Schedule One - Vast Resources PLC
Summary by AI BETAClose X
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ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") |
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COMPANY NAME: |
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Vast Resources plc (AIM: VAST) (the "Company" or "Vast" and, together with its subsidiaries, the "Group") |
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) : |
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C/O Arch Law Limited Huckletree Bishopsgate 8 Bishopsgate London EC2N 4BQ United Kingdom
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COUNTRY OF INCORPORATION: |
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England and Wales |
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26: |
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https://www.vastplc.com/ |
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: |
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Admission of the Company's enlarged ordinary share capital (the "Enlarged Ordinary Share Capital") is sought pursuant to a proposed reverse takeover in accordance with AIM Rule 14 ("Admission").
Vast is a mining exploration, development and production company with assets and operations in Tajikistan and Romania. The main country of operation of the enlarged group (the "Enlarged Group") on Admission will be Tajikistan.
On 22 December 2025, the Company announced that it had entered into a conditional share purchase agreement with Bay Square Pacific Ltd ("Bay Square" or the "Seller") and a deed of contribution and guarantee with Bay Square and the shareholders of Bay Square (the "Seller Shareholders") (together, the "Acquisition Agreements"), pursuant to which the Company has conditionally agreed to acquire the entire issued share capital of Gulf International Minerals Limited ("Gulf") for all-share consideration (the "Acquisition").
Gulf holds a 49 per cent. interest in the Joint Tajik-Canadian Limited Liability Company, Aprelevka ("Aprelevka"), pursuant to a joint venture agreement with the Government of Tajikistan, which holds the remaining 51 per cent. Aprelevka holds four active mining licences located along the Tien Shan Belt in northern Tajikistan, together with a central processing plant and the Kansai Tailings and Soviet Tailings storage facilities, and currently produces approximately 11,000 oz of gold and 130,000 oz of silver per annum. Aprelevka has been managed by Vast since January 2024.
The Group's existing assets comprise the Baita Plai Polymetallic Mine and the Manaila Polymetallic Mine in Romania (each currently on care and maintenance), an effective 12.25 per cent. indirect interest in the Takob joint venture in Tajikistan, and a historic parcel of rough diamonds.
In conjunction with the Acquisition, the Company has conditionally raised gross proceeds of £5,900,000 by way of a placing of 94,400,000 new ordinary shares (the "Placing Shares") and a subscription for 26,359,826 new ordinary shares (the "Subscription Shares"), in each case at 6.25 pence per share (the "Issue Price") (together, the "Placing and Subscription"). The Company also intends to launch a retail offer of up to 4,800,000 new ordinary shares (the "Retail Offer Shares") at the Issue Price following publication of the Admission Document.
As announced on 27 July 2026, the Company is also in receipt of a binding term sheet from a major international commodity trading and natural resources group in respect of a proposed US$10 million funding, the conditions precedent to which include: the agreement and execution of all definitive documents for the Proposed Transaction; completion of the Acquisition, including all necessary approvals by the Company's shareholders; and any relevant third-party consents or regulatory clearances being obtained.
The net proceeds of the Placing and Subscription will be applied to the settlement of creditors and loans (including the Company's loan arrangements with A&T Investments SARL and Mercuria Energy Trading SA), professional fees incurred in connection with the Acquisition, general working capital requirements and the development of the Aprelevka assets.
The Acquisition constitutes a reverse takeover pursuant to AIM Rule 14 and a related party transaction pursuant to AIM Rule 13, and is therefore subject, inter alia, to the approval of Shareholders at a general meeting of the Company (the "General Meeting"). Completion of the Acquisition is also conditional upon, inter alia, approval by independent Shareholders of a waiver granted by the Panel on Takeovers and Mergers of the obligations that would otherwise arise on the Concert Party under Rule 9 of the City Code on Takeovers and Mergers (the "Rule 9 Waiver"), and Admission becoming effective (together with the Placing, the Subscription, the Retail Offer and the Share Consolidation, the "Proposals"). |
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares): |
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The Company has 4,997,575,609 existing ordinary shares of £0.001 each in issue (the "Existing Ordinary Shares"). No Existing Ordinary Shares are held in treasury.
Conditional on the passing of the relevant Resolution at the General Meeting, every 25 Existing Ordinary Shares will be consolidated into one new ordinary share of £0.025 each (the "New Ordinary Shares") (the "Share Consolidation"), resulting in 199,903,024 New Ordinary Shares in issue in respect of the Company's consolidated Existing Ordinary Shares.
On Admission, the Company will issue:
(i) 1,319,678,705 New Ordinary Shares to the Seller and the Seller Shareholders as consideration for the Acquisition (the "Consideration Shares"), representing 80.15 per cent. of the Enlarged Ordinary Share Capital; (ii) 94,400,000 Placing Shares at the Issue Price; and (iii) 26,359,826 Subscription Shares at the Issue Price.
In addition, up to 4,800,000 Retail Offer Shares and 800,000 new ordinary shares to be issued to advisers in part payment of fees due in connection with the transaction of £50,000 (the "Fee Shares") will be issued on or prior to Admission.
On Admission, the Company will therefore have 1,645,941,555 New Ordinary Shares in issue and admitted to trading on AIM, subject to approval of the Proposals at the General Meeting.
The New Ordinary Shares will rank pari passu in all respects with each other. Save for the lock-in arrangements entered into pursuant to AIM Rule 7 and the orderly market arrangements described below, there are no restrictions on the transferability of the New Ordinary Shares. |
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CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: |
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Capital raised on Admission of £7,847,489 (gross), comprising £5,900,000 pursuant to the Placing and £1,647,489 pursuant to the Subscription, together with up to £300,000 pursuant to the Retail Offer.
Estimated net proceeds of the Placing and Subscription of £4,809,057.
Anticipated market capitalisation on Admission of approximately £102.87 million at the Issue Price. |
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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80.23 per cent.
Comprising 1,320,497,690 New Ordinary Shares, being: · 787,262,683 New Ordinary Shares (47.83 per cent. of the Enlarged Ordinary Share Capital) held by the Locked-in Parties, being the Directors and each holder of 10 per cent. or more of the Enlarged Ordinary Share Capital, who are subject to the lock-in arrangements entered into pursuant to AIM Rule 7; · 510,131,764 New Ordinary Shares (30.99 per cent. of the Enlarged Ordinary Share Capital) held by the Non-Rule 7 Parties, who are subject to the orderly market arrangements described below; and · 23,103,243 New Ordinary Shares (1.40 per cent. of the Enlarged Ordinary Share Capital) held by Mr. Alexander Prelea, the adult son of Mr. Richard Andrew Prelea.
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED: |
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N/A |
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THE COMPANY HAS APPLIED FOR THE VOLUNTARY CARBON MARKET DESIGNATION (Y/N) |
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No |
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known): |
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Mr. Brian Michael Moritz (Non-Executive Chairman)
Mr. Richard Andrew Prelea (Chief Executive Officer)
Mr. Paul Edward Fletcher (Financial Director)
Mr. Nicholas (Nick) Philip Hatch (Non-Executive Director)
Mr. Nigel Patrick Gordon Wyatt (Non-Executive Director)
Mr. Roy Clifford Tucker (Non-Executive Director)
Mr. James Andrew Stuart McFarlane (Non-Executive Director) |
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known): |
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Before Admission
On Admission
*Includes 2,000,000 Existing Ordinary Shares from the estate of Mr George Prelea. |
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: |
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N/A |
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information) (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: |
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(i) 30 April in each year; the current financial period ends on 30 April 2027.
(ii) In respect of the Company: 31 October 2025 (unaudited interim financial information) and 30 April 2025 (most recent audited financial year, incorporated by reference into the Admission Document pursuant to AIM Rule 28).
In respect of Gulf: 31 December 2025 (unaudited interim financial information) and 30 June 2025 (most recent audited financial year).
In respect of Aprelevka: 31 December 2025 (most recent audited financial year).
(iii) 31 October 2026 (audited annual accounts for the year ended 30 April 2026, pursuant to AIM Rule 19); 31 January 2027 (half-yearly report for the six months ending 31 October 2026, pursuant to AIM Rule 18); and 31 October 2027 (audited annual accounts for the year ending 30 April 2027, pursuant to AIM Rule 19). |
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EXPECTED ADMISSION DATE: |
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19 August 2026 |
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NAME AND ADDRESS OF NOMINATED ADVISER: |
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Strand Hanson Limited 26 Mount Row Mayfair London W1K 3SQ
United Kingdom |
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NAME AND ADDRESS OF BROKER: |
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Shore Capital Stockbrokers Limited (Joint Broker) 57 St James's Street London SW1A 1LD
Axis Capital Markets Limited (Joint Broker) 7 Princes Street London EC2R 8AQ
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: |
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The Admission Document, which contains full details of the Company and the admission of its securities, will be available at https://www.vastplc.com/ |
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THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY |
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QCA Corporate Governance Code |
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DATE OF NOTIFICATION: |
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4 August 2026 |
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NEW/ UPDATE: |
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NEW |
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