Last checked at 19 Jun 2020 07:00
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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 relevantCREST 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 |
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Mark Summers (Interim CEO) | +27 (0)79 744 8708 |
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Grant Thornton UK LLP ("GT") | Nominated Adviser |
Richard Tonthat Samantha Harrison Niall McDonald | +44 (0)20 7383 5100 |
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Hannam & Partners ("H&P") | Joint Broker |
Andrew Chubb Ernest Bell | +44 (0)20 7907 8500 |
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Mirabaud Securities Ltd ("Mirabaud") | Joint Broker |
Rory Scott Edward Haig-Thomas | +44 (0)20 3167 7220 +44 (0)20 3167 7222 |
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Tavistock | Financial PR & IR (UK) |
Emily Moss Jos Simson Oliver Lamb | +44 (0)20 7920 3150 kropz@tavistock.co.uk |
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R&A Strategic Communications | PR (South Africa) |
James Duncan | +27 (0)11 880 3924 james@rasc.co.za |
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