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Galileo Resources Plc announced on 2 May 2024 the receipt of a ZAR 48.8 million (approx. GBP2.1M) cash payment. This Second Tranche payment is part of JSE Listed Afrimat Limited's option to acquire shares and shareholder loans in Glenover Phosphate Proprietary Limited, a transaction valued at ZAR300 million (approx. GBP12.88M). A further ZAR5.7 million (approx. GBP0.25M) is due in early May 2024, relating to Galileo's 35.45% effective holding in Glenover.
| Date | 2 May 2024 |
| Time | 09:52:36 |
| Category | Miscellaneous |
| ID | 0038N |
2 May 2024
Galileo Resources Plc
("Galileo" or "the Company")
Receipt of cash payment for Glenover sale
Galileo Resources plc ("Galileo "or the "Company") is pleased to inform shareholders that the Company has now received the Second Tranche payment totalling approximately ZAR 48.8 million (approx. GBP2.1M) and a further ZAR5.7 million (approx. GBP0.25M), being the final cash payment, is due to be received in early May 2024, in relation to JSE Listed Afrimat Limited's ("Afrimat") option to buy for ZAR300 million (approx. GBP12.88M) shares in and shareholder loans made to Glenover Phosphate Proprietary Limited ("Glenover") in which Galileo had a 30.46% direct and 4.99% indirect investment (total effective holding of 35.45%) held via Galagen Proprietary Limited ("Galagen") (refer to announcements of 9 December 2021, 11 February 2022, 30 March 2022, 20 October 2022 and 23 June 2023).
Colin Bird Chairman and CEO commented "I am pleased that this further payment in relation to Glenover disposal has been received now and we expect the final amount shortly in full and final settlement. This payment marks the end of a long process, and we thank Afrimat for their highly professional technical and commercial approach to this transaction. The board of Galileo would like to thank our partners Ferminore for their tenacity and diligence during very extended due diligence phase."
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources PLC
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Colin Bird, Chairman |
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Tel +44 (0) 20 7581 4477 |
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Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle |
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Tel +44 (0) 20 7628 3396 |
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Novum Securities Limited - Joint Broker Colin Rowbury /Jon Belliss |
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+44 (0) 20 7399 9400 |
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Shard Capital Partners LLP - Joint Broker Damon Heath |
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Tel +44 (0) 20 7186 9952 |
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