REG - Arc Minerals Limited - Share Buyback and Cancellation of Ordinary Shares

ARC MineralsAnnouncement

26/03/2024 07:15

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RNS Number : 2393I  Arc Minerals Limited  26 March 2024

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

Arc Minerals Limited

 

("Arc Minerals", the "Company" or the "Group")

 

Share Buyback and associated Cancellation of Ordinary Shares

Total Voting Rights

Arc Minerals Limited (AIM:ARCM) is pleased to announce, further to its
announcements on 11 March 2024 and  12 March 2024 ("Placing Announcements"),
that it has executed an off-market share buyback agreement pursuant to which
it has acquired 22,539,746 ordinary shares of no par value each (the "Buyback
Shares") from Sveriges Lärare (formerly Lärarnas Riksförbund) for a total
consideration of £405,715.43 (the "Share Buyback"). Each Buyback Share was
acquired for 1.8 pence per Buyback Share (being the same price paid by
investors in the Company's recent placing as set out in the Placing
Announcements). The Buyback Shares represent 1.53% of the total issued share
capital of the Company.

As explained in the Placing Announcements, the Directors believe that the
ability to buy back a specific targeted shareholding in this manner should be
beneficial to shareholders as a whole since by executing such a transaction,
the Company is able to ensure that the Buyback Shares are disposed of in an
orderly manner so as to avoid a considerable volume of shares being sold in
the market far in excess of normal daily volumes of trades.

Proposed Cancellation of Ordinary Shares

The Buyback Shares are being acquired in CREST through a purchase of
depositary interests by the Company's broker and the Company has instructed
its registrars to ensure those depositary interests are withdrawn from CREST
and the Buyback Shares are cancelled. Application has also been made to cancel
the Buyback Shares from trading on AIM. Cancellation of the Buyback Shares is
anticipated to take effect on or around 4 April 2024.

Total Voting Rights

The Company confirms that following the cancellation of the Buyback Shares on
4 April 2024, the total number of Ordinary Shares in the capital of the
Company in issue will be 1,446,014,263 with associated voting rights. There
are no Ordinary Shares held in Treasury. This figure may be used by
shareholders as the 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, the Company's share capital pursuant to the Company's
articles of association.

As a result of the cancellation of the Buyback Shares, each shareholders'
percentage shareholding will increase and accordingly, each shareholder should
ensure that they comply with their obligations under Article 24.1 of the
Company's Articles of Association (which can be found on the Company's website
at https://www.arcminerals.com (https://www.arcminerals.com) ) to disclose
interests in the total voting rights of the Company.

Contacts:

 

 Arc Minerals                                  +44 (0) 20 7917 2942
 Nicholas von Schirnding (Executive Chairman)
 WH Ireland Limited                            Tel: +44 (0) 20 7220 1666

 (Nomad and Broker)
 Harry Ansell / Katy Mitchell /

 Isaac Hooper

 

 

 

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