Open Offer & Equity Facility Update

RNS Number : 4312Q

Kropz PLC

19 June 2020

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

19 June 2020

Kropz Plc

("Kropz" or the "Company")

Final Extension of Open Offer Closing Date and Equity Facility Draw Down Update

Further to the Company's announcements of 10 and 12 June 2020, Kropz Plc (AIM: KRPZ) announces that it will extend further, for the final time, the latest time and date for receipt of completed Application Forms and payment in full under the Open Offer, or settlement of the relevant CREST instructions (as appropriate), from 11.00 a.m. on 19 June 2020 to 11.00 a.m. on 26 June 2020.

On 13 May 2020, Kropz entered into a conditional convertible equity facility of up to US$ 40 million (not exceeding a maximum of ZAR 680 million) ("Equity Facility") with the ARC Fund, the Company's major shareholder. It now expects to make its first draw down of the Equity Facility during the course of the next week.

The Open Offer closing date and the first draw down of the Equity Facility have been extended as the Company continues to face administrative delays in satisfying all the conditions precedent to the Equity Facility.

The revised timetable of principal events is detailed below. The change in timetable does not impact applications already made, which continue to have effect and remain binding. Existing Application Forms can be used in accordance with the revised timetable set out below.

Capitalised terms in this announcement are as defined in the circular posted to shareholders on 1 June 2020.

Revised Expected Timetable of Principal Events

 

Recommended latest time and date for requesting withdrawal of Open Offer Entitlements and Excess CREST Open Offer Entitlements from CREST	4.30 p.m. on 22 June 2020
Latest time and date for depositing Basic Entitlements and/or Excess Entitlements into CREST	3 p.m. 23 June 2020
Latest time and date for splitting Application Forms (to satisfy bona fide market claims only)	3 p.m. 24 June 2020
Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instructions (as appropriate)	11 a.m. on 26 June 2020
Announcement of result of the Open Offer	29 June 2020
Open Offer Admission and commencement of dealings in the Open Offer Shares on AIM	8 a.m. on 30 June 2020
Open Offer Shares credited to CREST members' accounts	30 June 2020
Despatch of definitive share certificates in certificated form	within 5 business days of the Open Offer Admission

 

(i)  References to times in the Open Offer Circular are to London time (unless otherwise stated).

(ii)  If any of the details contained in the timetable above should change, the revised times and dates will be notified by means of an announcement through a Regulatory Information Service.

For further information visit www.kropz.com or contact:

Kropz Plc
Mark Summers (Interim CEO)	[phone]
Grant Thornton UK LLP ("GT")	Nominated Adviser
Richard Tonthat Samantha Harrison Niall McDonald	[phone]
Hannam & Partners ("H&P")	Joint Broker
Andrew Chubb Ernest Bell	[phone]
Mirabaud Securities Ltd ("Mirabaud")	Joint Broker
Rory Scott Edward Haig-Thomas	[phone] [phone]
Tavistock	Financial PR & IR (UK)
Emily Moss Jos Simson Oliver Lamb	[phone] [e-mail]
R&A Strategic Communications	PR (South Africa)
James Duncan	[phone] [e-mail]

About Kropz

Kropz is an emerging African phosphate explorer and developer, with an advanced stage phosphate project in South Africa and a phosphate project in the Republic of Congo. The vision of the Group is to become a leading independent phosphate rock producer and to develop into an integrated, mine-to-market plant nutrient company focusing on sub-Saharan Africa.

ENDS

 

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