REG - Armadale Capital PLC - Holding(s) in Company

Armadale CapitalAnnouncement

17/03/2022 15:30

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RNS Number : 1838F  Armadale Capital PLC  17 March 2022

 

Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

 

17 March 2022

 

Armadale Capital Plc ('Armadale' or 'the Company')

 

 Holding(s) in Company

 

Armadale Capital plc (LON: ACP) the AIM quoted investment group focused on
natural resource projects in Africa, announces that following the 11 March
2022 notice of the exercise of 7,852,273 warrants by Director Matt Bull to
subscribe for ordinary shares of 0.1 pence each in the capital of the Company
("Ordinary Shares"), Mr. Bull's enlarged shareholding in the Company is now
53,373,765 shares equal to 9.74% of the issued share capital in the Company.

 

 

TR-1: Standard form for notification of major holdings

 

 NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the
 FCA in Microsoft Word format if possible)(i)

 1a. Identity of the issuer or the underlying issuer of existing shares to                                                                                    ARMADALE CAPITAL PLC
 which voting rights are attached(ii):
 1b. Please indicate if the issuer is a non-UK issuer  (please mark with an
 "X" if appropriate)
 Non-UK issuer
 2. Reason for the notification (please mark the appropriate box or boxes with
 an "X")
 An acquisition or disposal of voting rights                                                                                                                                                                                                               X
 An acquisition or disposal of financial instruments
 An event changing the breakdown of voting rights
 Other (please specify)(iii):
 3. Details of person subject to the notification obligation(iv)
 Name                                                                                                                                                         MATTHEW BULL
 City and country of registered office (if applicable)                                                                                                        PERTH, AUSTRALIA
 4. Full name of shareholder(s) (if different from 3)(v)
 Name
 City and country of registered office (if applicable)                                                                                                        As above
 5. Date on which the threshold was crossed or reached(vi):                                                                                                   11 MARCH 2022
 6. Date on which issuer notified (DD/MM/YYYY):                                                                                                               17 MARCH 2022
 7. Total positions of person(s) subject to the notification obligation
                                                                            % of voting rights attached to shares (total of 8. A)  % of voting rights through financial instruments      Total of both in % (8.A + 8.B)  Total number of voting rights held in issuer (8.A + 8.B) (vii)

(total of 8.B 1 + 8.B 2)
 Resulting situation on the date on which threshold was crossed or reached  9.74                                                                                                         9.74                            53,373,765
 Position of previous notification (if                                      8.45                                                                                                         8.45

 applicable)

 

 

 

 8. Notified details of the resulting situation on the date on which the
 threshold was crossed or reached(viii)
 A: Voting rights attached to shares
 Class/type of             Number of voting rights(ix)     % of voting rights

shares

 ISIN code (if possible)
                           Direct          Indirect        Direct      Indirect

                           (DTR5.1)         (DTR5.2.1)     (DTR5.1)    (DTR5.2.1)
 GB00BYMSY631              53,373,765                      9.74

 

 SUBTOTAL 8. A                                  53,373,765                                                                    9.74

 B 1: Financial Instruments according to DTR5.3.1R (1) (a)
 Type of financial instrument                   Expiration     Exercise/                              Number of voting rights that may be acquired if the instrument is        % of voting rights

date(x)
Conversion Period(xi)

                                                                                                      exercised/converted.
 Warrants                                       29 April 2022  2                                      1,666,669                                                                0.3%

                                                               SUBTOTAL 8. B 1

 B 2: Financial Instruments with similar economic effect according to DTR5.3.1R
 (1) (b)
 Type of financial instrument  Expiration                      Exercise/                Physical or cash                                              Number of voting rights  % of voting rights

date(x)
Conversion Period (xi)

                                                                                        settlement(xii)

                                                                                        SUBTOTAL 8.B.2

 

 9. Information in relation to the person subject to the notification
 obligation (please mark the

 applicable box with an "X")
 Person subject to the notification obligation is not controlled by any natural
 person or legal entity and does not control any other undertaking(s) holding
 directly or indirectly an interest in the (underlying) issuer(xiii)
 Full chain of controlled undertakings through which the voting rights and/or                                                                                                                                             X
 the

financial instruments are effectively held starting with the ultimate
 controlling natural person or legal entity(xiv )(please add additional rows as
 necessary)
 Name(xv)                    % of voting rights if it equals or is higher than the notifiable threshold  % of voting rights through financial instruments if it equals or is higher  Total of both if it equals or is higher than the notifiable threshold
                                                                                                         than the notifiable threshold

 10. In case of proxy voting, please identify:
 Name of the proxy holder
 The number and % of voting rights held
 The date until which the voting rights will be held

 11. Additional information(xvi)

 

 Place of completion  London, UK
 Date of completion   17 March 2022

 

**ENDS**

 Enquiries:
 Armadale Capital Plc                                  +44 (0) 20 7236 1177

 Nick Johansen, Non-Executive Director

 Tim Jones, Company Secretary

 Nomad and Broker: finnCap Ltd                         +44 (0) 20 7220 0500

 Christopher Raggett / Seamus Fricker / Teddy Whiley

 

Notes

Armadale's wholly-owned Mahenge Liandu Graphite Project is located in a highly
prospective region, with a high-grade JORC compliant indicated and inferred
mineral resource estimate announced February 2018 - 59.5Mt at 9.8% TGC. This
includes 11.5Mt @ 10.5% Measured 32.Mt Indicted at 9.6% and 15.9Mt at 9.8%
TGC, making it one of the largest high-grade resources in Tanzania.

The work to date has demonstrated the Project's potential as a commercially
viable deposit, with significant tonnage, high-grade coarse flake and near
surface mineralisation (implying a low strip ratio) contained within one
contiguous ore body.

The Company's updated Definitive Feasibility Study (June 2020) confirmed
Mahenge as a long-life low-cost graphite project with a US$430m NPV and IRR of
91% based on a two-stage expansion strategy comprising:

· Stage One - processing plant and infrastructure at a nominal design basis
rate of 0.4-0.5 Mt/pa to produce a nominal 60,000t/pa graphite concentrate in
the first three years of production

· Stage Two - a second 0.5 Mt/y plant and associated additional
infrastructure doubling throughput to 1 Mt/y from Year 5 of operation

The DFS shows that Armadale can be a significant low-cost supplier to the
graphite industry with the potential to generate pre-tax cashflows of US$985m
over an initial 15 year mine-life and scope for further improvement as this
utilises just 25% of the current resource, which remains open in multiple
directions.

Projected timeline to first production is expected to be approximately 10-12
months from the start of construction and the capital cost estimate for Stage
1 is US$39.7m, which includes a contingency of U$S4.1m or 15% of total direct
capital cost, with a 1.6 year payback for Stage 1 (after tax) based on an
average sales price of US$1,112/t. Stage 2 expansion is expected to be funded
from cashflow.

More information can be found on the website  www.armadalecapitalplc.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.armadalecapitalplc.com&esheet=52244720&newsitemid=20200702005192&lan=en-US&anchor=www.armadalecapitalplc.com&index=1&md5=7209221bbf1231bc13f525c3f5835785)
 .

 

 

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