REG - Celsius Resources Ld - Proposed Placing to raise approximately £1 million

Celsius ResourcesAnnouncement

12/04/2024 16:45

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RNS Number : 5043K  Celsius Resources Limited  12 April 2024

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED
THEREIN IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR
FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR
IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION
OR BREACH OF ANY APPLICABLE LAW OR REGULATION.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR
CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN
CELSIUS RESOURCES OR ANY OTHER ENTITY IN ANY SUCH JURISDICTION.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF
UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

 

12 April 2024

Celsius Resources Limited

("Celsius" or the "Company")

 

Proposed Placing to raise approximately £1m

 

Celsius Resources Limited ("CLA" or "Celsius") (ASX, AIM: CLA)is pleased to
announce its intention to raise gross proceeds of approximately £1 million by
means of a placing (the "Placing") of new Ordinary Shares (the "Placing
Shares") at a price of 0.6 pence per share (the "Placing Price"), with one
free-attaching unlisted warrant for each Placing Share subscribed for,
expiring on 31 December 2026 with an exercise price of 0.9 pence each (the
"Placing Warrants").

 

The Placing Price represents a discount of approximately 17.24 per cent. to
the Closing Price of 0.725 pence per Ordinary Share on 11 April 2024, being
the latest practicable business day prior to the publication of this
Announcement.

 

The Placing is to be conducted by way of an accelerated bookbuild process
which will commence immediately following this Announcement and will be
subject to the terms and conditions set out in Appendix II to this
Announcement.

 

A further announcement confirming the closing of the Bookbuild and the number
of Placing Shares to be issued pursuant to the Placing is expected to be made
in due course.

 

Placing Summary

 

·     Placing to raise approximately £1m (before expenses) through the
issue of approximately 164,808,329 Placing Shares at the Placing Price.

·     Placing to be conducted via an accelerated bookbuild process
launching today.

·     The Placing Shares, assuming full take-up of the Placing, will
represent approximately  6.84 per cent of the Enlarged Issued Share Capital.

·     The net proceeds of the Placing will be applied to deliver the
Company's work programme as further detailed below, and for working capital
purposes.

The Placing

 

The Company intends to issue 164,808,329 Placing Shares and 164,808,329 free
attaching unlisted warrants, to raise gross proceeds of approximately £1m, to
participants in the Placing. The Placing Shares are expected to be admitted to
trading on AIM on or around 18 April 2024.

 

W H Ireland Limited ("WH Ireland") is acting as sole bookrunner in connection
with the Placing.  The Placing Shares are being offered by way of an
accelerated bookbuild (the "Bookbuild"), which will be launched immediately
following this Announcement, in accordance with the terms and conditions set
out in Appendix II to this Announcement.

 

Admission of the Placing Shares is conditional, inter alia, upon the placing
agreement dated 12 April 2024 between the Company and WH Ireland (the "Placing
Agreement") not having been terminated and becoming unconditional in respect
of such shares.

 

The Placing is conditional upon, amongst other things:

 

•       admission of the Placing Shares becoming effective by no later
than 8.00 a.m. on 18 April 2024 (or such later time and / or date as the
Company and WH Ireland shall agree, not being later than 18 May 2024);

•       the delivery by the Company to WH Ireland of certain documents
required under the Placing Agreement;

•       the Company having fully performed its obligations under the
Placing Agreement to the extent that such obligations fall to be performed
prior to admission of the Placing Shares; and

•       the Placing Agreement not having been terminated by WH Ireland
in accordance with its terms.

 

The timing of the closure of the Bookbuild and the allocation of the Placing
Shares to be issued at the Placing Price are to be determined at the
discretion of the Company and WH Ireland.

 

The Company also notes that Silvercorp Metals, Inc. ("Silvercorp") has
participation rights under the subscription agreement it signed with the
Company on 15 May 2023. These rights allow Silvercorp to invest on the same
terms as other placees in the Placing. A further announcement will be made in
due course, if Silvercorp opts to take up these rights.

 

Terms of the Placing Warrants

The Placing Warrants are exercisable at any time until 31 December 2026 at a
price of 0.9 pence per Ordinary Share. The warrant certificates will be issued
by the Company to the respective investors after the date of admission (which
is expected to become effective on or around 18 April 2024).

 

 

Reasons for the Placing and Use of Proceeds

The Company is undertaking the Placing to progress its corporate and
operational strategy and the net proceeds will therefore be applied towards:

·    Early development works at the MCB Project;

·    Permitting costs at the Sagay Copper-Gold Project;

·    Exploration costs at the Botilao Copper-Gold Prospect; and

·    General working capital

Admission to trading

 

Application has been made to the London Stock Exchange for admission of the
Placing Shares to trading on AIM. It is expected that admission will become
effective and dealings in the Placing Shares commence at 8.00 a.m. on or
around 18 April 2024.

 

The Placing is not being underwritten and the Placing is not conditional on a
minimum amount being raised.

 

 For further information contact:

 

 

 Celsius Resources Limited
 Peter Hume                                                  P: +61 8 9482 0500

 (Managing Director)                                         E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

                                                             W: www.celsiusresources.com (http://www.celsiusresources.com/)

 Multiplier Media (Australian Media Contact)                 M: +61 402 075 707

 Jon Cuthbert                                                E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)

 Tara Vivian-Neal                                            M: 0044 7394408654

                                                             E: tara (mailto:tara.vivian-neal@tavistock.co.uk) .vivian-
                                                             (mailto:tara.vivian-neal@tavistock.co.uk) neal
                                                             (mailto:tara.vivian-neal@tavistock.co.uk) @tavistock.co.uk

 Beaumont Cornish Limited (Nominated Adviser)

 Roland Cornish/Felicity Geidt/Andrew Price                  P: +44 (0) 207 628 3396

                                                             E: corpfin@b-cornish.co.uk (mailto:corpfin@b-cornish.co.uk)

 WH Ireland (Broker)                                          P: +44 (0) 20 7220 1666
 Harry Ansell / James Joyce / James Bavister / Isaac Hooper

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

Additional Information

Further details of the Placing

Pursuant to the Placing Agreement, WH Ireland, as agent for the Company, have
conditionally agreed to use reasonable endeavours to procure subscribers at
the Placing Price for the Placing Shares.

WH Ireland intends to conditionally place the Placing Shares with investors at
the Placing Price.

The Company intends to issue approximately 164,808,329 Placing Shares, to
raise gross proceeds of approximately £1m, pursuant to the Placing. The
Placing Shares are expected to be admitted to trading on AIM on or around 18
April 2024 (or such later date and / or time as WH Ireland and the Company may
agree, being no later than 8.00 a.m. on 18 May 2024).

Admission of the Placing Shares is conditional, inter alia, upon the Placing
Agreement not having been terminated and becoming unconditional in respect of
such shares.

WH Ireland (acting in good faith) has the right to terminate the Placing
Agreement in certain circumstances prior to Admission, including (but not
limited to): in the event that there is a breach, or an alleged breach, of any
of the warranties set out in the Placing Agreement or there is a Material
Adverse Change. WH Ireland may also terminate the Placing Agreement if there
has been a material adverse change in certain international financial markets,
a suspension or material limitation in trading on certain stock exchanges or a
material disruption in commercial banking or securities settlement or
clearance which, in the opinion of WH Ireland (acting in good faith), makes it
impractical or inadvisable to proceed with the Placing. If this termination
right is exercised or if the conditionality in the Placing Agreement is not
satisfied, the Placing will not proceed.

The Placing Shares are not subject to clawback. The Placing is not being
underwritten. The Placing is not conditional on a minimum amount being raised.

Placing Shares

The Placing Shares, when issued, will be fully paid and will rank pari passu
in all respects with the Existing Ordinary Shares in issue, including the
right to receive all dividends and other distributions declared, made or paid
after the date of issue.

Application has been made to London Stock Exchange for admission of the
Placing Shares to trading on AIM.

It is expected that Admission will take place on or around 8.00 a.m. on 18
April 2024 and that dealings in the Placing Shares on AIM will commence at the
same time.

IMPORTANT NOTICES

This Announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "forecasts", "plans", "prepares", "anticipates",
"projects", "expects", "intends", "may", "will", "seeks", "should" or, in each
case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
Announcement and include statements regarding the Company's and the Directors'
intentions, beliefs or current expectations concerning, amongst other things,
the Company's prospects, growth and strategy. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance. The
Company's actual performance, achievements and financial condition may differ
materially from those expressed or implied by the forward-looking statements
in this Announcement. In addition, even if the Company's results of
operations, performance, achievements and financial condition are consistent
with the forward-looking statements in this Announcement, those results or
developments may not be indicative of results or developments in subsequent
periods. Any forward-looking statements that the Company makes in this
Announcement speak only as of the date of such statement and (other than in
accordance with their legal or regulatory obligations) neither the Company,
nor WH Ireland nor any of their respective associates, directors, officers or
advisers shall be obliged to update such statements. Comparisons of results
for current and any prior periods are not intended to express any future
trends or indications of future performance, unless expressed as such, and
should only be viewed as historical data.

The content of this Announcement has not been approved by an authorised person
within the meaning of the FSMA. Reliance on this Announcement for the purpose
of engaging in any investment activity may expose an individual to a
significant risk of losing all of the property or other assets invested. The
price of shares and any income expected from them may go down as well as up
and investors may not get back the full amount invested upon disposal of the
shares. Past performance is no guide to future performance, and persons
needing advice should consult an appropriate independent financial adviser.

 

No prospectus will be made available in connection with the matters contained
in this Announcement and no such prospectus is required (in accordance with
the Prospectus Regulation) to be published. This Announcement and the terms
and conditions set out herein are for information purposes only and are
directed only at persons who are: (a) persons in Member States who are
Qualified Investors; and (b) in the United Kingdom, Qualified Investors who
are persons who (i) have professional experience in matters relating to
investments falling within the definition of "investment professionals" in
article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order"); (ii) are persons falling
within article 49(2)(a) to (d) ("high net worth companies, unincorporated
associations, etc") of the Order; or (iii) are persons to whom it may
otherwise be lawfully communicated; (all such persons together being referred
to as relevant persons").

 

This Announcement and the terms and conditions set out herein must not be
acted on or relied on by persons who are not relevant persons. Persons
distributing this Announcement must satisfy themselves that it is lawful to do
so. Any investment or investment activity to which this Announcement and the
terms and conditions set out herein relates is available only to relevant
persons and will be engaged in only with relevant persons.

 

No representation or warranty, express or implied, is or will be made as to,
or in relation to, and no responsibility or liability is or will be accepted
by WH Ireland or by any of their respective  affiliates or agents as to, or
in relation to, the accuracy or completeness of this Announcement or any other
written or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefore is expressly
disclaimed.

No statement in this Announcement is intended to be a profit forecast or
estimate, and no statement in this Announcement should be interpreted to mean
that earnings per share of the Company for the current or future financial
years would necessarily match or exceed the historical published earnings per
share of the Company.

The Placing Shares to be issued pursuant to the Placing will not be admitted
to trading on any stock exchange other than AIM.

Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
Announcement.

APPENDIX I

Definitions

 

The following definitions apply throughout this Announcement, unless the
context otherwise requires:

 

 Act                                       the Companies Act 2006 (as amended);
 Admission                                 admission of the Placing Shares to trading on AIM becoming effective in
                                           accordance with the AIM Rules;
 AIM                                       AIM, a market of that name operated by the London Stock Exchange;
 AIM Rules                                 the AIM Rules for Companies, as published by the London Stock Exchange and
                                           amended from time to time;
 Announcement                              this announcement (including the Appendices, which form part of this
                                           announcement);
 Board or Directors                        the directors of the Company or any duly authorised committee thereof;
 Bookbuild                                 the accelerated bookbuild to be conducted by WHI pursuant to the Placing
                                           Agreement and this Announcement;
 certificated or in certificated form      a share or other security not held in uncertificated form (that is, not in
                                           CREST);
 Closing Price                             the closing middle market price of an Existing Ordinary Share as derived from
                                           the AIM Appendix to the Daily Official List of the London Stock Exchange;
 Company or Celsius                        Celsius Resources Ltd, a company incorporated in Australia with company number
                                           ACN 009 162 949, whose registered office is at Level 5, 191 St. Georges
                                           Terrace, Perth, Australia, WA 6000;
 CREST                                     the computerised settlement system (as defined in the CREST Regulations)

                                         operated by Euroclear UK & International Limited, which facilitates the
                                           holding and transfer of title to shares in uncertificated form;
 CREST Regulations                         the Uncertificated Securities Regulations 2001 (as amended);

 Enlarged Share Capital                    the issued share capital of the Company as enlarged by the issue of the
                                           Placing Shares;
 Existing Ordinary Shares                  the 2,246,051,662 Ordinary Shares in issue at the date of this Announcement;
 EU Prospectus Regulation                  Regulation (EU) 2017/1129 of the European Parliament and Council of 14 June
                                           2017 and any relevant implementing measures in any Member State of the
                                           European Economic Area;
 Financial Conduct Authority or FCA        the Financial Conduct Authority in its capacity as the competent authority for
                                           the purposes of Part IV of FSMA;
 FSMA                                      the Financial Services and Markets Act 2000 (as amended);
 Group                                     the Company and its subsidiaries;
 London Stock Exchange                     London Stock Exchange plc;
 Ordinary Shares                           ordinary shares of 0.01 pence each in the capital of the Company;
 Placees                                   subscribers for Placing Shares;
 Placing                                   the conditional placing of the Placing Shares pursuant to the Placing
                                           Agreement;
 Placing Agreement                         the conditional agreement dated 12 April 2024 between the Company and WH
                                           Ireland in connection with the Placing;
 Placing Price                             0.6p;
 Placing Shares                            the 164,808,329 Ordinary Shares to be issued pursuant to the Placing following
                                           the conclusion of the Bookbuild;
 Placing Warrants                          the warrants over Ordinary Shares in the Company issued at a ratio of one
                                           warrant for every one Placing Share subscribed for and exercisable at any time
                                           after the date of the Warrant Instrument until 31 December 2026 at a price of
                                           0.9 pence per Ordinary Share
 Publicly Available Information            any information announced through a Regulatory Information Service by or on
                                           behalf of the Company on or prior to the date of this Announcement;
 Qualified Investors                       in member states of the European Economic Area, "qualified investors" within
                                           the meaning of article 2(e) of the EU Prospectus Regulation, and in the UK,
                                           "qualified investors" within the meaning of article 2(e) of the UK Prospectus
                                           Regulation;
 Regulatory Information Service            one of the regulatory information services authorised by the FCA to receive,
                                           process and disseminate regulatory information;
 Shareholders                              the holders of Ordinary Shares;
 uncertificated or in uncertificated form  recorded on the register of members of Celsius as being held in uncertificated
                                           form in CREST and title to which, by virtue of the CREST Regulations, may be
                                           transferred by means of CREST;
 UK or United Kingdom                      the United Kingdom of Great Britain and Northern Ireland;
 UK Prospectus Regulation                  the EU Prospectus Regulation as it forms part of UK law by virtue of the
                                           European Union (Withdrawal) Act 2018, as amended;
 US$                                       dollars, the lawful currency of the United States of America;
 WH Ireland or WHI                         W H Ireland Limited, a company incorporated in England and Wales with company
                                           number 02002044 whose registered office is situated at 24 Martin Lane, London
                                           EC4R 0DR; and
 £, pounds, penny or pence                 sterling, the lawful currency of the United Kingdom.

 

 

APPENDIX II

Terms and conditions of the Placing

 

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES (TOGETHER, THE "ANNOUNCEMENT") AND
THE INFORMATION IN IT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.

 

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS
APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE FOR INFORMATION
PURPOSES ONLY AND ARE DIRECTED ONLY AT: (A) PERSONS WHO ARE IN A MEMBER STATE
OF THE EUROPEAN ECONOMIC AREA AND ARE, UNLESS OTHERWISE AGREED BY WHI,
QUALIFIED INVESTORS; AND/OR (B) IN THE UNITED KINGDOM, PERSONS WHO ARE (I)
QUALIFIED INVESTORS; AND "INVESTMENT PROFESSIONALS" WITHIN THE MEANING OF
ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER"); (II) PERSONS FALLING WITHIN
ARTICLE 49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED
ASSOCIATIONS, ETC") OF THE ORDER; OR (III) PERSONS TO WHOM IT MAY OTHERWISE BE
LAWFULLY COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS
"RELEVANT PERSONS").

 

THIS APPENDIX, AND THE TERMS AND CONDITIONS SET OUT HEREIN, IS A FINANCIAL
PROMOTION AND IS EXEMPT FROM THE GENERAL RESTRICTION IN SECTION 21 OF FSMA ON
THE COMMUNICATION OF INVITATIONS OR INDUCEMENTS TO ENGAGE IN INVESTMENT
ACTIVITY, ON THE GROUNDS THAT IT IS ONLY BEING DISTRIBUTED TO RELEVANT
PERSONS. ACCORDINGLY, THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT
HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT
PERSONS. DISTRIBUTION OF THIS ANNOUNCEMENT IN CERTAIN JURISDICTIONS MAY BE
RESTRICTED OR PROHIBITED BY LAW. PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST
SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO. ANY INVESTMENT OR INVESTMENT
ACTIVITY TO WHICH THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN
RELATE IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH
RELEVANT PERSONS.

 

THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OR SUBSCRIPTION IN ANY JURISDICTION
IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE
SECURITIES LAWS OF ANY JURISDICTION. THIS ANNOUNCEMENT DOES NOT ITSELF
CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.
THIS ANNOUNCEMENT IS NOT AN OFFER OF OR SOLICITATION OF AN OFFER TO PURCHASE
OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES. THE SECURITIES REFERRED TO
HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR AS PART
OF A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
NOR ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF
THE UNITED STATES HAS APPROVED OR DISAPPROVED OF AN INVESTMENT IN THE
SECURITIES OR PASSED UPON OR ENDORSED THE MERITS OF THE PLACING OR THE
ACCURACY OR ADEQUACY OF THE CONTENTS OF THIS ANNOUNCEMENT. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES. NO PUBLIC OFFERING
OF SECURITIES IS BEING MADE IN THE UNITED STATES.

 

EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO THE LEGAL, TAX,
BUSINESS AND RELATED IMPLICATIONS OF AN INVESTMENT IN THE PLACING SHARES AND
THE INCOME FROM THEM (IF ANY) MAY GO DOWN AS WELL AS UP AND INVESTORS MAY NOT
GET BACK THE FULL AMOUNT INVESTED ON A DISPOSAL OF THEIR SHARES.

 

The relevant clearances have not been, nor will they be, obtained from the
securities commission of any province or territory of Canada; no prospectus
has been lodged with or registered by, the Australian Securities and
Investments Commission or the Japanese Ministry of Finance or the South
African Reserve Bank; and the Placing Shares have not been, nor will they be,
registered or qualified for distribution, as applicable under or offered in
compliance with the securities laws of any state, province or territory of the
United States, Australia, Canada, Japan, New Zealand, or South Africa.
Accordingly, the Placing Shares may not (unless an exemption under the
relevant securities laws is applicable) be offered, sold, resold or delivered,
directly or indirectly, in or into the United States, Australia, Canada,
Japan, New Zealand, or South Africa or any other jurisdiction in which such
offer, sale, resale or delivery would be unlawful.

 

Market Abuse Regulation

Market soundings, as defined in the UK version ("UK MAR") of the Market Abuse
Regulation No. 596/2014 ("EU MAR"), which is part of English law by virtue of
the European Union (Withdrawal) Act 2018 (as amended) were taken in respect of
the Placing, with the result that certain persons became aware of inside
information, as permitted by UK MAR. That inside information is set out in
this announcement and has been disclosed as soon as possible in accordance
with paragraph 7 of article 17 of UK MAR. Therefore, those persons that
received inside information in a market sounding are no longer in possession
of inside information relating to the Company and its securities.

Information to Distributors

Solely for the purposes of the product governance requirements contained
within the FCA Handbook Product Intervention and Product Governance Sourcebook
(the "UK Product Governance Rules"), and disclaiming all and any liability,
whether arising in tort, contract or otherwise, which any "manufacturer" (for
the purposes of the UK Product Governance Rules) may otherwise have with
respect thereto, the Placing Shares have been subject to a product approval
process, which has determined that the Placing Shares are: (i) compatible with
an end target market of investors who meet the criteria of professional
clients and eligible counterparties, each defined in the FCA Handbook Conduct
of Business Sourcebook ("COBS"); and (ii) eligible for distribution through
all distribution channels as are permitted by the UK Product Governance Rules
(the "UK Target Market Assessment").

 

Solely for the purposes of the product governance requirements contained
within: (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive
(EU) 2017/593 supplementing MiFID II; and (c) local implementing measures
(together, the "MiFID II Product Governance Requirements"), and disclaiming
all and any liability, whether arising in tort, contract or otherwise, which
any "manufacturer" and/or "distributor" (for the purposes of the MiFID II
Product Governance Requirements) may otherwise have with respect thereto, the
Placing Shares have been subject to a product approval process, which has
determined that the Placing Shares are: (i) compatible with an end target
market of: (a) investors who meet the criteria of professional clients and (b)
eligible counterparties (each as defined in MiFID II); and (ii) eligible for
distribution through all distribution channels as are permitted by MiFID II
(the "EU Target Market Assessment").

 

Notwithstanding the UK Target Market Assessment and the EU Target Market
Assessment, distributors should note that: the price of the Ordinary Shares
may decline and investors could lose all or part of their investment; such
securities offer no guaranteed income and no capital protection; and an
investment in such securities is compatible only with investors who do not
need a guaranteed income or capital protection, who (either alone or in
conjunction with an appropriate financial or other adviser) are capable of
evaluating the merits and risks of such an investment and who have sufficient
resources to be able to bear any losses that may result therefrom.

 

Each of the UK Target Market Assessment and the EU Target Market Assessment is
without prejudice to any contractual, legal or regulatory selling restrictions
in relation to the Placing. Furthermore, it is noted that, notwithstanding the
UK Target Market Assessment and the EU Target Market Assessment, WHI will only
procure investors who meet the criteria of professional clients and eligible
counterparties each as defined under COBS or MiFID II, as applicable.

 

For the avoidance of doubt, each of the UK Target Market Assessment and the EU
Target Market Assessment does not constitute: (a) an assessment of suitability
or appropriateness for the purposes of Chapters 9A or 10A respectively of COBS
or MiFID II, as applicable; or (b) a recommendation to any investor or group
of investors to invest in, or purchase, or take any other action whatsoever
with respect to the Placing Shares.

 

Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.

 

Persons (including, without limitation, nominees and trustees) who have a
contractual or other legal obligation to forward a copy of this Appendix or
the Announcement of which it forms part should seek appropriate advice before
taking any action.

 

These terms and conditions apply to persons making an offer to acquire Placing
Shares and should be read in their entirety. Each Placee hereby agrees with
WHI and the Company to be bound by these terms and conditions. A Placee shall,
without limitation, become so bound if WHI confirms to such Placee its
allocation of Placing Shares.

 

Upon being notified of its allocation of Placing Shares, a Placee shall be
contractually committed to acquire the number of Placing Shares allocated to
it at the Placing Price and otherwise on the terms and conditions set out in
this Announcement and, to the fullest extent permitted by law, will be deemed
to have agreed not to exercise any rights to rescind or terminate or otherwise
withdraw from such commitment.

 

In this Appendix, unless the context otherwise requires, "Placee" means a
Relevant Person (including individuals, funds or others) on whose behalf a
commitment to subscribe for or acquire Placing Shares has been given.

 

Details of the Placing Agreement and the Placing Shares

 

WHI and the Company have entered into a Placing Agreement, under which WHI
has, on the terms and subject to the conditions set out therein, undertaken to
use its reasonable endeavours to procure subscribers for the Placing Shares at
the Placing Price. The Placing is not being underwritten by WHI or any other
person.

 

The number of the Placing Shares will be determined following completion of
the Placing.  The timing of the closing of the Placing and the number and
allocation of Placing Shares to Placees and as between the tranches of the
Placing, are at the discretion of WHI, following consultation with the
Company. Allocations will be confirmed orally or by email by WHI following the
close of the Placing. A further announcement confirming these details will
then be made as soon as practicable following completion of the Placing.

 

The Placing Shares will, when issued, be subject to the Articles, will be
credited as fully paid and rank pari passu in all respects with the existing
Ordinary Shares, including the right to receive all dividends and other
distributions (if any) declared, made or paid on or in respect of Ordinary
Shares after the date of issue of the Placing Shares.

 

Application for admission to trading on AIM

 

Application has been made to the London Stock Exchange for admission to
trading on AIM of the Placing Shares.  It is expected that settlement of the
Placing Shares and Admission will become effective at 8.00 a.m. on 18 April
2024 and that dealings in the Placing Shares will commence at that time.

 

Placing

 

WHI will today commence an accelerated bookbuilding process to determine
demand for participation in the Placing by potential Placees at the Placing
Price. This Appendix gives details of the terms and conditions of, and the
mechanics of participation in, the Placing. No commissions will be paid to
Placees or by Placees in respect of any Placing Shares.

 

WHI and the Company shall be entitled to effect the Placing by such
alternative method to the Placing as they may, in their discretion, determine.

 

The principal terms of the Placing are as follows:

 

1.      WHI is arranging the Placing as agent for, and broker of, the
Company.

2.      Participation in the Placing is only available to persons who are
lawfully able to be, and have been, invited to participate by WHI.

3.      The bookbuild, if successful, will establish the number of
Placing Shares to be issued at the Placing Price, which will be determined by
WHI, in consultation with the Company, following completion of the Placing.
The results of the Placing, including the number of Placing Shares, will be
announced on a Regulatory Information Service following completion of the
Placing.

4.      To bid in the Placing, prospective Placees should communicate
their bid by telephone to their usual contact at WHI. Each bid should state
the number of Placing Shares which the prospective Placee wishes to subscribe.
Bids may be scaled down by WHI on the basis referred to in paragraph 8 below.

5.      The timing of the closing of the Placing will be at the
discretion of WHI.  The Company reserves the right to reduce or seek to
increase the amount to be raised pursuant to the Placing, in its absolute
discretion.

6.      Allocations of the Placing Shares to Placees and as between the
tranches of the Placing will be determined by WHI, following consultation with
the Company. Each Placee's allocation will be confirmed to Placees orally, or
by email, by WHI following the close of the Placing and a trade confirmation
or contract note will be dispatched as soon as possible thereafter. Oral or
emailed confirmation from WHI will give rise to an irrevocable, legally
binding commitment by that person (who at that point becomes a Placee), in
favour of WHI and the Company, under which it agrees to acquire by
subscription the number of Placing Shares allocated to it at the Placing Price
and otherwise on the terms and subject to the conditions set out in this
Appendix and in accordance with the Articles. Except with WHI's consent, such
commitment will not be capable of variation or revocation.

7.      The Company will make a further announcement following the close
of the Placing detailing the results of the Placing and the number of Placing
Shares to be issued at the Placing Price.

8.      Subject to paragraphs 4 and 5 above, WHI may choose not to accept
bids and/or to accept bids, either in whole or in part, on the basis of
allocations determined at its discretion (after consultation with the Company)
and may scale down any bids for this purpose on such basis as it may
determine. WHI may also, notwithstanding paragraphs 4 and 5 above, subject to
the prior consent of the Company, allocate Placing Shares after the time of
any initial allocation to any person submitting a bid after that time.

9.      A bid in the Placing will be made on the terms and subject to the
conditions in the Announcement (including this Appendix) and will be legally
binding on the Placee on behalf of which it is made and, except with WHI's
consent, will not be capable of variation or revocation from the time at which
it is submitted.

10.   Except as required by law or regulation, no press release or other
announcement will be made by WHI or the Company using the name of any Placee
(or its agent), in its capacity as Placee (or agent), other than with such
Placee's prior written consent.

11.   Irrespective of the time at which a Placee's allocation pursuant to
the Placing is confirmed, settlement for all Placing Shares to be acquired
pursuant to the Placing will be required to be made at the same time, on the
basis explained below under "Registration and Settlement".

12.   All obligations of WHI under the Placing will be subject to fulfilment
of the conditions referred to below "Conditions of the Placing" and to the
Placing not being terminated on the basis referred to below under "Right to
terminate the Placing Agreement".

13.   By participating in the Placing, each Placee agrees that its rights
and obligations in respect of the Placing will terminate only in the
circumstances described below and will not be capable of rescission or
termination by the Placee.

14.   To the fullest extent permissible by law and the applicable rules of
the FCA, neither WHI, nor the Company, nor any of their respective affiliates,
agents, directors, officers or employees shall have any liability to Placees
(or to any other person whether acting on behalf of a Placee or otherwise
whether or not a recipient of these terms and conditions) in respect of the
Placing. In particular, neither WHI, nor the Company, nor any of their
respective affiliates, agents, directors, officers or employees shall have any
liability (including to the extent permissible by law, any fiduciary duties)
in respect of WHI's conduct of the Placing or of such alternative method of
effecting the Placing as WHI and the Company may determine.

 

15.    The Placing is not subject to any minimum fundraising and no element
of the Placing is underwritten by WHI or any other person.

 

Conditions of the Placing

 

The Placing is conditional upon the Placing Agreement becoming unconditional
and not having been terminated in accordance with its terms.

 

WHI's obligations under the Placing Agreement are conditional on, inter alia:

1.      the delivery by the Company to WHI of certain documents required
under the Placing Agreement;

2.      the Company having fully performed its obligations under the
Placing Agreement to the extent that such obligations fall to be performed
prior to Admission;

3.      the issue and allotment of the Placing Shares, conditional only
upon Admission;

4.      Admission becoming effective by no later than 8.00 a.m. on 18
April 2024 or such other date and time as may be agreed between the Company
and WHI, not being later than 8.00 a.m. on 18 May 2024 (the "Long Stop Date");

5.      the Placing Agreement not having been terminated by WHI in
accordance with its terms.

If: (i) any of the conditions contained in the Placing Agreement, including
those described above, are not fulfilled or (where applicable) waived by WHI
by the respective time or date where specified (or such later time or date as
WHI may notify to the Company, being not later than the Long Stop Date; (ii)
any of such conditions becomes incapable of being fulfilled; or (iii) the
Placing Agreement is terminated in the circumstances specified below, the
Placing will not proceed and the Placees' rights and obligations hereunder in
relation to the Placing shall cease and terminate at such time and each Placee
agrees that no claim can be made by the Placee in respect thereof.

 

WHI may, at its discretion and upon such terms as it thinks fit, waive, or
extend the period for (subject to the Long Stop Date), compliance by the
Company with the whole or any part of any of the Company's obligations in
relation to the conditions in the Placing Agreement, save that the conditions
relating to either Admission taking place may not be waived. Any such
extension or waiver will not affect Placees' commitments as set out in this
Announcement.

 

Neither WHI nor the Company nor any of their respective affiliates, agents,
directors, officers or employees shall have any liability to any Placee (or to
any other person whether acting on behalf of a Placee or otherwise) in respect
of any decision they may make as to whether or not to waive or to extend the
time and/or date for the satisfaction of any condition to the Placing nor for
any decision they may make as to the satisfaction of any condition or in
respect of the Placing generally and, by participating in the Placing, each
Placee agrees that any such decision is within the absolute discretion of WHI.

 

Right to terminate the Placing Agreement

 

WHI is entitled, at any time before Admission, to terminate the Placing
Agreement by giving notice to the Company in certain circumstances,
including, inter alia:

1.      if any of the warranties given in the Placing Agreement are not
true and accurate or are misleading in any material respect when given;

2.      the Company has failed to comply with its material obligations
under the Placing Agreement in the period prior to Admission;

3.      any significant change or new matter arises, or is likely to
arise, as a result of which any of the conditions set out in the Placing
Agreement will not be satisfied or (if possible to be waived) waived by the
requisite time and/or date;

4.      there has been any material change in, or any development likely
to involve a prospective material change in, or affecting, the condition
(financial, operational, legal or otherwise), earnings, business, management,
properties, assets, rights, results of operations or prospects of any Group
Company; or

5.      there has been, or is reasonably likely to occur, a material
adverse change in national or international monetary, political, financial or
economic conditions or currency exchange rates or foreign exchange controls
which in the opinion of WHI has a material and adverse effect on the Placing
or otherwise render the Placing temporarily or permanently impracticable or
inadvisable.

The rights and obligations of the Placees will not be subject to termination
by the Placees or any prospective Placees at any time or in any circumstances.
By participating in the Placing, Placees agree that the exercise by WHI of any
right of termination or other discretion under the Placing Agreement shall be
within the absolute discretion of WHI and that WHI need not make any reference
to Placees in this regard and that neither WHI nor any of its respective
affiliates shall have any liability to Placees whatsoever in connection with
any such exercise or failure so to exercise.

 

No Admission Document or Prospectus

 

The Placing Shares are being offered to a limited number of specifically
invited persons only and have not been nor will they be offered in such a way
as to require the publication of a prospectus in the United Kingdom or in any
other jurisdiction. No offering document, admission document or prospectus has
been or will be submitted to be approved by the FCA or the London Stock
Exchange in relation to the Placing or the Placing Shares, and

 

Placees' commitments will be made solely on the basis of the information
contained in the Announcement (including this Appendix) and the Publicly
Available Information.  Each Placee, by accepting a participation in the
Placing, agrees that the content of this Announcement is exclusively the
responsibility of the Company and confirms that it has not relied on any other
information (other than the Publicly Available Information), representation,
warranty, or statement made by or on behalf of the Company or WHI or any other
person and neither WHI, the Company nor any other person will be liable for
any Placee's decision to participate in the Placing based on any other
information, representation, warranty or statement which the Placees may have
obtained or received and, if given or made, such information, representation,
warranty or statement must not be relied upon as having been authorised by
WHI, the Company or their respective officers, directors, employees or agents.
Each Placee acknowledges and agrees that it has relied on its own
investigation of the business, financial or other position of the Company in
accepting a participation in the Placing. Neither the Company nor WHI are
making any undertaking or warranty to any Placee regarding the legality of an
investment in the Placing Shares by such Placee under any legal, investment or
similar laws or regulations. Each Placee should not consider any information
in this Announcement to be legal, tax or business advice. Each Placee should
consult its own solicitor, tax adviser and financial adviser for independent
legal, tax and financial advice regarding an investment in the Placing Shares.
Nothing in this paragraph shall exclude the liability of any person for
fraudulent misrepresentation.

 

Registration and Settlement

 

Following closure of the Placing, each Placee allocated Placing Shares in the
Placing will be sent a trade confirmation or contract note in accordance with
the standing arrangements in place with WHI, stating the number of Placing
Shares allocated to it at the Placing Price, the aggregate amount owed by such
Placee (in pounds sterling) and a form of confirmation in relation to
settlement instructions.

 

Each Placee will be deemed to agree that it will do all things necessary to
ensure that delivery and payment is completed as directed by WHI in accordance
with the standing CREST settlement instructions which they have in place with
WHI.

 

Settlement of transactions in the Placing Shares (ISIN: GB00BFD3VF20)
following Admission will take place within CREST provided that, subject to
certain exceptions, WHI reserves the right to require settlement for, and
delivery of, the Placing Shares (or a portion thereof) to Placees by such
other means that it deems necessary if delivery or settlement is not possible
or practicable within CREST within the timetable set out in this Announcement
or would not be consistent with the regulatory requirements in any Placee's
jurisdiction.

 

It is expected that settlement will take place in accordance with the
instructions set out in the contract note.

 

Interest is chargeable daily on payments not received from Placees on the due
date(s) in accordance with the arrangements set out above at the rate of 4
percentage points above the prevailing Bank of England base rate as determined
by WHI.

 

Each Placee is deemed to agree that, if it does not comply with these
obligations, WHI may sell any or all of the Placing Shares allocated to that
Placee on such Placee's behalf and retain from the proceeds, for WHI's account
and benefit (as agent for the Company), an amount equal to the aggregate
amount owed by the Placee plus any interest due. The relevant Placee will,
however, remain liable and shall indemnify WHI on demand for any shortfall
below the aggregate amount owed by it and may be required to bear any stamp
duty or stamp duty reserve tax or securities transfer tax (together with any
interest or penalties) which may arise upon the sale of such Placing Shares on
such Placee's behalf. By communicating a bid for Placing Shares, each Placee
confers on WHI such authorities and powers necessary to carry out any such
sale and agrees to ratify and confirm all actions which WHI lawfully takes in
pursuance of such sale. Legal and/or beneficial title in and to any Placing
Shares shall not pass to the relevant Placee until it has fully complied with
its obligations hereunder.

 

If Placing Shares are to be delivered to a custodian or settlement agent,
Placees should ensure that the form of confirmation is copied and delivered
immediately to the relevant person within that organisation.

 

Insofar as Placing Shares are registered in a Placee's name or that of its
nominee or in the name of any person for whom a Placee is contracting as agent
or that of a nominee for such person, such Placing Shares should, subject as
provided below, be so registered free from any liability to UK stamp duty or
stamp duty reserve tax or securities transfer tax. Neither WHI nor the Company
will be liable in any circumstances for the payment of stamp duty, stamp duty
reserve tax or securities transfer tax in connection with any of the Placing
Shares. Placees will not be entitled to receive any fee or commission in
connection with the Placing.

 

Representations, Warranties and Further Terms

 

By participating in the Placing, each Placee (and any person acting on such
Placee's behalf) irrevocably makes the following representations, warranties,
acknowledgements, agreements and undertakings (as the case may be) to WHI for
itself and on behalf of the Company:

1.      that it has read and understood this Announcement, including
this Appendix, in its entirety and that its subscription for Placing Shares is
subject to and based upon all the terms, conditions, representations,
warranties, acknowledgements, agreements and undertakings and other
information contained herein and undertakes not to redistribute or duplicate
this Announcement;

2.      that its obligations are irrevocable and legally binding and
shall not be capable of rescission or termination by it in any circumstances;

3.      that the exercise by WHI of any right or discretion under the
Placing Agreement shall be within the absolute discretion of WHI, and WHI need
not have any reference to it and shall have no liability to it whatsoever in
connection with any decision to exercise or not to exercise any such right and
each Placee agrees that it has no rights against WHI or the Company, or any of
their respective officers, directors, employees agents or advisers, under the
Placing Agreement pursuant to the Contracts (Rights of Third Parties Act)
1999;

4.      that these terms and conditions represent the whole and only
agreement between it, WHI and the Company in relation to its participation in
the Placing and supersedes any previous agreement between any of such parties
in relation to such participation. Accordingly, each Placee, in accepting its
participation in the Placing, is not relying on any information or
representation or warranty in relation to the Company or any of its
subsidiaries or any of the Placing Shares other than as contained in this
Announcement and the Publicly Available Information, such information being
all that it deems necessary to make an investment decision in respect of the
Placing Shares. Each Placee agrees that neither the Company,  nor WHI, nor
any of their respective officers, directors or employees will have any
liability for any such other information, representation or warranty, express
or implied;

5.      that in the case of any Placing Shares acquired by it as a
financial intermediary, as that term is used in Article 5(1) of the EU
Prospectus Regulation and Article 5(1) of the UK Prospectus Regulation, (i)
the Placing Shares acquired by it in the Placing have not been acquired on
behalf of, nor have they been acquired with a view to their offer or resale
to, persons in any Member State of the European Economic Area which has
implemented the EU Prospectus Regulation or the UK, respectively, other than
Qualified Investors or in circumstances in which the prior consent of WHI has
been given to the offer or resale; or (ii) where Placing Shares have been
acquired by it on behalf of persons in any member state of the EEA, or the UK
respectively, other than Qualified Investors, the offer of those Placing
Shares to it is not treated under the EU Prospectus Regulation or the UK
Prospectus Regulation as having been made to such persons;

6.      that neither it nor, as the case may be, its clients expect WHI
to have any duties or responsibilities to such persons similar or comparable
to the duties of "best execution" and "suitability" imposed by the FCA's
Conduct of Business Source Book, and that WHI is not acting for it or its
clients, and that WHI will not be responsible for providing the protections
afforded to customers of WHI or for providing advice in respect of the
transactions described herein;

7.      that it has made its own assessment of the Placing Shares and has
relied on its own investigation of the business, financial or other position
of the Company in accepting a participation in the Placing and that it shall
not be entitled to rely upon any material regarding the Placing Shares or the
Company (if any) that WHI or the Company or any of their respective
affiliates, agents, directors, officers or employees or any person acting on
behalf of any of them has provided, other than the information in this
Announcement and the Publicly Available Information; nor has it requested any
of WHI, the Company or any of their respective affiliates, agents, directors,
officers or employees or any person acting on behalf of any of them to provide
it with any such information;

8.      that it is: (i) located outside the United States and is not a US
Person as defined in Regulation S under the Securities Act ("Regulation S")
and is subscribing for and/or purchasing the Placing Shares only in "offshore
transactions" as defined in and pursuant to Regulation S, and (ii) it is not
subscribing for and/or purchasing Placing Shares as a result of any "directed
selling efforts" as defined in Regulation S or by means of any form of
"general solicitation" or "general advertising" as such terms are defined in
Regulation D under the Securities Act;

9.      that the Placing Shares have not been and will not be registered
under the Securities Act, or under the securities legislation of, or with any
securities regulatory authority of, any state or other jurisdiction of the
United States and accordingly the Placing Shares may not be offered, sold,
pledged, resold, transferred, delivered or distributed into or within the
United States except in compliance with the registration requirements of the
Securities Act and applicable state securities requirements or pursuant to
exemptions therefrom;

10.   that the only information on which it is entitled to rely on and on
which it has relied in committing to subscribe for the Placing Shares is
contained in this Announcement and the Publicly Available Information, such
information being all that it deems necessary to make an investment decision
in respect of the Placing Shares and it has made its own assessment of the
Company, the Placing Shares and the terms of the Placing based on this
Announcement and the Publicly Available Information only;

11.   that neither WHI, nor the Company, nor any of their respective
affiliates, agents, directors, officers or employees has made any
representation or warranty to it, express or implied, with respect to the
Company, the Placing or the Placing Shares or the accuracy, completeness or
adequacy of the Publicly Available Information;

12.   that, unless specifically agreed with WHI, it is not and was not
acting on a non-discretionary basis for the account or benefit of a person
located within the United States or any US Person at the time the undertaking
to subscribe for and/or purchase Placing Shares was given and it is not
acquiring Placing Shares with a view to the offer, sale, resale, transfer,
delivery or distribution, directly or indirectly, of any Placing Shares into
the United States or to any US Person and it will not reoffer, resell, pledge
or otherwise transfer the Placing Shares except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the
Securities Act and otherwise in accordance with any applicable securities laws
of any state or jurisdiction of the United States;

13.   that it is not a national or resident of Australia, Canada, Japan, New
Zealand, the Republic of South Africa or a corporation, partnership or other
entity organised under the laws of Australia, Canada,  Japan, New Zealand,
the Republic of South Africa and that it will not (unless an exemption under
the relevant securities laws is applicable) offer, sell, renounce, transfer or
deliver, directly or indirectly, any of the Placing Shares in Australia,
Canada, Japan, New Zealand or the Republic of South Africa or to or for the
benefit of any person resident in Australia, Canada, Japan, New Zealand, the
Republic of South Africa and each Placee acknowledges that the relevant
clearances or exemptions are not being obtained from the Securities Commission
of any province or territory of Canada, that no prospectus has been or will be
lodged with, filed with or registered by the Australian Securities and
Investments Commission, the Canadian Securities Administrators, the Japanese
Ministry of Finance, the Securities Commission of New Zealand or the South
African Reserve Bank and that the Placing Shares are not being offered for
sale and may not (unless an exemption under the relevant securities laws is
applicable) be offered, sold, resold or delivered, directly or indirectly, in
or into the United States, Australia, Canada, Japan, New Zealand, the Republic
of South Africa or any other jurisdiction in which such offer, sale, resale or
delivery would be unlawful;

14.   that it does not have a registered address in, and is not a citizen,
resident or national of, any jurisdiction in which it is unlawful to make or
accept an offer of the Placing Shares and it is not acting on a
non-discretionary basis for any such person;

15.   that it has not, directly or indirectly, distributed, forwarded,
transferred or otherwise transmitted, and will not, directly or indirectly,
distribute, forward, transfer or otherwise transmit, any presentation or
offering materials concerning the Placing or the Placing Shares to any persons
within the United States or to any US Persons;

16.   that it is entitled to subscribe for and/or purchase Placing Shares
under the laws of all relevant jurisdictions which apply to it and that it has
fully observed such laws and obtained all governmental and other consents
which may be required thereunder or otherwise and complied with all necessary
formalities and that it has not taken any action which will or may result in
the Company or WHI or any of their respective directors, officers, employees
or agents acting in breach of any regulatory or legal requirements of any
territory in connection with the Placing or its acceptance;

17.   that it has obtained all necessary consents and authorities to enable
it to give its commitment to subscribe for and/or purchase the Placing Shares
and to perform its subscription and/or purchase obligations;

18.   that where it is acquiring Placing Shares for one or more managed
accounts, it is authorised in writing by each managed account: (a) to acquire
the Placing Shares for each managed account; (b) to make on its behalf the
representations, warranties, acknowledgements, undertakings and agreements in
this Appendix and the Announcement of which it forms part; and (c), if
applicable, to receive on its behalf any investment letter relating to the
Placing in the form provided to it by WHI;

19.   that it is either: (a) a person of a kind described in paragraph 5 of
Article 19 (persons having professional experience in matters relating to
investments and who are investment professionals) of the Order; or (b) a
person of a kind described in paragraph 2 of Article 49(2)(A) to (D) (high net
worth companies, unincorporated associations, partnerships or trusts or their
respective directors, officers or employees) of the Order; or (c) a person to
whom it is otherwise lawful for this Announcement to be communicated and in
the case of (a) and (b) undertakes that it will acquire, hold, manage or
dispose of any Placing Shares that are allocated to it for the purposes of its
business;

20.   that, unless otherwise agreed by WHI, it is a Qualified Investor;

21.   that, unless otherwise agreed by WHI, it is a "professional client" or
an "eligible counterparty" within the meaning of Chapter 3 of the FCA's
Conduct of Business Sourcebook and it is purchasing Placing Shares for
investment only and not with a view to resale or distribution;

22.   that it has only communicated or caused to be communicated and will
only communicate or cause to be communicated any invitation or inducement to
engage in investment activity (within the meaning of section 21 of FSMA)
relating to the Placing Shares in circumstances in which section 21(1) of FSMA
does not require approval of the communication by an authorised person;

23.   that any money held in an account with WHI (or its nominee) on its
behalf and/or any person acting on its behalf will not be treated as client
money within the meaning of the rules and regulations of the FCA. Each Placee
further acknowledges that the money will not be subject to the protections
conferred by the FCA's client money rules. As a consequence, this money will
not be segregated from WHI's (or its nominee's) money in accordance with such
client money rules and will be used by WHI in the course of its own business
and each Placee will rank only as a general creditor of WHI;

24.   that it will (or will procure that its nominee will) if applicable,
make notification to the Company of the interest in its Ordinary Shares in
accordance with the requirements of Chapter 5 of the Disclosure Guidance and
Transparency Rules of the FCA);

25.   that it is not, and it is not acting on behalf of, a person falling
within subsections (6), (7) or (8) of sections 67 or 70 respectively or
subsections (2) and (3) of section 93 or subsection (1) of section 96 of the
Finance Act 1986;

26.   that it will not deal or cause or permit any other person to deal in
all or any of the Placing Shares which it is subscribing for under the Placing
unless and until Admission becomes effective;

27.   that it appoints irrevocably any director of either of WHI as its
agent for the purpose of executing and delivering to the Company and/or its
registrars any document on its behalf necessary to enable it to be registered
as the holder of the Placing Shares;

28.   that the Announcement does not constitute a securities recommendation
or financial product advice and that neither WHI nor the Company has
considered its particular objectives, financial situation and needs;

29.   that it has sufficient knowledge, sophistication and experience in
financial, business and investment matters as is required to evaluate the
merits and risks of subscribing for or purchasing the Placing Shares and is
aware that it may be required to bear, and it, and any accounts for which it
may be acting, are able to bear, the economic risk of, and is able to sustain,
a complete loss in connection with the Placing;

30.   that it will indemnify and hold the Company and WHI and their
respective affiliates harmless from any and all costs, claims, liabilities and
expenses (including legal fees and expenses) arising out of or in connection
with any breach of the representations, warranties, acknowledgements,
agreements and undertakings in this Appendix and further agrees that the
Company and WHI will rely on the truth and accuracy of the confirmations,
warranties, acknowledgements and undertakings herein and, if any of the
foregoing is or becomes no longer true or accurate, the Placee shall promptly
notify WHI and the Company. All confirmations, warranties, acknowledgements
and undertakings given by the Placee, pursuant to this Announcement (including
this Appendix) are given to WHI for itself and on behalf of the Company and
will survive completion of the Placing and Admission;

31.   that time shall be of the essence as regards obligations pursuant to
this Appendix;

32.   that it is responsible for obtaining any legal, financial, tax and
other advice that it deems necessary for the execution, delivery and
performance of its obligations in accepting the terms and conditions of the
Placing, and that it is not relying on the Company or WHI to provide any
legal, financial, tax or other advice to it;

33.   that all dates and times in this Announcement (including this
Appendix) may be subject to amendment and that WHI shall notify it of such
amendments;

34.   that (i) it has complied with its obligations under the Criminal
Justice Act 1993, FSMA and UK MAR, (ii) in connection with money laundering
and terrorist financing, it has complied with its obligations under the
Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000 (as amended),
the Terrorism Act 2006 and the Money Laundering, Terrorist Financing and
Transfer of Funds (information on the Payer) Regulations 2017 (as amended) and
any related or similar rules, regulations or guidelines, issued, administered
or enforced by any government agency having jurisdiction in respect thereof
and the Money Laundering Sourcebook of the FCA and (iii) it is not a person:
(a) with whom transactions are prohibited under the Foreign Corrupt Practices
Act of 1977 or any economic sanction programmes administered by, or
regulations promulgated by, the Office of Foreign Assets Control of the U.S.
Department of the Treasury or the United States Department of State; (b) named
on the Consolidated List of Financial Sanctions Targets maintained by HM
Treasury of the United Kingdom; or (c) subject to financial sanctions imposed
pursuant to a regulation of the European Union or a regulation adopted by the
United Nations (together, the "Regulations"); and, if making payment on behalf
of a third party, that satisfactory evidence has been obtained and recorded by
it to verify the identity of the third party as required by the Regulations
and has obtained all governmental and other consents (if any) which may be
required for the purpose of, or as a consequence of, such purchase, and it
will provide promptly to WHI such evidence, if any, as to the identity or
location or legal status of any person which WHI may request from it in
connection with the Placing (for the purpose of complying with such
Regulations or ascertaining the nationality of any person or the
jurisdiction(s) to which any person is subject or otherwise) in the form and
manner requested by WHI on the basis that any failure by it to do so may
result in the number of Placing Shares that are to be subscribed for by it or
at its direction pursuant to the Placing being reduced to such number, or to
nil, as WHI may decide in its absolute discretion;

35.   that it will not make any offer to the public within the meaning of
the EU Prospectus Regulation or the UK Prospectus Regulation of those Placing
Shares to be subscribed for and/or purchased by it;

36.   that it will not distribute any document relating to the Placing
Shares and it will be acquiring the Placing Shares for its own account as
principal or for a discretionary account or accounts (as to which it has the
authority to make the statements set out herein) for investment purposes only
and it does not have any contract, understanding or arrangement with any
person to sell, pledge, transfer or grant a participation therein to such
person or any third person with respect of any Placing Shares; save that if it
is a private client stock, broker or fund manager it confirms that in
purchasing the Placing Shares it is acting under the terms of one or more
discretionary mandates granted to it by private clients and it is not acting
on an execution only basis or under specific instructions to purchase the
Placing Shares for the account of any third party;

37.   that it acknowledges that these terms and conditions and any
agreements entered into by it pursuant to these terms and conditions shall be
governed by and construed in accordance with the laws of England and Wales and
it submits (on behalf of itself and on behalf of any person on whose behalf it
is acting) to the exclusive jurisdiction of the English courts as regards any
claim, dispute or matter arising out of any such contract, except that
enforcement proceedings in respect of the obligation to make payment for the
Placing Shares (together with any interest chargeable thereon) may be taken by
the Company or WHI in any jurisdiction in which the relevant Placee is
incorporated or in which its assets are located or any of its securities have
a quotation on a recognised stock exchange;

38.   that any documents sent to Placees will be sent at the Placees' risk.
They may be sent by post to such Placees at an address notified to WHI;

39.   that WHI owes no fiduciary or other duties to any Placee in respect of
any representations, warranties, undertakings or indemnities in the Placing
Agreement;

40.    that WHI may, in its absolute discretion, agree to become a Placee
in respect of some or all of the Placing Shares;

41.   that no prospectus or offering document has been or will be prepared
in connection with the Placing and it has not received and will not receive a
prospectus or other offering document in connection with the Placing or the
Placing Shares;

42.    undertakes that it (and any person acting on its behalf) will make
payment in respect of the Placing Shares allocated to it in accordance with
this Appendix on the due time and date set out herein, failing which the
relevant Placing Shares may be placed with other acquirers or sold as WHI may
in its sole discretion determine and without liability to such Placee, who
will remain liable for any amount by which the net proceeds of such sale falls
short of the product of the Placing Price and the number of Placing Shares
allocated to it and may be required to bear any stamp duty, stamp duty reserve
tax or other similar taxes (together with any interest or penalties) which may
arise upon the sale of such Placee's Placing Shares;

43.    that its allocation (if any) of Placing Shares will represent a
maximum number of Placing Shares which it will be entitled, and required, to
acquire, and that WHI and/or the Company may call upon it to acquire a lower
number of Placing Shares (if any), but in no event in aggregate more than the
aforementioned maximum; and

44.   that if it has received any confidential price sensitive information
concerning the Company in advance of the publication of this Announcement, it
has not: (i) dealt in the securities of the Company; (ii) encouraged,
required, recommended or induced another person to deal in the securities of
the Company; or (iii) disclosed such information to any person, prior to such
information being made publicly available.

The Company, WHI and their respective affiliates will rely upon the truth and
accuracy of each of the foregoing representations, warranties,
acknowledgements and undertakings which are given to WHI for itself and on
behalf of the Company and are irrevocable.

 

The provisions of this Appendix may be waived, varied or modified as regards
specific Placees or on a general basis by WHI.

 

The agreement to settle a Placee's subscription and/or purchase (and/or the
subscription of a person for whom such Placee is contracting as agent) free of
stamp duty and stamp duty reserve tax depends on the settlement relating only
to a subscription by it and/or such person direct from the Company for the
Placing Shares in question. Such agreement assumes that the Placing Shares are
not being subscribed for in connection with arrangements to issue depositary
receipts or to transfer the Placing Shares into a clearance service. If there
are any such arrangements, or the settlement relates to any other subsequent
dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be
payable, for which neither the Company or WHI will be responsible, and the
Placee to whom (or on behalf of whom, or in respect of the person for whom it
is participating in the Placing as an agent or nominee) the allocation,
allotment, issue or delivery of Placing Shares has given rise to such UK stamp
duty or stamp duty reserve tax undertakes to pay such UK stamp duty or stamp
duty reserve tax forthwith and to indemnify on an after-tax basis and to hold
harmless the Company and WHI in the event that any of the Company and/or WHI
have incurred any such liability to UK stamp duty or stamp duty reserve tax.
If this is the case, each Placee should seek its own advice and notify WHI
accordingly.

 

In addition, Placees should note that they will be liable for any stamp duty
and all other stamp, issue, securities, transfer, registration, documentary or
other duties or taxes (including any interest, fines or penalties relating
thereto) payable outside the UK by them or any other person on the
subscription or purchase by them of any Placing Shares or the agreement by
them to subscribe for or purchase any Placing Shares.

 

All times and dates in this Announcement (including the Appendices) may be
subject to amendment. WHI shall notify the Placees and any person acting on
behalf of the Placees of any changes.

 

This Announcement has been issued by, and is the sole responsibility, of the
Company. No representation or warranty express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by WHI or by any of its respective affiliates or agents as to or in
relation to, the accuracy or completeness of this Announcement or any other
written or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefore is expressly
disclaimed.

 

 

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