REG - Rockwood Strategic - Publication of Notice of General Meeting

Rockwood StrategicAnnouncement

17/01/2025 07:00

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RNS Number : 6630T  Rockwood Strategic PLC  17 January 2025

17 January 2025

Rockwood Strategic plc
("RKW" or the "Company")

 

Publication of Circular and Notice of General Meeting

 

 

The Company announces that it will later today publish a Circular, including a
notice convening a General Meeting of the Company's Shareholders, in order to
seek Shareholder authority to: (i) allot up to 6,438,978 Ordinary Shares (the
"General Allotment Authority"); and (ii) disapply pre-emption rights in
respect of the Ordinary Shares to be issued pursuant to the General Allotment
Authority (together, the "Proposals").

 

On 31 July 2024 the Company published a Prospectus to provide the Company the
capacity to issue up to 12,877,954 Ordinary Shares representing 40 per cent.
of the Company's issued share capital at the latest practicable date prior to
the Prospectus' publication. At the Company's Annual General Meeting held on
31 July 2024, Shareholders provided the Company with the authority to issue up
to 6,438,976 Ordinary Shares (being an amount equal to 20 per cent. of the
total issued share capital of the Company as at the date of the notice of
Annual General Meeting) on a non-pre-emptive basis.

 

The General Meeting is therefore being convened to seek Shareholder approval
to issue and allot up to a further 6,438,978 Ordinary Shares on a
non-pre-emptive basis.

 

The Circular will provide Shareholders with information about the background
to and the reasons for the Proposals, to explain why the Board considers the
Proposals to be in the best interests of the Company and its Shareholders as a
whole, and why the Board unanimously recommends that Shareholders vote in
favour of the Resolutions to be proposed at the General Meeting.

 

The Company's Ordinary Shares have generally traded at a premium to the
Company's NAV for an extended period of time, with an average premium of 2.7
per cent. in the 12-month period prior to 31 December 2024. The Board believes
that the premium rating of the Ordinary Shares has been driven primarily by
the Company's strong performance with NAV total return over the 12-month,
36-month and 48-month period prior to 31 December 2024 of 25.7 per cent., 57.7
per cent., and 102.4 per cent. respectively.

 

This performance has led to a strong level of interest in the Company's
Ordinary Shares and as such an active share issuance programme with the
Company issuing 8,686,573 Ordinary Shares in the 12-months prior to 31
December 2024 raising approximately £19.7 million for the Company.

 

A copy of the Circular will shortly be available on the Company's website
at www.rockwoodstrategic.co.uk/key-docs/
(http://www.rockwoodstrategic.co.uk/key-docs/) and will be submitted to the
National Storage Mechanism of the FCA at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)

 

Notice of General Meeting

 

A Notice of the General Meeting to be held at the offices of Harwood Capital
LLP, 6 Stratton Street, Mayfair, London, W1J 8LD at 12.00 p.m. on 3 February
2025 is set out at Part 3 of the Circular.

 

Expected Timetable of Events

 Date of the Circular                              17 January 2025
 Latest time and date for receipt of proxy votes  12.00 p.m. on 30 January 2025
 General Meeting                                  12.00 p.m. on 3 February 2025
 Results of General Meeting announced             by 4 February 2025

 

 

Capitalised terms used but not defined in this announcement shall have the
meanings given to them in the Circular.

 

LEI: 213800K6BRTXR7RNG709

 

For further information, please contact:

 Rockwood Strategic plc

 Chairman                             Noel Lamb          020 7264 4444

 Harwood Capital LLP                  Christopher Hart   020 7640 3200

 Investment Manager

 Singer Capital Markets Advisory LLP  James Maxwell       020 7496 3000

                                      James Fischer

 

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