2nd Nov 2007 11:54
Namibian Resources PLC02 November 2007 NAMIBIAN RESOURCES PLC SUBSCRIPTION OF 1,000,000 NEW ORDINARY SHARES DIRECTORS' DEALING, SIGNIFICANT SHAREHOLDER AND RELATED PARTY TRANSACTION Namibian Resources PLC (the "Company") announces that it has today entered intoa series of agreements to issue a total of 1,000,000 new ordinary shares of 10peach for cash at par (the "Subscription Shares") with its directors to raise£100,000 (the "Subscription"). The subscription price of 10p represents adiscount of 4.8% to the closing mid market price of 10.50p as at 1 November2007. Application is being made for the Subscription Shares to be admitted totrading on AIM and such admission is expected to become effective on 9 November2007. It is intended that the cash proceeds of £100,000 from the Subscription will beused for working capital purposes, primarily to acquire new mobile plant toincrease the throughput of diamondiferous gravels and provide a back up in theevent of plant breakdowns. The Subscription Shares will, when issued, rank pari passu in all respects withthe existing ordinary shares. The Subscription Shares will representapproximately 2.57% of the Company's enlarged issued share capital. Following the issue of the Subscription Shares, the Company's total issued sharecapital with voting rights and which is admitted to trading on AIM will consistof 38,922,000 ordinary shares of 10p each, with one voting right per share. The Subscription has been taken up as follows: Name of Director Number of shares Cash considerationLord Sheppard of Didgemere 500,000 £50,000A C A Carlton 100,000 £10,000O Plummer 50,000 £5,000B M Moritz 350,000 £35,000 Following the Subscription, the interests of the Directors in the enlargedissued share capital of the Company are as follows: Name of Director Number of shares Percentage of enlarged issued share capitalLord Sheppard of Didgemere 3,300,000 8.48%A C A Carlton 1,515,000 3.89%O Plummer 556,407 1.43%B M Moritz 2,594,616 6.67% Related Party Transactions The Subscription constitutes a series of related party transactions for thepurposes of the AIM Rules due to the interests of the Directors. In respect ofeach subscription, the Directors of the Company (with the exception of eachDirector who is involved in the relevant transaction as a related party) havingconsulted with the Company's nominated adviser, consider that the terms of thetransactions are fair and reasonable insofar as the shareholders of the Companyare concerned. Speaking of the Subscription, Tony Carlton, Chief Executive Officer of theCompany, said: "The Directors are planning a substantial increase in production at our diamondmine in Southern Namibia. The harsh climate at the mine site takes a heavy tollon equipment, and in the past production has been interrupted by breakdowns.This injection of cash will enable us to acquire back up equipment which isdesigned to avoid future interruptions." A C A Carlton Chief Executive Officer Namibian ResourcesTony Carlton +44 (0)20 8726 0900 Collins Stewart Europe LimitedAdrian Hadden +44 (0)20 7523 8350 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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