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· Subject to satisfaction of the demerger conditions Eligible IRR shareholders will receive an in-specie distribution of 1 Ricca Share for every 8 IRR Shares held at the In-specie Distribution Record Date (which is currently scheduled to be 23 November 2021).
Just had an update and to be sure to be on the register it’s today guys and girls.
From the RNS:
"Additionally, shareholders will benefit from the approved demerger of our highly prospective gold projects throughout Cote d'Ivoire and Chad into the separate entity called Ricca Resources. Shareholders and investors are reminded, if you wish to partake in the Ricca Resources gold demerger, to avoid disappointment ensure you are on the IronRidge register on Friday 19 November 2021.
30 minutes to be sure to be on the register
It has been a long and testing slog at times.. I think back to the fundraise at 7p and the non existent market reaction to our MRE at Ewoyaa, the excitement around Dorothe.. the expectation around the Zaranou MRE (very much still in play).. but finally it is looking like IRR’s time has come, albeit the rewards will be paid out under the new entities ALL and Ricca.
Clearly there have been a flurry of new investors joining over the last few months (and probably the last few days, good PR Vincent and team). Welcome to all - I think we are in for an incredible few months as 1) we become a pure play lithium company under ALL 2) the US listing starts to bear fruit and 3) we update the market with revised Li tonnage at Ewoyaa
We are sitting on one of the world’s greenest and most profitable lithium mines and the market is - at long last - about to work that out.
So, suspension of trading on Monday pending distribution of the new shares? Can't see any other way of doing it.
Nope. It’s just a dividend that’s paid in shares rather than cash, all that happens is the share price is marked down before open commensurate with the dividend amount.
Some think this will be 12.5% to reflect the 1 for 8 split, or you could argue that as Ricca is being valued at A$7m in the rights offer, that’s what it was valued at in the IRR price, which would be about 1p / 4%.
We’ll know come Monday morning.
So I off loaded a few at 24p late on today so that I won't be too exposed to the unlisted shares in my ISA. I can buy back into IRR on Monday, however it shows, and that will be buying into ALL only for when they effectively change the ticker. If they mark it down 3 or 4p that will suit me!, If they only mark it down 1p that's fine, I've still got what I'm holding in the black thanks to the last week & RICCA in the bottom drawer for a while.