP were
appointed as administrators to Advalorem by the Supreme Court of
Gibraltar on 27 January 2014.
As noted above, Mr Redford is a representative of Kijani
Resources which following Admission will be interested in 8,180,000
ordinary shares, representing approximately 20.74 per cent. of the
Company's enlarged issued share capital.
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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