Consideration Shares for the Acquisition
TIDMCIA
3 December 2019
CLEAN INVEST AFRICA PLC
("CIA" or the "Company")
Approval of CoalTech Limited Final Tranche Consideration Shares for the
Acquisition
The Company is pleased to announce that the final tranche Consideration Shares
in respect of CoalTech Limited, pursuant to the Acquisition, can now be
allotted and issued to the South African ("SA") Resident Vendors. Consideration
Shares amounting to 243,553,571 new Ordinary Shares will be issued to the SA
Resident Vendors. The Company will own 100% of the CoalTech Limited.
Shareholders should note that there are still a further 13,291,745 Ordinary
Shares to be issued to the SA Resident Vendors once the necessary approvals
from South African Reserve Bank ("SARB") have been granted for the acquisition
of Coal Agglomeration South Africa (Pty) Ltd. It is expected that SARB approval
will be granted around January 2020. A further announcement will be made in due
course.
The Ordinary Shares are being issued at a deemed 2.75 pence per share, in
accordance with the Acquisition Agreement, providing a valuation for the
acquisition of the CoalTech Group of approximately GBP27.16m.
Full details of the Acquisition can be found in the Admission Document dated 14
June 2019.
Application will be made for the 243,553,571 Consideration Shares to be
admitted to trading on the NEX Exchange Growth Market and it is expected that
admission will occur on or around 6 December 2019.
Following the issue of the 243,553,571 SA Resident Vendor Consideration Shares,
there are now 1,137,765,301 Ordinary Shares of GBP0.0025 each in issue. This
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 FCA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for the content of this
announcement.
ENQUIRIES:
Company
Clean Invest Africa PLC
Sam Preece - Executive Director
Telephone: 020 3130 0674
Noel Lyons - Executive Director
Telephone: 020 7486 6558
Corporate Adviser
Peterhouse Capital Limited
Guy Miller
Telephone: 020 7220 9795
ENDAll Announcements