21st Apr 2008 15:00
Weatherly International PLC21 April 2008 Weatherly International plc ("Weatherly" or the "Company") Notice of General Meeting to seek shareholder approval for US$12 million fundraising, the issue of shares and the grant of share options pursuant to the Company's long term investment plan ("LTIP") and unapproved share option scheme Weatherly International plc, the resource company with copper mining andsmelting operations in Namibia, is pleased to announce that it has completed,subject to shareholder approval, a US$12 million capital raising in the form of9% secured convertible loan notes due 2010 with warrants attached (the"Fundraising"). The 9% secured convertible loan notes due 2010 (the "Notes") areconvertible into ordinary shares in the capital of Weatherly at a conversionrate of US$0.5059 per share (a premium of 8% to the volume weighted averageprice of Weatherly shares on AIM over the preceding 30 days). The 12,000,000warrants (the "Warrants") each entitle the holder to subscribe for one newordinary share in the capital of Weatherly at a price of 27.15p (a premium of15% to the volume weighted average price of Weatherly shares on AIM over thepreceding 30 days). Full details of the Fundraising and the terms of the Notesand the Warrants are set out in a circular to shareholders which will bedespatched today. The Company is also seeking approval to issue 650,000 Shares to the Company'semployee benefit trust "EBT" in accordance with the terms of the Company's LTIP.Of the awards set on 9 October 2006, the Remuneration Committee has determinedthat one-third of the awards have vested by reference to the Company having metthe benchmarking performance targets set. The Company is also seekingshareholder approval to grant 75,000 options to each of Mr Craven, Mr Redmondand Mr Bryant under the Company's existing unapproved share option scheme. TheBoard will only proceed to make the option awards when the Company comes out ofthe current close period. A General Meeting to approve, the Fundraising and the above awards, has beenconvened for 11.00am on Thursday 8 May 2008 at the offices of Morrison &Foerster, 7th Floor, CityPoint, One Ropemaker Street, London EC2Y 9AW.Shareholders will shortly receive a circular setting out formal notice of themeeting together with a proxy form which should be returned to CapitaRegistrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU so as to bereceived no later than 11.00am on Tuesday 6 May 2008. The proceeds of the fundraising will be used by the Company to complete theTambao feasibility study, start initial engineering and to upgrade existingassets in Namibia, including the refurbishment of the diesel power generatingsets and the construction of the oxygen plant required for the second stage ofthe smelter expansion. For further information contact: Rod Webster, Chief Executive Officer Weatherly International +44 (0)207 868 2232Paul Craven, Chief Financial Officer Jakob Kinde Libertas Capital +44 (0)207 569 9650Sandy Jamieson Anthony Cardew Cardew Group +44 (0)207 930 0777Jamie MiltonMatthew Law This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Weatherly International Plc