24th Apr 2014 12:48
ZincOx Resources plc
("ZincOx" or the "Company")
Result of General Meeting and Open Offer
On 7 April 2014, the Board of ZincOx Resources plc (AIM: ZOX), the developer of one of the largest Electric Arc Furnace Dust recycling facilities in the world, announced details of a proposed Open Offer of the new Ordinary Shares to raise up to approximately £3.93 million in total.
At the General Meeting held earlier today, all Resolutions proposed in connection with, inter alia, the Open Offer were passed by Shareholders.
The Open Offer closed for acceptances at 11.00 a.m. on 23 April 2014. The Company received valid acceptances from Qualifying Shareholders in respect of 20,378,477 Open Offer Shares, including applications for 6,044,448 Open Offer Shares under the Excess Application Facility. This represents approximately 52 per cent. of the maximum number of Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of approximately £2.04 million through the Open Offer.
Application has been made to AIM for the admission of the Open Offer Shares. It is expected that Admission will become effective at 8.00 a.m. on 25 April 2014. The Open Offer Shares, when issued and fully paid, will rank pari passu in all respects with the existing Ordinary Shares of 1p each.
The following table sets out the Directors' shareholdings and percentage interests in the issued share capital of the Company following Admission, including shares taken up by Directors in the Open Offer:
Name and position | No. of existing Ordinary Shares held as at the date of this announcement
| No. of Open Offer Shares subscribed for | Percentage holding on Admission | No. of Ordinary Shares over which options are granted on Admission
|
Andrew Woollett, Executive Chairman | 5,387,596 | 0 | 3.24% | 4,515,854 |
Simon Hall, Finance Director | 145,600 | 17,500 | 0.10% | 1,731,318 |
Jacques Dewalens, Technical & Production Director | 253,445 | 0 | 0.15% | 1,500,000 |
Gautam Dalal, Non-Executive Director | 560,000 | 150,000 | 0.43% | 0 |
Rod Beddows, Deputy Chairman & Non-Executive Director | 822,500 | 0 | 0.49% | 0 |
Guy Lafferty, Non-Executive Director | 0 | 0 | 0.00% | 0 |
The new Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on 25 April 2014 and definitive share certificates for the new Ordinary Shares (in certificated form) are expected to be despatched to certificated shareholders by 2 May 2014.
Following Admission of the new Ordinary Shares and in accordance with Disclosure and Transparency Rules, the Company's issued voting ordinary share capital will be comprised of 166,305,778 Ordinary Shares of 1 pence each.
The above figure may be used by shareholders as a 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, ZincOx under the FCA's Disclosure and Transparency Rules.
All capitalised terms used in this announcement shall have the meanings ascribed to them in the circular published by the Company on 7 April 2014.
For further information, please visit www.zincox.com or contact:
ZincOx Resources plc Andrew Woollett, Executive Chairman | Tel: +44 (0) 1276 45 0100 |
Peel Hunt LLP (Nominated Adviser and Broker) Richard Kauffer / Daniel Harris | Tel: +44 (0) 207 418 8900 |
Tavistock Communications (Financial PR) Simon Hudson / Nuala Gallagher | Tel: +44 (0) 207 920 3150 |
Related Shares:
Zincox Resources Plc