30th Jul 2013 12:56
30 July 2013
Kryso Resources Plc
(“Kryso” or the “Company”)
AIM: KYS
COURT SANCTION OF SCHEME OF ARRANGEMENT AND COURT CONFIRMATION OF REDUCTION OF CAPITAL
Kryso Resources Plc (AIM: KYS), the mineral exploration and development company currently developing the Pakrut gold project in the Republic of Tajikistan (“Existing Kryso”), is pleased to announce that the Court has today sanctioned the proposed scheme of arrangement between Existing Kryso and its shareholders under Part 26 of the Companies Act 2006, and the Court has confirmed the associated reduction of capital.
Capitalised terms used but not defined in this announcement have the meaning given to them in the circular despatched to shareholders of Existing Kryso on 8 May 2013.
The Court Order has today been delivered to the Registrar of Companies and the Scheme has become Effective. New Kryso has therefore become the ultimate holding company of the Kryso Group.
The Kryso Group will have the same business and operations as the Kryso Group had before the Scheme Effective Date. The Proposals will not result in any immediate changes in the day-to-day operations of the business of the Group or its strategy.
Under the Scheme, holders of Existing Kryso Ordinary Shares (at the Scheme Record Time) will have their shares cancelled in consideration for which they will receive ordinary shares in New Kryso, on a one-for-one basis.
It is expected that the cancellation of Existing Kryso Ordinary Shares from AIM, the admission of New Kryso Ordinary Shares to AIM, the crediting of New Kryso Ordinary Shares in uncertificated form to CREST accounts (in the form of Depositary Interests) and the commencement of dealings in New Kryso Ordinary Shares on AIM will each occur on 31 July 2013.
For further information please visit the Company’s website (www.kryso.com) or contact:
Kryso Resources Plc
Craig Brown, Managing Director
Tel: +44 (0) 20 7349 9160
Investec Bank Plc
Jeremy Ellis, Chris Sim, George Price
Tel: +44 (0)20 7597 5970
XCAP Securities Plc
Jon Belliss, Guy Peters
Tel: +44 (0) 207 101 7070
Blythe Weigh Communications
Paul Weigh, Tim Blythe, Halimah Hussain
Tel: +44 (0)20 7138 3204
About the Pakrut Gold Project
The Pakrut gold project, of which Kryso has 100 per cent ownership, is situated in Tajikistan approximately 12km northeast of the capital city Dushanbe. Pakrut has estimated total JORC compliant resources of 4,720,000 oz Au (assuming a cut-off grade of 0.5 g/t Au) and is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. Kryso's management team has extensive experience in the mining industry in Tajikistan.
Copyright Business Wire 2013
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