REG - Shuka Minerals PLC - GMI Share issuance in lieu of fees

Shuka MineralsAnnouncement

07/05/2025 07:10

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RNS Number : 5820H  Shuka Minerals PLC  07 May 2025

7 May 2025

Shuka Minerals Plc

("Shuka" or the "Company")

 

GMI Share issuance in lieu of fees

Related Party Transaction

 

Shuka Minerals Plc (AIM: SKA), an African focused mine operator and developer,
announces the issue to Gathoni Muchai Investments Limited ("GMI") of 1,625,000
new ordinary shares of 1 pence each in the capital of the Company ("Ordinary
Shares"), at a refence price of 8 pence per share. The new Ordinary Shares,
which are being issued under existing share authorities at a 146% premium to
the latest closing share price of 3.25 pence on 6 May 2025, in lieu of
£130,000 fees owed to GMI under the consultancy agreement, announced 24 May
2024.

 

This issuance forms part of the Company's preparations for its secondary
listing on the Johannesburg Stock Exchange ("JSE") and supports liquidity by
conserving cash resources. Following Admission (as defined below), GMI's
resultant interest will comprise 13,398,402 Ordinary Shares, representing
20.04% of the Company's enlarged issued share capital.

 

As announced earlier today, the Company has now received formal approval from
the JSE and the South African Reserve Bank for its secondary inward listing on
the JSE.  The formal approval is for the listing of 66,858,597 shares,
inclusive of the above 1,625,000 shares.

 

In connection with this process, GMI has agreed for the 1,625,000 new Ordinary
Shares to be available to the JSE on a share lending  basis, if required, to
enable normal timely market trade settlement on the JSE. GMI will retain the
beneficial interest and voting rights over the new Ordinary Shares.
 Commencement of trading on the JSE has been approved for 22 May 2025.

 

Richard Lloyd (CEO) commented: "I am grateful for GMI's continued support and
their continued faith in the future of Shuka, reflected in the premium at
which they are willing to accept these shares in lieu of fees."

 

Related Party Transaction

The issue of the new Ordinary Shares constitutes a related party transaction
as defined by Rule 13 of the AIM Rules for Companies, as Jason Brewer, a
former director of the Company within the last 12 months, is a director and
substantial shareholder of GMI, which is also substantial shareholder in the
Company. The Directors of the Company, having consulted with the Company's
nominated advisor, Strand Hanson Ltd, consider the terms of the issue of new
Ordinary Shares to be fair and reasonable insofar as the Company's
shareholders are concerned.

 

AIM Application

Application will be made to the London Stock Exchange for 1,625,000 new
Ordinary Shares to be admitted to trading on AIM.  It is expected that
Admission will become effective and that dealings in the new Ordinary Shares
on AIM will commence at 8.00 a.m. on or around 12 May 2025.

 

On Admission, the Company's issued share capital will consist of 66,858,597
ordinary shares, each with one voting right.  There are no shares held in
treasury. Therefore, the Company's total number of ordinary shares and voting
rights will be 66,858,597 and this figure may be used by shareholders
following Admission 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 Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

For Enquiries:

 Shuka Minerals Plc                    + 44 (0) 7990 503 007

 Richard Lloyd - CEO
 Strand Hanson Limited                 +44 (0) 20 7409 3494

 Financial and Nominated Advisor

 James Harris | Richard Johnson
 AcaciaCap Advisors Propriety Limited  +27 (11) 480 8500

 JSE Sponsor and Listing Advisor

 Michelle Krastanov
 Tavira Securities Limited             +44 (0) 20 7100 5100

 Joint Broker

 Oliver Stansfield | Jonathan Evans
 Peterhouse Capital Limited

 Joint Broker                          +44 (0)20 7469 0930

 Charles Goodfellow | Duncan Vasey
 Investor Relations

 Faith Kinyanjui Mumbi                 +254 746 849 110

 

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