THE INFORMATION CONTAINED WITHIN
THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS
AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
Arc Minerals
Limited
("Arc
Minerals", the "Company" or the "Group")
Share Buyback and associated
Cancellation of Ordinary Shares
Total Voting
Rights
Arc Minerals Limited
(AIM:ARCM) is pleased to announce, further to
its announcements on 11 March 2024 and 12 March 2024
("Placing Announcements"), that it has executed an off-market share
buyback agreement pursuant to which it has acquired 22,539,746
ordinary shares of no par value each (the "Buyback Shares") from
Sveriges Lärare (formerly Lärarnas Riksförbund) for a total consideration of £405,715.43 (the "Share
Buyback"). Each Buyback Share was acquired for 1.8 pence per
Buyback Share (being the same price paid by investors in the
Company's recent placing as set out in the Placing Announcements).
The Buyback Shares represent 1.53% of the total issued share
capital of the Company.
As explained in the Placing
Announcements, the Directors believe that the ability to buy back a
specific targeted shareholding in this manner should be beneficial
to shareholders as a whole since by executing such a transaction,
the Company is able to ensure that the Buyback Shares are disposed
of in an orderly manner so as to avoid a considerable volume of
shares being sold in the market far in excess of normal daily
volumes of trades.
Proposed Cancellation of Ordinary
Shares
The Buyback Shares are being
acquired in CREST through a purchase of depositary interests by the
Company's broker and the Company has instructed its registrars to
ensure those depositary interests are withdrawn from CREST and the
Buyback Shares are cancelled. Application has also been made to
cancel the Buyback Shares from trading on AIM. Cancellation of the
Buyback Shares is anticipated to take effect on or around 4 April
2024.
Total Voting Rights
The Company confirms that following
the cancellation of the Buyback Shares on 4 April 2024, the total
number of Ordinary Shares in the capital of the Company in issue
will be 1,446,014,263 with associated voting rights. There are no Ordinary Shares
held in Treasury. This figure may be used by shareholders 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, the Company's share capital pursuant to the Company's
articles of association.
As a result of the cancellation of
the Buyback Shares, each shareholders' percentage shareholding will
increase and accordingly, each shareholder should ensure that they
comply with their obligations under Article 24.1 of the Company's
Articles of Association (which can be found on the Company's
website at https://www.arcminerals.com)
to disclose interests in the total voting rights of the
Company.
Contacts:
|
Arc
Minerals
|
+44 (0) 20 7917 2942
|
|
Nicholas von Schirnding (Executive
Chairman)
|
|
WH
Ireland Limited
(Nomad and Broker)
|
Tel: +44 (0) 20 7220 1666
|
|
Harry Ansell / Katy Mitchell
/
Isaac Hooper
|