Golden Prospect Prec Golden Prospect-GPSS - Result of Subscription Rights Exercise

Golden Prospect Precious Metals

04/12/2024 07:00

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RNS Number : 6593O  Golden Prospect Precious Metals Ltd  04 December 2024

4 December 2024

 

Golden Prospect Precious Metals Limited

(the "Company")

 

Result of Subscription Rights Exercise for Ordinary Shares

The Company is pleased to announce the result of this year's 1 for 5
Subscription Right Exercise for Ordinary Shares.

 Shareholders who            %        No of new shares                                                    Funds received
 Took up the rights          45.29%   7,745,478 subscribed for at 35.94p                                  £2,783,724.79
 Did not take up the rights  54.71%   9,355,094 not subscribed for
 Total                       100.00%  17,100,572 (20% of the current issued share capital of 85,503,021)

 

Applications have been received from shareholders to subscribe for 7,745,478
new ordinary shares of no par value ("Ordinary Shares") at a price of 35.94p
per share.

Outstanding Subscription Rights

Shareholders holding approximately 54.71% of the Company's issued share
capital did not apply to take up their subscription rights entitlement,
representing a total of 9,355,094 Ordinary Shares.  In accordance with the
terms and conditions on which the Subscription Rights were issued, the Company
has appointed a trustee (the "Subscription Trustee").

If the Subscription Trustee is of the opinion, having consulted Cavendish
Capital Markets Limited ("Cavendish"), the Company's broker and financial
adviser, that the net proceeds of sale of the Ordinary Shares arising on
exercise of the outstanding Subscription Rights (after deduction of all costs
and expenses incurred by, and any fee due to, the Subscription Trustee) will
exceed the aggregate costs of subscription, the Subscription Trustee will
exercise either

(i)            all the Subscription Rights which have not been
exercised or

(ii)        at the Subscription Trustee's discretion such number of
Subscription Rights as will, in the Subscription Trustee's opinion, result in
the Ordinary Shares arising from such exercise being sold in the market for
such net proceeds as will exceed the costs of exercising such Subscription
Share Rights and the costs and expenses of sale.

It is intended that the full number of Ordinary Shares that would arise from
the exercise of the outstanding Subscription Rights (the "Rump") will be sold
by Cavendish by way of a secondary market placing executed at the maximum
available, single clearing price. However, the Subscription Trustee reserves
its absolute discretion to execute bargains in such sizes and prices as it
deems appropriate to the interests of the outstanding Subscription
Shareholders.  Qualified investors (as defined in section 86(7) of the
Financial Services and Markets Act 2000 (as amended)) considering
participation in the secondary market placing are advised to contact Cavendish
as soon as practicable.  Orders for the placing should state the number of
shares to be purchased and the maximum purchase price (or confirm that the
investor is willing to trade "at strike").  Investors placing orders should
note that if the full extent of the Rump is not covered, then a bargain is
expected to be executed at the maximum available, single clearing price for
the actual size of the book.

If the Subscription Trustee is of the opinion that the gross proceeds of sale
of the Ordinary Shares by the Subscription Trustee are likely to exceed the
costs of subscription but the excess is not sufficient to meet the costs and
expenses incurred by the Subscription Trustee, the Board intends that part or
all of such costs and expenses will be borne by the Company, provided that at
that time the Board believes this to be in the best interests of the Company
and Shareholders as a whole.

The Subscription Trustee will distribute the proceeds of any sale (less any
related subscription costs and other costs and expenses) pro rata to the
persons entitled thereto, provided that entitlements of under £5.00 shall be
retained for the benefit of the Company.

Accordingly, the Company announces that it will be issuing and allotting
7,745,478 Ordinary Shares, subject to admission to trading.  Application will
be made for the new Ordinary Shares to be admitted to trading on The
International Stock Exchange ("TISE") and to trading on the London Stock
Exchange's SETSqx platform.  It is expected that dealings will commence at
8.00 a.m. on 10 December 2024.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules ("DTRs"), following Admission the issued ordinary share
capital of the Company will consist of 93,248,499 Ordinary Shares with voting
rights attached.  This figure of 93,248,499 may be used by the Company's
shareholders as the denominator for the calculation by which they will
determine whether they are required to notify their interest in, or a change
to their interest in, the share capital of the Company under the DTRs.

As outlined in the circular sent to Shareholders on 4 November 2022 relating
to the subscription rights, all shareholders will have a further right to
subscribe for shares on 1 December 2025 (on the basis of one new Ordinary
Share for every five Ordinary Shares held).  The subscription price will be
equal to the unaudited diluted net asset value per share on 2 December 2024.
A reminder will be sent to shareholders prior to the next subscription date.

The information contained within this RNS is considered to be inside
information prior to its release.

 Enquiries

 Manulife | CQS Investment Management

 Craig Cleland                                    +44 (0) 20 7201 5368

 Cavendish Capital Markets Limited

 Tunga Chigovanyika (Corporate Finance)           +44 (0) 20 7397 1915

 Daniel Balabanoff / Pauline Tribe (Sales)        +44 (0) 20 7720 0500

 Apex Administration (Guernsey) Limited

 James Taylor                                     +44 (0) 203 5303 600

 Tavistock

 Jos Simson / Gareth Tredway / Ruairi Millar      +44 (0) 20 7920 3150

 

About Golden Prospect Precious Metals

Golden Prospect Precious Metals Limited is a closed-ended investment company
incorporated with limited liability in Guernsey on 16 October 2006, which was
established to provide a listed entity for investors to gain exposure to the
Company's investment strategy within the gold and precious metals sector.

For the latest factsheet and other information, click here
(https://ncim.co.uk/golden-prospect-precious-metals-ltd/) .

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