REG - Chaarat Gold Hlgs Ld - Proposed Recapitalisation, Delisting, Notice of GM

Chaarat Gold HoldingsAnnouncement

16/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240716:nRSP5120Wa&default-theme=true

RNS Number : 5120W  Chaarat Gold Holdings Ltd  16 July 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR

 

16 July 2024

 

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

 

Proposed Recapitalisation, Delisting, Notice of GM & Board Changes

 

Chaarat (AIM:CGH), a mining explorer and developer with projects in the Kyrgyz
Republic, announces the following proposed recapitalisation and associated
cancellation from trading on AIM, subject to shareholder approval. In this
regard, the Company today is posting a circular to shareholders setting out
further information, and containing the necessary Notice of General Meeting.

 

A copy of the full circular is also available on the Company's website:
www.chaaratgold.com (http://www.chaaratgold.com)

 

The General Meeting will be held on 8 August 2024 at 11 am at the offices of
Shakespeare Martineau LLP, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.

 

 

Gordon Wylie, Chairman commented:

 

"The Proposed Recapitalisation enables Chaarat to reduce its existing
liabilities by more than 50% to under US$20 million, with revised maturity for
its debt and a new working capital facility of up to US$5 million both of
which extend to December 2025, thereby allowing the Company to focus on
maximising the value of its Kyrgyz Republic assets.

 

"The Board wishes to thank all stakeholders, including its long-term
shareholder Labro, its former executive chair Martin Andersson and the
Noteholders, for enabling the Company to identify a solution that enables it
to continue in operation while seeking a suitable long-term outcome for the
Company and its projects."

 

Extracts from the circular are copied out below. Shareholders are strongly
encouraged to read the circular in full.

 

1.       Introduction

Pursuant to the Company's convertible loan note instrument (as amended and
extended from time to time, the "Instrument"), the principal and accrued
interest, together with restructuring fees, on the Company's secured
convertible loan notes (the "Notes"), which totals US$39,492,277 (as at 31
July 2024), is due on the final repayment date of 31 July 2024 (with a grace
period of 10 business days). A further balance of US$2,300,000 (as at 31 July
2024) is due to be repaid by the Company by 30 September 2024 pursuant to the
working capital facility entered into between the Company and Labro
Investments Limited ("Labro") (the "Labro Working Capital Facility"). No
further drawdowns on the Labro Working Capital Facility are available to the
Company as at the date of this announcement.

Following discussions between the directors of the Company  (the "Directors")
and representatives of the majority of convertible loan note holders over
recent weeks and months (the "CLN Representatives"), the Company has agreed
the structure of a proposed restructuring of the Notes, the capitalisation of
sums owing under the Labro Working Capital Facility and the capitalisation of
the US$550,000 deferred salary owed to Martin Andersson ("MA") (the "Deferred
Salary"), the provision of additional working capital to the Company and the
cancellation of the admission of the Company's ordinary shares ("Shares" or
"Ordinary Shares") to trading on AIM (the "Delisting"), as detailed further at
paragraphs 2 and 6 below (the "Recapitalisation"). The Directors believe there
to be no viable alternative funding option available to the Company as at the
date of the circular that would provide a better outcome for creditors and
Shareholders.

Accordingly, the Company is requesting the support of Shareholders for the
passing of the resolutions set out in the notice of meeting appended to the
circular (the "Resolutions") with a view to effecting the Recapitalisation.
The Resolutions will be proposed at a general meeting of the Company to be
held on 8 August 2024 (the "General Meeting").

2.       Recapitalisation

The Recapitalisation involves or will involve, amongst other things, the
following transactions and actions (together, the "Proposed Transactions"):

(a)         certain amendments to the Instrument including, in respect
of the principal amount of US$19,680,000 to be left outstanding on the Notes
after the conversion referred to at (c) below:

(i)        the extension of the maturity date from 31 July 2024 to 1
December 2025;

(ii)       the upsize of the Instrument by up to US$5,000,000 and a
total commitment from a subset of certain existing Noteholders to make:

(A)     US$250,000 available 5 Business Days following the later of the
date of execution of the Subscription Agreements (defined below) or
satisfaction of the conditions thereunder (the "Initial Advance") following
issue of the circular to the Shareholders to approve the Proposed Transactions
at the General Meeting to be evidenced by the issue of additional loan notes
(the "Additional Notes") governed by the terms of the Instrument (as amended
and restated), provided that for the period from the date that the Initial
Advance is made until such time as the Deed Poll (defined below) takes legal
effect, the Initial Advance shall be evidenced by the issue of Ordinary Notes
(defined below) governed by the terms of the Instrument and be secured by the
existing security arrangements, in each case, in force at the date of this
document (and such Ordinary Notes shall be automatically redesignated into
Additional Notes conditional upon the Deed Poll being executed);

(B)     the US$4,750,000 balance to be capable of being drawn down by the
Company in tranches up to and including 1 December 2025 but subject to consent
by the noteholder representative (the "Noteholder Representative") (which is
proposed to be certain core Noteholders acting collectively as the "Noteholder
Representative" for the purposes of the amended Instrument), such balance to
be made available by either:

1)       nine initial Noteholder investors who have, subject to
paragraph (2) below, committed to underwrite and subscribe to the full
US$4,750,000 balance (provided that any drawdown by the Company is subject to
the consent of the Noteholder Representative); or

2)       certain prospective Shareholder investors and other noteholders
(which excludes Labro, MA and their respective associates) who may in
aggregate subscribe to up to US$1,000,000 of the US$4,750,000 balance,
provided that any such investor must commit a minimum of US$100,000, must make
an expression of interest to participate

within seven business days of the posting of the Shareholder circular and must
execute a subscription letter by no later than the date of the General
Meeting,

in each case, subject to certain conditions being satisfied prior to the
relevant drawdown;

(iii)     save as set out in the Instrument, the Additional Notes shall rank
pari passu with the existing up to US$100,000,000 secured convertible loan
notes (the "Ordinary Notes", together with the Additional Notes, the "Notes");

(iv)    the Additional Notes are intended to benefit from the security
arrangements under the Security Deed and the Company shall provide a security
confirmation to The Law Debenture Trust Corporation p.l.c.(the "Security
Trustee") in that respect. A further shares security deed supplemental to the
Security Deed (the "Supplemental Security Deed") shall also be entered into by
the Company in favour of the Security Trustee which shall expressly include
the Additional Notes as part of the "Secured Liabilities" thereunder. The
Additional Notes shall be further secured by a new debenture (the "Additional
Notes Debenture") which shall be held by the Security Trustee pursuant to the
terms of the Security Trust Deed (which shall be amended and restated to
reflect the constitution of the Additional Notes);

(v)     an amendment to the conversion rights, so as to enable the
Noteholders to elect to convert the Notes into Shares at a conversion price
that equates to 2 pence per Ordinary Share, subject to adjustment for any
sub-division or consolidation;

(vi)    the reduction of the interest rate under Condition 1(a) of the
Instrument from 20% per annum to 15% per annum, payable annually in arrears;

(vii)    the provision for the interest accrued on the Ordinary Notes in the
period on or after 1 August 2024 to be paid as payment-in-kind interest, by
way of the issue of Ordinary Shares in the Company at a price of 0.25 pence
per Share (the "PIK Shares"), pursuant to the terms of the Instrument;

(viii)   the addition of 15-month lock-up provisions in respect of the
Recapitalisation Conversion Shares (as defined below), PIK Shares and any
future conversion shares issued within the 15-month lock-up period, which for
the avoidance of doubt does not include any Shares currently held by the
Noteholders other than those Noteholders who have entered into Lock-In Letters
(defined below);

(ix)    the provision of certain consent rights for the Noteholders in
respect of certain material matters in respect of the Notes;

(x)     the provision of rights for the Noteholder Representative to receive
additional documents and information from the Company;

(xi)    the provision of rights for the Noteholder Representative to appoint
a majority of the directors on the board of the Company and any subsidiary of
the Company; and

(xii)    the provision of revised voting rights attached to the Notes,
whereby the passing of majority resolutions shall only be carried if holders
of 50% of the votes attaching to the Notes and also if holders of 50% of the
votes attaching to the Additional Notes vote in favour;

(b)           entry into subscription agreements between certain existing
Noteholders and the Company in respect of the Additional Notes (the
"Subscription Agreements");

(c)            the conversion of all outstanding interest and
restructuring fees (save for the interest accrued on the Initial Advance,
which shall be settled in cash) owed on the Notes from 11 September 2018 to 31
July 2024 (inclusive), being US$19,812,277 on 31 July 2024 into Ordinary
Shares, such conversion to be satisfied by the allotment and issue of Ordinary
Shares ("Recapitalisation Conversion Shares") to each Noteholder, which are to
be subject to the lock-up provisions referred to above, on the basis of 390
Recapitalisation Conversion Shares per US$1 owed (pro-rated if applicable),
calculated on the same basis so as to result in:

(i)      the Noteholders holding approximately 80.7% (including Labro and
MA);

(ii)     the Noteholders holding approximately 76.5% (excluding Labro and
MA);

(iii)     Labro holding approximately 16.9%;

(iv)    MA holding approximately 2.3%; and

(v)     the remaining shareholders holding approximately 4.3%,

of the Company's issued share capital immediately following such conversion
(and the conversion of other debt owed by the Company to Labro and MA) (but
excluding any future conversion of any principal or interest on the Notes),
conditional upon the passing of the Resolutions at the General Meeting;

(d)           certain amendments to the memorandum and articles of
association of the Company and the adoption of such new constitutional
documents including, among other things, the removal of mandatory bid
provisions, the reduction of voting thresholds for members special resolutions
to 50.01% (which must include certain Noteholders who hold Recapitalisation
Conversion Shares or other Shares), the provision of drag along rights for the
holder(s) of 50.01% of the voting rights of Shares, and a right of first
refusal to holders of Additional Notes to acquire Shares proposed to be
transferred by Shareholders (with certain exceptions such as customary
permitted transfers and share transfers in connection with the matched bargain
dealing facility referred to at paragraph 6 below) (the "Amended Articles");

(e)           the repayment and cancellation of the Labro Working Capital
Facility through issuing shares to Labro, at the same conversion price as for
the Recapitalisation Conversion Shares outlined in paragraph (c) above, and
the release of the related security, documented in a debt capitalisation deed
dated 15 July 2024 (the "Debt Capitalisation Deed");

(f)      the repayment of the Deferred Salary through issuing shares to MA,
at the same conversion price as for the Recapitalisation Conversion Shares
outlined in paragraph (c) above and as documented in the Debt Capitalisation
Deed;

(g)     the entry into irrevocable shareholder undertakings dated 15 July
2024 by Labro, MA and certain Noteholders (the "Irrevocable Undertakings") to
vote in favour of the Resolutions and the Noteholder Resolutions (defined
below);

(h)     the entry into lock-in letters dated 15 July 2024 with certain
existing Noteholders in respect of the Recapitalisation Conversion Shares and
PIK Shares arising from the Recapitalisation, any future conversion shares
issued pursuant to the terms of the Instrument within the 15-month lock up
period and any existing shares held, subject to customary exemptions (the
"Lock-In Letters");

(i)      the issue of 6,000,000 Shares to certain members of the Company's
senior management team and 7,050,000 Shares to the Company's restructuring
adviser, Galiant Partners LLP; and

(j)      the Delisting.

As part of the Recapitalisation, the Directors have waived the provisions of
Regulation 19 as it may apply to the Proposed Transactions by way of board
resolution, such that Regulation 19 will not require the recipients of Shares
issued pursuant to the terms of the Recapitalisation to make a mandatory offer
to the other Shareholders. Shareholders should refer to Resolution 5 set out
in the Resolutions, which requests the approval of the Shareholders to
disapply the provisions of Regulation 19 in the same manner.

The following documents have been or will be required to be entered into or
adopted by the Company as appropriate to effect the Proposed Transactions:

(a)     the Subscription Agreements;

(b)     a deed poll, which reflects the amendments set out in Paragraph
2(a)(i) to (xii) above and appends the form of the amended and restated
Instrument (the "Deed Poll");

(c)     the Additional Notes Debenture;

(d)     the Supplemental Security Deed;

(e)     an amendment and restatement deed appending an amended and restated
Security Trust Deed;

(f)      the Debt Capitalisation Deed;

(g)     the Amended Articles;

(h)     the Irrevocable Undertakings;

(i)      the Lock-In Letters; and

(j)      a written resolution of Noteholders requiring approval by majority
resolution of the Noteholders (the "Noteholder Resolutions").

(together, the "Recapitalisation Documents").

Shareholders should note that the issue of the Recapitalisation Conversion
Shares and the issue of further Shares as a result of the Debt Capitalisation
Deed shall lead to very substantial dilution of existing shareholdings.
Shareholders will have the opportunity to exit their investment in the Company
both prior to and following the Delisting, as detailed further at paragraph 6
below.

The Deed Poll and the related security documents described at (c) to (e) above
are expected to be signed shortly following the General Meeting on 8 August
2024 (so as to take effect prior to expiry of the existing grace period under
the Notes).

3.             Board/Management Updates, Funding Position and Future
Strategy

On 2 July 2024, the Company announced that, at the request of the Board of the
Company, Martin Andersson had agreed to step down from his role as Executive
Chairman with immediate effect, to avoid actual or potential conflicts of
interests in view of the proposed Recapitalisation as well as his interests in
Labro. Martin Andersson has now resigned from his position as non-executive
director of the Company with immediate effect upon announcement of the
Recapitalisation today.

As you are aware, Labro is a substantial shareholder of the Company and also
holds a portion of the Notes. Labro continues to have a right to appoint a
director to the board pursuant to its relationship agreement with the Company
for so long as it holds 20% of the Company's shares.

As further announced on 2 July 2024, Gordon Wylie, previously Senior
Independent Non-Executive Director of the Company, has been appointed as the
Independent Non-Executive Chairman and David Mackenzie has been appointed as
Acting Chief Executive Officer.

The new composition of the Board shall be determined following the Delisting
noting that, as part of the Recapitalisation, the Noteholders shall be granted
the right to appoint a majority of Directors on the Board, except that in
respect of the period between the date that the Initial Advance is made to the
Company and until such time that the Resolutions are passed, the Noteholders
will have a contractual right to appoint one director and one observer to the
Board of the Company (on the proviso that the director appointment is subject
to the approval of the nominated adviser of the Company).

The receipt of the US$250,000 noted in paragraph 2(a)(ii)(A) above is expected
to provide the Company with sufficient cash through to the end of August 2024.
Further drawdowns of the Additional Notes (which as noted above are subject to
certain conditions) up the maximum US$5 million, is expected to provide the
Company with sufficient cash into Q4 2025.

In terms of future strategy, the Company, under a restructured board, with an
improved balance sheet, will continue to focus its activities on maximising
the value of its Kyrgyz Republic assets.

4.       Related party transactions

The Company and MA's agreement to the capitalisation of the Deferred Salary,
and the Company and Labro's agreement to amending the terms of the Notes held
by Labro and capitalisation of the sums owing under the Labro Working Capital
Facility will constitute related party transactions under AIM Rule 13 of the
AIM Rules for Companies.

The Directors consider, having consulted with the Company's Nominated Adviser,
that the terms of the capitalisation of the Deferred Salary, the amendment to
the terms of the Notes held by Labro and the capitalisation of the sums owing
under the Labro Working Capital Facility are fair and reasonable insofar as
the Shareholders are concerned.

In reaching this fair and reasonable conclusion, and noting that the outcome
is a reduction in the Company's free float to approximately 4.1%, particular
consideration has been given by the Directors to the fact that the terms of
the Recapitalisation require the capitalisation of amounts owing under the
Labro Working Capital Facility and the Deferred Salary, and that any refusal
of the Directors to accept these terms (subject to Shareholder approval) would
have forced the Company into immediate insolvency proceedings. The conversion
of both amounts will additionally remove liabilities of approximately US$2.85
million from the Company's balance sheet.

5.       Irrevocable Undertakings

Labro, MA and certain other major Shareholders and Noteholders have entered
into irrevocable undertakings covering 49.6 per cent. of the Shares pursuant
to which they irrevocably and unconditionally confirm, undertake and warrant
to the Company that, inter alia, they will vote in favour of the Resolutions
and Noteholder Resolutions.  The Company has already received approval of the
Noteholder Resolutions.

6.       Delisting and intended implementation of Matched Bargain Dealing
Facility

The Delisting is an integral part of the Recapitalisation agreed between the
Company and the CLN Representatives. If the Delisting becomes effective,
Shareholders should be aware of the implications and principal effects of the
Delisting, which include the following:

(a)     there will be no public market or trading facility on any recognised
investment exchange for the Shares and, consequently, there can be no
guarantee that a Shareholder will be able to purchase or sell any Shares.
Accordingly, whilst the intention is to implement an off-market trading
facility, the opportunity for Shareholders to realise their investment in the
Company will be much more limited and there will be no public market valuation
of Shares held;

(b)     it is probable that the liquidity and the marketability of the
Shares may be significantly reduced by the proposal for the Delisting and the
value of such Shares whilst the Company is still admitted to trading on AIM
may be adversely affected as a consequence;

(c)     the regulatory and financial reporting regime applicable to
companies whose shares are admitted to trading on AIM will no longer apply;

(d)     Shareholders will no longer be afforded the protections given by the
AIM Rules, such as the requirement for the Company to retain a nominated
adviser and broker, to be notified of certain events, including substantial
transactions, financing transactions, related party transactions and
fundamental changes in the Company's business, including certain acquisitions
and disposals;

(e)     as an unlisted company, the Company will be subject to fewer
operational restrictions then as a listed company. In addition, as an unlisted
company, the Company may be subject to less stringent accounting and reporting
requirements;

(f)      the Delisting may have either positive or negative taxation
consequences for Shareholders. Shareholders who are in any doubt about their
tax position should consult their own professional independent adviser
immediately; and

(g)     there will be reduced controls over the terms of capital raises and
issuances of new Shares to related parties (such as substantial shareholders).

Shareholders should be aware that, in the event the Delisting becomes
effective, the liquidity and marketability of the Shares may be significantly
reduced.

The Directors are aware that Shareholders may be unable or unwilling to hold
Shares in the event that the Delisting become effective. Such Shareholders
should consider selling their interests in the market ahead of the Delisting.
However, the Company intends to put in place, following the Delisting, a
matched bargain dealing facility to enable off market trading for a period of
time (which is expected to be six months) in order to provide minority
Shareholders who do not exit their investment ahead of the Delisting taking
effect an opportunity to trade out of their position (subject to buy-side
demand). Further details will be provided in due course on such facility,
should it be put in place of which there is no guarantee.

 7.          Amended Articles

The proposed Amended Articles incorporate certain changes, including the
following, which would only take effect after the

Delisting:

(a)     the inclusion of a drag provision enabling holders of 50.01% or more
of the Shares (which must include certain Noteholders who hold
Recapitalisation Conversion Shares or other Shares) who wish to transfer all
of their interest in Shares to a bona fide arm's length proposed purchaser
(the "Proposed Purchaser"), to have the option to compel each other holder of
Shares to sell or transfer all their Shares to such Proposed Purchaser on the
same terms, as well as the option to compel each other holder of Shares to
take any action necessary to implement a sale by the Company of all or
substantial part of its undertaking and assets to a bona fide third party;

(b)     the removal of the pre-existing mandatory bid provisions whereby the
Directors may require a mandatory bid to be made in certain circumstances
where a third party acquires a controlling interest;

(c)     the lowering of the threshold to pass special resolutions of members
to 50.01% of the Shares (which must include certain Noteholders who hold
Recapitalisation Conversion Shares or other Shares);

(d)     the inclusion of a weighted voting right for directors appointed by
the Noteholder Representative ("CLN Director") whereby if CLN Directors do not
comprise the majority of directors on the board of the Company from time to
time (including due to absence of any CLN Director at a board meeting), then
the vote of any unappointed or absent CLN Director shall automatically be
exercisable by the other CLN Directors such that the CLN Directors present at
a board meeting shall always have at least the majority of votes to carry any
board resolution;

(e)     the inclusion of a right of first refusal regime whereby any
proposed transfer of Shares (excluding any shares to be sold under the matched
bargain dealing facility referred to at paragraph 6 above and certain other
customary carve-outs) shall be offered to Additional Noteholders at the first
instance on the same terms as with the proposed buyer; and

(f)      the maximum number of shares of the Company, which previously
stood at 1,395,167,015 Shares of US$0.01 to be increased to 12,728,056,182
Shares of US$0.01, to allow for the Recapitalisation to occur.

8.          Recommendation

Should the Resolutions not be approved at the General Meeting then, based on
the liabilities of the Company, in particular those due pursuant to the Notes,
the Company will be forced into insolvency proceedings, in which case
Shareholders will most likely realise zero value from their investment into
the Company. Shareholders should note that the insolvency proceedings would
also trigger an immediate suspension from trading of the Company's Shares.

Accordingly, the Directors unanimously recommend Shareholders to vote in
favour of the Resolutions.

 

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS(1)(2)(3)

 Posting of this circular and forms of proxy/direction                            16 July 2024
 Latest time and date for receipt of online proxy votes or completed forms of     11am on 6 August 2024
 proxy/direction in respect of the General Meeting
 General Meeting                                                                  11am on 8 August 2024
 Signature of the Deed Poll (as defined below) to amend and restate the           Following the General Meeting on 8 August 2024
 Instrument (as defined below) and related security documents described in this
 document

 Expected final day of trading on AIM for the Ordinary Shares                     15 August 2024
 Expected time and date of Delisting                                              7am on 16 August 2024
 Issue of the Recapitalisation Conversion Shares and further Shares to Labro      on or shortly following 16 August 2024
 and MA as a result of the Debt Capitalisation Deed
 Matched bargain dealing facility for Ordinary Shares expected to commence        on or shortly following 16 August 2024
 Notes:

(1)   All of the times referred to in this Announcement refer to London time,
unless otherwise stated.

(2)   Each of the times and dates in the above timetable is subject to
change. If any of the above times and/or dates change, the revised times and

dates will be notified to Shareholders by an announcement through a Regulatory
Information Service and/or the Company's website.

(3)   Defined terms are as per those defined in the Letter from the Chairman.
In the circular (and extracted in this Announcement)

KEY STATISTICS((1))

 

 Number of existing Ordinary Shares                                             728,056,182
 Number of Recapitalisation Conversion Shares to be issued to the Noteholders,  7,332,991,254
 excluding those to Labro
 Number of Recapitalisation Conversion Shares to be issued to Labro             393,797,058
 Number of Ordinary Shares to be issued to MA pursuant to the Debt              214,500,000
 Recapitalisation Deed, in respect of

 settlement of the Deferred Salary
 Number of Ordinary Shares to be issued to Labro pursuant to the Debt           897,000,000
 Recapitalisation Deed, in respect

 of settlement of the Labro Working Capital Facility
 Number of Ordinary Shares to be issued to certain members of the senior        6,000,000
 management team
 Number of Ordinary Shares to be issued to Galiant Partners, the Company's      7,050,000
 restructuring adviser
 Expected enlarged number of Ordinary Shares following the abovementioned       9,579,394,494
 issues of Ordinary Shares
 Issue price of abovementioned issues of Ordinary Shares                        0.2 pence
 USD:GBP                                                                        0.78

Notes:

(1)       Defined terms are as per those defined in the Letter from the
Chairman in the circular (and extracted in this Announcement).

 For more information contact:

 Chaarat Gold Holdings Limited                            +44 (0)20 7499 2612
 David Mackenzie (Interim CEO)                            IR@chaarat.com (mailto:IR@chaarat.com)

 Strand Hanson Limited (NOMAD)                            +44 (0)20 7409 3494
 Ritchie Balmer
 James Spinney

 Robert Collins

 Panmure Gordon (UK) Limited (Joint Broker)               +44 (0)20 7886 2500
 Hugh Rich

 Axis Capital Markets Limited (Joint Broker)              +44 (0)20 3026 0449
 Ben Tadd

 Lewis Jones

 St Brides Partners Limited (Financial Public Relations)  +44 (0)20 7236 1177
 Susie Geliher

 Isabelle Morris

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCRAMJTMTTBTLI