Armadale Capital PLC Holding(s) in Company (1838F)
March 17 2022 - 10:20AM
UK Regulatory
TIDMACP
RNS Number : 1838F
Armadale Capital PLC
17 March 2022
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
17 March 2022
Armadale Capital Plc ('Armadale' or 'the Company')
Holding(s) in Company
Armadale Capital plc (LON: ACP) the AIM quoted investment group
focused on natural resource projects in Africa, announces that
following the 11 March 2022 notice of the exercise of 7,852,273
warrants by Director Matt Bull to subscribe for ordinary shares of
0.1 pence each in the capital of the Company ("Ordinary Shares"),
Mr. Bull's enlarged shareholding in the Company is now 53,373,765
shares equal to 9.74% of the issued share capital in the
Company.
TR-1: S tandard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible) (i)
1a. Identity of the issuer or the underlying ARMADALE CAPITAL PLC
issuer of existing shares to which voting rights
are attached (ii) :
-------------------------------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
---------------
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights X
---------------
An acquisition or disposal of financial instruments
---------------
An event changing the breakdown of voting rights
---------------
Other (please specify)(iii) :
---------------
3. Details of person subject to the notification obligation (iv)
Name MATTHEW BULL
City and country of registered office (if PERTH, AUSTRALIA
applicable)
4. Full name of shareholder(s) (if different from 3) (v)
Name
-------------------------------------------------------------------
City and country of registered office (if As above
applicable)
-------------------------------------------------------------------
5. Date on which the threshold was crossed or 11 MARCH 2022
reached (vi) :
-------------------------------------------------------------------
6. Date on which issuer notified (DD/MM/YYYY): 17 MARCH 2022
-------------------------------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights through Total of both in Total number of voting rights
rights attached financial instruments % (8.A + 8.B) held in issuer (8.A + 8.B)
to shares (total of 8.B 1 + 8.B 2) (vii)
(total of 8. A)
---------------- ------------------------------- ----------------- -------------------------------
Resulting
situation on
the date on
which
threshold was
crossed or
reached 9.74 9.74 53,373,765
---------------- ------------------------------- ----------------- -------------------------------
Position of
previous
notification
(if
applicable) 8.45 8.45
---------------- ------------------------------- ----------------- -------------------------------
8. Notified details of the resulting situation on the date on which the threshold was crossed
or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights (ix) % of voting rights
shares
ISIN code (if possible)
Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
----------------
GB00BYMSY631 53,373,765 9.74
--------------- ---------------- ------------- ----------------
SUBTOTAL 8. A 53,373,765 9.74
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial Expiration Exercise/ Number of voting rights that may be % of voting
instrument date (x) Conversion Period (xi) acquired if the instrument is rights
exercised/converted.
------------- ----------------------- ------------------------------------------ -------------
29 April
Warrants 2022 2 1,666,669 0.3%
------------- ----------------------- ------------------------------------------ -------------
SUBTOTAL 8. B 1
----------------------- ------------------------------------------ -------------
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Type of Expiration Exercise/ Physical or cash Number of voting % of voting
financial date (x) Conversion settlement (xii) rights rights
instrument Period (xi)
------------------ ------------- ----------------------------- ---------------------
SUBTOTAL 8.B.2
----------------------------- ---------------------
9. Information in relation to the person subject to the notification obligation (please mark
the
applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal
entity and does not control any other undertaking(s) holding directly or indirectly an interest
in the (underlying) issuer (xiii)
Full chain of controlled undertakings through which the voting rights and/or the X
financial instruments are effectively held starting with the ultimate controlling natural
person or legal entity (xiv) (please add additional rows as necessary)
Name (xv) % of voting rights if it % of voting rights Total of both if it equals or is higher
equals or is higher than through financial than the notifiable threshold
the notifiable threshold instruments if it equals
or is higher than the
notifiable
threshold
--------------------------- -------------------------- --------------------------------------------
10. In case of proxy voting, please identify:
Name of the proxy holder
------------------------------------------------------------------------
The number and % of voting rights held
------------------------------------------------------------------------
The date until which the voting rights will
be held
------------------------------------------------------------------------
11. Additional information (xvi)
Place of completion London, UK
Date of completion 17 March 2022
--------------
**S**
Enquiries:
Armadale Capital Plc
Nick Johansen, Non-Executive Director
Tim Jones, Company Secretary +44 (0) 20 7236 1177
Nomad and Broker: finnCap Ltd
Christopher Raggett / Seamus Fricker / Teddy Whiley +44 (0) 20 7220 0500
Notes
Armadale's wholly-owned Mahenge Liandu Graphite Project is
located in a highly prospective region, with a high-grade JORC
compliant indicated and inferred mineral resource estimate
announced February 2018 - 59.5Mt at 9.8% TGC. This includes 11.5Mt
@ 10.5% Measured 32.Mt Indicted at 9.6% and 15.9Mt at 9.8% TGC,
making it one of the largest high-grade resources in Tanzania.
The work to date has demonstrated the Project's potential as a
commercially viable deposit, with significant tonnage, high-grade
coarse flake and near surface mineralisation (implying a low strip
ratio) contained within one contiguous ore body.
The Company's updated Definitive Feasibility Study (June 2020)
confirmed Mahenge as a long-life low-cost graphite project with a
US$430m NPV and IRR of 91% based on a two-stage expansion strategy
comprising:
-- Stage One - processing plant and infrastructure at a nominal
design basis rate of 0.4-0.5 Mt/pa to produce a nominal 60,000t/pa
graphite concentrate in the first three years of production
-- Stage Two - a second 0.5 Mt/y plant and associated additional
infrastructure doubling throughput to 1 Mt/y from Year 5 of
operation
The DFS shows that Armadale can be a significant low-cost
supplier to the graphite industry with the potential to generate
pre-tax cashflows of US$985m over an initial 15 year mine-life and
scope for further improvement as this utilises just 25% of the
current resource, which remains open in multiple directions.
Projected timeline to first production is expected to be
approximately 10-12 months from the start of construction and the
capital cost estimate for Stage 1 is US$39.7m, which includes a
contingency of U$S4.1m or 15% of total direct capital cost, with a
1.6 year payback for Stage 1 (after tax) based on an average sales
price of US$1,112/t. Stage 2 expansion is expected to be funded
from cashflow.
More information can be found on the website www.armadalecapitalplc.com .
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