REG - Savannah Resources - Appointment of CEO to Board and PDMR Notification

Savannah ResourcesAnnouncement

15/04/2024 07:15

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RNS Number : 5317K  Savannah Resources PLC  15 April 2024

15 April 2024

 

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')

 

Appointment of Chief Executive Officer to the Board of Directors and PDMR
Notification

 

Savannah Resources Plc, the developer of the Barroso Lithium Project (the
'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased
to announce that, following the successful completion of his 6-month
probationary period, Mr Emanuel Proença has been appointed as an Executive
Director to the Company's Board of Directors with a commencement date of 15
April 2024, and has elected to take his fixed 2023 bonus in shares in lieu of
cash.

 

Matthew King, Savannah's Chairman said: "In his short time as our CEO, Emanuel
has operated at an exceptional level, successfully guiding our company through
a highly challenging period whilst building new credibility in international
markets and, importantly, Savannah's local market, Portugal. He has made key
strategic appointments at different levels of the Company that have
immediately delivered value and overseen the continued operational progress at
our Barroso Lithium Project. I have every confidence that, under his
leadership, the Project will be carried out in compliance with the highest
standards of technical quality. He will also ensure that the environmental
impacts for the local communities are minimised and that they share in the
benefits of the Project, which is one of the most strategically important near
term European raw material assets, supporting, as it does, the EU's ambition
to become less dependent on external sources of lithium. Together with the
rest of the Board, I look forward to working even more closely with Emanuel as
we advance the Project towards production."

 

Emanuel Proença, Savannah's new Executive Director said: "Step by step,
Savannah is progressing solidly towards its goal of becoming the main producer
of lithium minerals in Europe, while serving well the Barroso region and its
people, our shareholders and our team, and a successful and speedier energy
transition in Europe. I am humbled by the additional appointment. I am also
conscious that a lot is yet to be done, but I am confident in the steps we are
taking and proud of the growing team we have. Following my first six months
with the Company, I am more committed than ever to delivering our Project."

 

 

Emanuel Dâmaso Rodrigues Brinquete Proença

Emanuel Proença is an experienced business executive and an expert in energy
transition in mobility. He has a strong track record of managing
transformation and generating growth within sectors including, including green
fuels, electrification of mobility, hedging and logistics, industrial
development in Portugal and digitalisation. He holds an MBA from INSEAD
(Singapore, USA/Wharton, and France) and a Master's degree in industrial
engineering and management from Instituto Superior Técnico (Portugal).

 

Mr Emanuel Proença (a Portuguese national residing in Portugal) aged 39,
currently holds or has held the following directorships and partnerships in
the last five years:

 

 Current Directorships / Partnerships              Former Directorships / Partnerships within the last 5 years
 Associação de Bioenergia Avançada (Aba)           Prio Supply, SA
 The Square - Your Communication Office, Unip Lda  Prio Bio, SA
 The Square - Your Communication Office, S.L.      Prio Gás Porto, SA
                                                   M-EC02, SA
                                                   Ncb2G - Um Novo Conceito de Biocombustivel de 2a Geração, Unip Lda
                                                   Prio SGPS
                                                   Prio Energy, SA
                                                   Prio Bio, SA
                                                   Prio Supply, SA
                                                   Prio Gás Lisboa, SA
                                                   SHARE MOTIVATION - lnvestimentos lmobiliários, Lda
                                                   Prio E, SGPS
                                                   Prio E Mobility Solutions, Lda
                                                   Prio Movilidad SLU
                                                   Fulltank, SA

 

Issue of Shares

Mr Proença was appointed following an extensive head-hunter search and left
his prior role in the middle of the annual bonus cycle. He has elected to have
his fixed amount 2023 bonus settled in the form of the Company's ordinary
shares, rather than in cash.

·    The 2023 Bonus to be settled by the issue of 2,011,880 new ordinary
shares of 1 pence each over the Company's Share Capital ("Ordinary Shares")
and will be issued today (the "New Ordinary Shares").

 

Table 1 below is a summary of Mr Proença's shareholding in the Company from
on market purchases made in 2023 for 725,000 shares and the additional grant
of 2,011,880 ordinary shares for the 2023 Bonus by the Company. As a result,
his total shareholding is 2,736,880, which is 0.15% of the Company's total
issued share capital.

 

Table 1

 Variable                                                         No. of Ordinary Shares  % Shareholding Analysis (Before)  % Shareholding Analysis (After)
 October 2023 (on market purchase)                                525,000                 0.03%                             0.03%
 November 2023 (on market purchase)                               200,000                 0.01%                             0.01%
 Previous Shareholding                                            725,000                 0.04%                             0.04%
 2023 Bonus (in lieu of cash, April 2024)                         2,011,880                                                 0.11%
 Total Shareholding                                               2,736,880                                                 0.15%
 Company's Total Issued Share Capital (Before New Shares Issued)  1,828,149,904
 Company's Total Issued Share Capital (After New Shares Issued)   1,830,161,784

 

There is no further information to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules.

 

Admission to trading on AIM

The New Ordinary Shares, when issued, be credited as fully paid and rank "pari
passu" with the existing Ordinary Shares.

 

Application has been made to London Stock Exchange plc for the New Ordinary
Shares to be admitted to trading on AIM ("Admission"). Admission is expected
to take place at 8.00 a.m. on 18 April 2024.

 

Total Voting Rights

Following Admission, the total number of Ordinary Shares in issue will be
1,830,161,784 and the total number of voting rights will therefore be
1,830,161,784. This figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 

 1.    Details of the person discharging managerial responsibilities/person closely
       associated
 a)    Name:                                                         Emanuel Proença
 2.    Reason for the notification
 a)    Position/status:                                              CEO
 b)    Initial notification/Amendment:                               Initial notification
 3.    Details of the issuer, emission allowance market participant, auction
       platform, auctioneer, or auction monitor
 a)    Name:                                                         Savannah Resources Plc
 b)    LEI:                                                          213800UCK16HW5KKGP60
 4.    Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted.
 a)    Description of the financial instrument, type of instrument:

       Identification code:                                          Ordinary Shares of £0.01 each

                                                                     ISIN:GB00B647W791
 b)    Nature of the transactions:                                   Issue of Ordinary Shares in lieu of cash
 c)    Price(s) and volume(s):                                       Price(s)      Volume(s)
                                                                     3.7000 pence  2,011,880

 d)    Aggregated information:

       Aggregated volume:                                            Single transaction as in 4 c) above

       Price:
 e)    Date of the transactions:                                     15 April 2024

 f)    Place of the transactions:                                    London Stock Exchange

d)

Aggregated information:

Aggregated volume:

Price:

 

Single transaction as in 4 c) above

e)

Date of the transactions:

15 April 2024

 

f)

Place of the transactions:

London Stock Exchange

 

Regulatory Information

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.

 

**ENDS**

 

Follow @SavannahRes on X (Formerly known as Twitter)

 

Follow Savannah Resources on LinkedIn

 

For further information please visit www.savannahresources.com or contact:

 

 Savannah Resources PLC                                                 Tel: +44 20 7117 2489

 Emanuel Proença, CEO
 SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker)      Tel: +44 20 3470 0470

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/Abigail Wayne (Sales & Broking)

 SCP Resource Finance (Joint Broker)                                    Tel: +44 204 548 1765

 Filipe Martins/Chris Tonkin
 Camarco (Financial PR)                                                 Tel: +44 20 3757 4980

 Gordon Poole/ Emily Hall / Fergus Young
 LPM (Portugal Media Relations)                                         Tel: +351 218 508 110

 Herminio Santos/ Jorge Coelho

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project in northern Portugal, the largest battery
grade spodumene lithium resource outlined to date in Europe.

 

Through the Barroso Lithium Project (the 'Project'), Savannah will help
Portugal to play an important role in providing a long-term, locally sourced,
lithium raw material supply for Europe's rapidly developing lithium battery
value chain. After the Environmental Licence was granted in May 2023 and the
Scoping Study confirmed the economic potential of the Project in June 2023,
production is now targeted and on track to begin in 2026. At that stage,
Savannah will start producing enough lithium for approximately half a million
vehicle battery packs per year, equal to a significant portion of the European
Commission's Critical Raw Material Act goal of a minimum 10% of European
endogenous lithium production set for 2030. Savannah is focused on the
responsible development and operation of the Barroso Lithium Project so that
its impact on the environment is minimised and the socio-economic benefits
that it can bring to all its stakeholders are maximised.

 

The Company is listed and regulated on the London Stock Exchange's Alternative
Investment Market (AIM) and the Company's ordinary shares are also available
on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol
FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".

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