REG - Golden Prospect Prec Golden Prospect-GPSS - Result of subscription rights exercise

Golden Prospect Precious MetalsAnnouncement

02/12/2025 11:00

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RNS Number : 8946J  Golden Prospect Precious Metals Ltd  02 December 2025

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN
OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE EUROPEAN ECONOMIC
AREA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

This announcement is not an offer to sell, or a solicitation of an offer to
acquire, securities in the United States or in any other jurisdiction in
which the same would be unlawful. Neither this announcement nor any part of it
shall form the basis of or be relied on in connection with or act as an
inducement to enter into any contract or commitment whatsoever.

2 December 2025

Golden Prospect Precious Metals Limited

(the "Company")

Result of subscription rights exercise for Ordinary Shares

The Board of the Company is pleased to announce that applications have been
received from shareholders to subscribe for 13,895,182 new ordinary shares of
no par value ("Ordinary Shares") at a price of 48p per share.

As previously announced, as there is a cap of Euro 8 million on the value of
Ordinary Shares that can be issued at the subscription price, each successful
applicant has had the number of shares they have applied for scaled back
to78.21 per cent of the number applied for (the "Scaling-back Ratio").  A
total of 10,867,374 Ordinary Shares will therefore be issued to the successful
applicants on the basis of 0.7821 new Ordinary Share for every five existing
Ordinary Shares registered in the name of the successful applicants on the
record date, 10 November 2025.

Outstanding Subscription Rights

Applications were not received in respect of Subscription Rights representing
a total of 3,718,555 Ordinary Shares after the Scaling-back Ratio is
applied.

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, 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, subject to demand, the 3,718,555 Ordinary Shares that
would arise from the exercise of the outstanding Subscription Rights, after
the Scaling-back Ratio is applied, (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 and no
later than 4.30 p.m. today. Cavendish may extend this deadline at its
discretion without further notification. 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 up to
14,585,929 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 9 December 2025.

The gross proceeds of the issue of new Ordinary Shares are approximately £7
million, on the basis that the Rump is placed in full.

Future Subscription Rights

As outlined in the circular sent to Shareholders relating to the subscription
rights, all shareholders will have a further right to subscribe for shares on
30 November 2026 (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 1 December 2025.  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.

For further information, please contact:

 Manulife | CQS Investment Management    Craig Cleland                                                          T: +44 (0) 20 7201 5368
 Cavendish Capital Markets Limited       Robert Peel / Oscar Valeur-Adu (Corporate Finance) - Corporate Broker  T: +44 (0) 20 7908 6000
                                         Daniel Balabanoff / Pauline Tribe (Sales)

 

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. The
Company's investment objective is to provide Shareholders with capital growth
from a portfolio of companies involved in the precious metals sector. For the
latest factsheet and other information, click here
(https://ncim.co.uk/golden-prospect-precious-metals-ltd/) .

 

The information in this announcement is for background purposes only and does
not purport to be full or complete. No reliance may be placed for any purpose
on the information contained in this announcement or its accuracy or
completeness.

The new shares in the Company to be issued pursuant to the Subscription Rights
(New Shares) have not been, and will not be, registered under
the U.S. Securities Act of 1933 (as amended) (the Securities Act) or with
any securities regulatory authority of any state or other jurisdiction of the
United States, and may not be offered or sold in the United States or to, or
for the account or benefit of, U.S. persons absent registration or an
exemption from registration under the Securities Act. Moreover, the New Shares
have not been, nor will they be, registered under the applicable securities
laws the United States, Australia, Canada, Japan, New Zealand or
the Republic Of South Africa or any member state of the EEA (other than any
member state of the EEA where the shares are lawfully marketed). Further, the
Company is not, and will not be, registered under the US Investment Company
Act of 1940, as amended.

The value of shares and any income from them is not guaranteed and can fall as
well as rise due to stock market and currency movements. When you sell your
investment, you may get back less than you originally invested. Figures refer
to past performance and past performance should not be considered a reliable
indicator of future results. Returns may increase or decrease as a result of
currency fluctuations.

This announcement may include 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", "anticipates", "expects", "intends", "may", "might",
"will" or "should" or, in each case, their negative or other variations or
similar expressions. All statements other than statements of historical facts
included in this announcement, including, without limitation, those regarding
the Company's financial positions, strategies, plans, proposed acquisitions
and objectives, are forward-looking statements.

Forward-looking statements are subject to risks and uncertainties and,
accordingly, the Company's actual future financial results and operational
performance may differ materially from the results and performance expressed
in, or implied by, the statements. These forward-looking statements speak only
as at the date of this announcement and cannot be relied upon as a guide to
future performance. Subject to its legal and regulatory obligations, the
Company expressly disclaims any obligations or undertaking to update or revise
any forward-looking statements contained herein to reflect any change in
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based unless required to do so by
law or any appropriate regulatory authority.

Cavendish Capital Markets Limited ("Cavendish") which is authorised in
the United Kingdom by Financial Conduct Authority is acting exclusively for
the Company and for no-one else in connection with the Subscription Rights,
will not regard any other person as it client in relation to the Subscription
Rights and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients or for providing advice in
relation to the Subscription Rights, or any of the other matters referred to
in this announcement. This does not exclude any responsibilities or
liabilities of Cavendish under the Financial Services and Markets Act 2000,
as amended, or the regulatory regime established thereunder.

 

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