HomeEast AfricaSavannah Resources elects to convert Alecto Minerals unsecured loan note

Savannah Resources elects to convert Alecto Minerals unsecured loan note

Savannah Resources, an existing substantial shareholder in Alecto Minerals, has elected to convert the £350 000 unsecured loan note in Alecto Minerals into 30.4 million new shares at a 1.15 pence conversion price per share.

Orderly Market Provisions

Under the terms of the conversion, Savannah has agreed that it shall not, at any time prior to 4 October 2014, make any transfer or disposal of the new ordinary shares except through the company’s broker and that any such transfer or disposal shall be effected in accordance with the reasonable requirements of the company so as to ensure an orderly market is maintained in the company’s ordinary shares.

Application for Trading on AIM and Total Voting Rights

Application has been made for the 32 045 742 new ordinary shares to be admitted to trading on AIM.  Admission is expected to become effective and dealings to commence at 8.00 am on 31 July 2014.  On admission, Alecto will have 825 078 441 ordinary shares in issue.

Alecto has no ordinary shares held in treasury.  Accordingly the above figure may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Following the conversion, Savannah will be interested in 173 784 872 ordinary shares, representing approximately 21.06% of the Alecto’s enlarged issued ordinary share capital.

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