REG - Ajax Resources PLC - Admission to Trading and First Day of Dealings

Ajax ResourcesAnnouncement

07/04/2022 08:15

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RNS Number : 5549H  Ajax Resources PLC  07 April 2022

April 7, 2022

AJAX RESOURCES PLC

("Ajax" or the "Company")

Admission to Trading and First Day of Dealings

 

Ajax Resources Plc ("Ajax" or the
"Company"), a special purpose acquisition company established to deliver
shareholder value through the acquisition of businesses or production and
development assets in the energy and natural resources sector,
is pleased to announce that, following an initial public offering ("IPO"),
it has raised gross proceeds of £1,342,000 through the issue of
33,550,000 new ordinary shares (the "IPO Shares") at a price of
£0.04 per IPO Share, of which the Board
of Directors (the "Board") has invested an aggregate amount
of £130,000.

 

Application has been made for the entire issued share capital of 46,862,500
ordinary shares, by way of
a Standard Listing, to be admitted to trading on the Main Market for
listed securities of the London Stock Exchange.

 

Dealings in the Ordinary Shares are expected to commence at 8:00
AM on April 7, 2022, under the ticker "AJAX" (ISIN: GB00BLNBD412).

 

Investment Highlights

 

The Company's initial focus will be to acquire an exploration or production
company or business or asset(s) with operations in new energy or natural
resources. The Company will seek a target to purchase where the Company can
play an active role in the optimisation of strategy and execution and enhance
existing management capabilities through the Directors' proven management
skills and depth of experience.

 

No remuneration shall be payable to the Board or management
until completion of the
Company's first acquisition. Following admission of the Ordinary Shares to trading on the Main Market,
the Directors will own approximately
27.84% of the Company, ensuring significant alignment with all
shareholders. It is intended that any costs are to
be kept to a minimum and main business activities will
be kept in-house.

 

Additionally, Directors will be issued 9,372,500 options (the "Director
Options") which will vest when the Company's share price reaches £0.08
or upon the successful completion of an acquisition. The Director Options are
exercisable at the IPO price of £0.04 and expire in 5 years.

 

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

 

"We are
delighted with the support we have received for Ajax's listing and
would like to thank all our new shareholders for sharing the Board's
confidence in our enterprise. The current energy market environment has
created many attractive opportunities, and we are therefore greatly excited
to begin implementing our strategy, leveraging on our Board's extensive
natural resources expertise and networks to identify production and
development assets in low-risk jurisdictions, which can be developed to
generate significant shareholder value."

 

About Ajax:

 

Ajax aims to use
its strong management experience and relationships to acquire interests
in proven, low-risk development projects that hold significant undeveloped
upside potential, as well as access to existing infrastructure.

 

The Prospectus published by Ajax in connection with Admission can be found on
the Company website (www.ajaxresources.com (http://www.ajaxresources.com) ).

 

The Board

The Board currently comprises three
Directors, who collectively have extensive experience and a
proven track record in
operating publicly quoted companies, investment, corporate finance and
business acquisition, operation and development in the energy
sector, and are well placed to implement the Company's business
objectives and strategy.

 

Ippolito Cattaneo, Chief Executive Officer

 

Ippolito is a UK national with a bachelor's degree from the University of
Bristol. He has a blend of financial and oil & gas experience, having
started his working life at Standard Chartered Bank. He has worked for more
than five years at Zenith Energy Ltd (an international energy company listed
on the Main Market of the London Stock Exchange and Euronext Growth of the
Oslo Stock Exchange) as Business Development and Investor Relations manager.
During this time, he has gained significant experience in a multiplicity of
regulatory environments, as well as playing an important role in enabling
Zenith Energy to implement its development objectives in Africa and in other
regions, both operationally and on a corporate level.

 

Ippolito has significant operational experience, having taken a key role in
Zenith's activities in Tunisia, Italy, and the Republic of the Congo. He has
in-depth knowledge of the requirements for project procurement and financing
from beginning to completion, as well as having experience in the development
of strategy and investor communications for listed companies.

 

Michael Hutchinson, Non-Executive Chairman

 

Michael Hutchinson began his career at Metallgesellschaft Ltd where he worked
for 25 years, ultimately becoming the Managing Director in
1985. Metallgesellschaft Ltd was a metal trading subsidiary of one of
Germany's largest industrial conglomerates. Notably, he was a Board Member
between 1986-2006 of the world's largest market for industrial metal's
trading, the London Metals Exchange (LME). Since this time, he has held
several senior board and management roles, including Chairman of Metalloyd
Ltd, a major supplier of steel and raw materials to traders, destructors and
end-users and Chairman of Wogen Ltd, a speciality metals trading house.

 

He previously served as Non-Executive Chairman (from 2017-2021) of Bluejay
Mining Plc, an AIM quoted mining exploration and development company, where he
is presently a Non-Executive Director since January 2021.

 

In addition, he currently also serves Chairman of Tiberius Group AG, a
commodity trading and investment company based in the canton of Zug,
Switzerland.

 

Luca Benedetto - Chief Financial Officer & Executive Director

 

Luca Benedetto is an Italian national, trained in Italy as a registered
accountant with further education in IFRS accounting and consolidation at
IPSOA Milan. He has more than twenty-five years of accounting, auditing, and
financial administration experience. Mr. Benedetto began his professional
career as an accountant and computer programmer responsible for financial
software development and worked for the Italian division of IBM as an internal
auditor and accountant. He also was employed for seven years as a financial
and administrative officer in a well-known Italian company specialising in the
construction of fuel and water storage reservoirs.

 

Luca currently serves also serves as Managing Director of Zenith's Italian
operations which produce natural gas and electricity. He has significant
experience in the identification of projects and subsequent project financing
through debt, equity, and mezzanine financing. He has both financial and
operational expertise in the requirements of exploration, discovery, and
subsequent production of natural resource projects.

 

 

Further information:

 

 Ajax Resources Plc                           Tel: + 44 (0) 208 146 6345

 Ippolito Cattaneo, Chief Executive Officer   info@ajaxresources.com
 Clear Capital Markets (Corporate Broker)     Tel:  +44 (0)20 3869 6080

 Jonathan Critchley/ Keith Swann              keithswann@clear-cm.co.uk; jonathancritchley@clear-cm.co.uk
 Allenby Capital Limited (Financial Adviser)  Tel: + 44 (0) 203 328 5656

 Nick Harriss                                 n.harriss@allenbycapital.com
 Camarco (Financial PR)                       Tel: +44(0) 20 3757 4996

 Georgia Edmonds / Emily Hall                 emily.hall@camarco.co.uk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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