⌘K

Schedule One - Trident Resources Plc | RNS | Ticker

Schedule One - Trident Resources Plc

RNS Announcement

RNS Number : 0433N

AIM

15 May 2020

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Trident Resources PLC ("Trident" or the "Company") (to be renamed Trident Royalties PLC)

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES):

2 Stone Buildings, Lincoln's Inn, London, England, WC2A 3TH

COUNTRY OF INCORPORATION:

United Kingdom

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.tridentroyalties.com

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:

Trident is UK incorporated growth-focused diversified mining royalty and streaming company aiming to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals. Trident's board of directors considers mining royalty and stream assets to represent an attractive opportunity for shareholders and new investors, providing exposure to commodity prices with a typically lower risk profile than mining equities, allowing participation in growth from mine development and exploration expenditure, without the associated cost or dilution to the holder of the royalty or stream.

Trident's investing policy which is proposed to be approved at the forthcoming Annual General Meeting and which will become effective on Admission is to build a diversified portfolio of royalties and streams over mining assets. Income generated by these assets will be used to make additional investments in order to continue growth, diversification and stability of income, and, once appropriate scale has been reached, to pay dividends to shareholders.

Under a royalty agreement, the holder of a royalty is entitled to receive a payment based on a fixed, sliding-scale or adjusting percentage of minerals, metals or other products produced at a mine or revenues, net proceeds, profits or other financial criteria or reference calculation. No ongoing payment to the owner of the mine is contemplated in a typical royalty agreement.

Stream agreements can be distinguished from royalty agreements insofar as the owner of the stream agrees to make ongoing payments during the life of the stream, on a per unit basis, for the mineral products or contained metal delivered (or credited) from a particular mine. The ongoing per unit price is usually fixed at a substantial discount to the mineral or metal prices prevailing at the time the stream agreement is entered into. The right to receive the stream is usually paid for by way of an upfront payment (though this is sometimes structured as a loan). Streams often, though not always, concern the right to a specific by-product of mining operations (e.g., the right to gold in a primary base metals mine).

The Company believes that this strategy will generate both capital appreciation and attractive dividend returns for its shareholders in due course.

The Company is currently listed on the Official List (Standard Segment) and an application is being made by the Company to cancel that listing.

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):

[x] ordinary shares of £0.01 at a placing price of [x] pence per ordinary share.

There will be no restrictions as to the transfer of the ordinary shares and no ordinary shares will be held in treasury at Admission.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised: £[x] million

Anticipated market capitalisation on Admission: approximately £[x] million

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

[x]%

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:

N/A

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):

James Edward Trutch Kelly (Non-executive Chairman)

Adam Forrest Davidson (Chief Executive Officer)

Mark Roderick Potter (Non-executive Director)

Albert (Al) Carlisle Gourley (Non-executive Director)

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):

Shareholder	Holding prior to Admission (%)	Immediately following Admission (%)
LIM Asia Special Situations Master Fund Limited	15.9	[x]
Jamie Philip Boyton	12.7	[x]
Rob Hamilton⁽¹⁾	8.3	[x]
Albert C Gourley	5.9	[x]
Ilwella Pty Limited	5.7	[x]
Richard Greenfield	3.3	[x]

(1) includes (i) 600,000 Ordinary Shares held by Ashanti Capital of which Rob Hamilton is a 68% shareholder (ii) 1,120,000 Ordinary Shares held by Ashanti Investment Fund, which is an unregulated managed investment scheme of which Ashanti Capital is the sole shareholder of the Trustee (Ashanti Investment Fund Pty Ltd), which has the power to make investment decisions ; and (iii) 107,145 Ordinary Shares held directly. Ashanti Capital is also Financial Adviser to Trident.

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

(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:

(i) 31 December

(ii) N/A - the Company is not including historical financial information in its AIM admission document. The Company's results for the year ended 31 December 2019 were notified on 1 May 2020.

(iii) For Trident Royalties PLC

Interim accounts for 6 months to 30 June 2020 (by 30 September 2020)

Audited accounts for the year to 31 December 2020 (by 30 June 2021)

Interim accounts to 6 months to 30 June 2021 (by 30 September 2021)

EXPECTED ADMISSION DATE:

2 June 2020

NAME AND ADDRESS OF NOMINATED ADVISER:

Grant Thornton UK LLP

30 Finsbury Square

London EC2A 1AG

NAME AND ADDRESS OF BROKER:

Tamesis Partners LLP

125 Old Broad Street

London

EC2N 1AR

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:

A copy of the Admission Document containing full details about the applicant and the admission of its securities will be available on the Company's website at www.tridentroyalties.com

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

DATE OF NOTIFICATION:

15 May 2020

NEW/ UPDATE:

New

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

PAAEAKSSFLDEEEA

RNS metadata

Title: Schedule One - Trident Resources Plc
Time: 08:00:03
Date: 15 May 2020
Category: Capital structure
ID: 0433N