TIDMASO
RNS Number : 6531V
Avesoro Resources Inc.
04 December 2019
4 December 2019
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
Avesoro Announces Expiry of Mandatory Extension Period and
Avesoro Jersey Limited's Plan to Complete Compulsory
Acquisition
Avesoro Resources Inc. (the "Company" or "Avesoro") announces
that its controlling shareholder, Avesoro Jersey Limited ("AJL")
has announced that the offer to acquire all of the issued and
outstanding common shares (the "Common Shares") of Avesoro not
currently owned by AJL or any of its affiliates or associates for
GBP1.00 (or its equivalent in Canadian or U.S. dollars) in cash per
Common Share (the "Offer"), as extended on November 22, 2019 for
the mandatory extension period, expired at 5:00 p.m. (Toronto time)
on December 3, 2019.
Since AJL's initial take up of 18,880,713 Common Shares on
November 22, 2019, AJL has advised the Company that it has taken up
and accepted for payment 1,092,433 Common Shares on November 29,
2019. Computershare Trust Company of Canada (the "Depositary") has
reported that as at 5:00 p.m. (Toronto time) on December 3, 2019,
the expiry time of the mandatory extension period of the Offer, an
additional 431,179 Common Shares (the "Additional Common Shares")
were validly deposited under the Offer and not withdrawn. AJL has
reported that it will take up and accept for payment all Additional
Common Shares and that payment of GBP431,179, in the aggregate, for
such Additional Common Shares will be made to the Depositary in
accordance with applicable securities laws.
Immediately prior to the Offer, AJL owned 59,457,152 Common
Shares, representing, on a non-diluted basis, approximately 72.9%
of the issued and outstanding Common Shares. With the take up of
the Common Shares on November 22 and 29, 2019 and the Additional
Common Shares, AJL will have acquired an aggregate of 20,404,325
Common Shares pursuant to the Offer, being all of the Common Shares
validly deposited pursuant to the Offer, representing approximately
92.25% of the Common Shares subject to the Offer. Following this
take up and payment, AJL will own and control 79,861,477 Common
Shares representing, on a non-diluted basis, approximately 97.90%
of the issued and outstanding Common Shares.
Compulsory Acquisition
AJL has announced that it intends to carry out a compulsory
acquisition (the "Compulsory Acquisition") of all of the remaining
issued and outstanding Common Shares that are not currently owned
by AJL pursuant to the provisions of the Canada Business
Corporations Act (the "Act"). Under the terms of the Compulsory
Acquisition, and subject to the terms of the Act, the holders of
all remaining Common Shares not currently owned by AJL will be
entitled to receive the same consideration per share as paid under
the Offer, being GBP1.00 (or its equivalent in Canadian or U.S.
dollars) in cash per Common Share.
A notice of compulsory acquisition (the "Notice") and letter of
transmittal and election (the "Letter of Transmittal and Election")
will be sent by AJL to all registered holders of Common Shares who
did not deposit their shares to the Offer to describe, among other
things, the process and schedule for completion of the Compulsory
Acquisition and the associated actions that such remaining
shareholders are required to take on or before 5:00 p.m. (Toronto
time) on January 2, 2020. The Notice and Letter of Transmittal and
Election will also be made available under the Company's profile on
SEDAR at www.sedar.com.
Delisting
AJL has further announced that it intends to cause Avesoro to
apply to delist the Common Shares from the Toronto Stock Exchange
(the "TSX") and the AIM market of the London Stock Exchange (the
"AIM") with effect from, or as soon as practicable upon, the
completion of the Compulsory Acquisition which is expected to be in
early January 2020. AJL has reported that it expects that the
London Stock Exchange will grant a waiver from the requirement for
the Company to seek shareholder consent for the proposed
cancellation from AIM pursuant to paragraph (b) of the guidance to
AIM Rule 41. Cancellation of admission of the Common Shares to
trading on AIM will not happen before January 2, 2020.
Caution Concerning Forward-Looking Statements
Certain statements made in this news release are forward-looking
statements, including anticipated future events and circumstances,
including in particular, but not limited to, statements relating to
the timing of payment for the Additional Common Shares, the
Compulsory Acquisition, the proposed voluntary delisting of the
Common Shares from the TSX and the AIM, and the grant of a waiver
from the London Stock Exchange. Forward-looking statements, by
their very nature, are subject to inherent risks and uncertainties
and are based on several assumptions, both general and specific,
which give rise to the possibility that actual results or events
could differ materially from our expectations expressed in or
implied by such forward-looking statements. As a result, Avesoro
cannot guarantee that any forward-looking statement will
materialize and caution readers against relying on any of these
forward-looking statements. The forward-looking statements
contained in this news release describe the Company's expectations
as of December 4, 2019 and, accordingly, are subject to change
after such date. Except as may be required by applicable Canadian
securities laws, Avesoro does not undertake any obligation to
update or revise any forward-looking statements contained in this
news release, whether as a result of new information, future events
or otherwise.
Contact Information
Avesoro Resources Inc.
Geoff Eyre / Nick Smith
Tel: +44(0) 20 3405 9160
Camarco finnCap
(IR / Financial PR) (Nominated Adviser and Joint Broker)
Gordon Poole / Nick Hennis Christopher Raggett / Scott Mathieson
/ Camille Gochez
Tel: +44(0) 20 3757 4980 Tel: +44(0) 20 7220 0500
Berenberg
(Joint Broker)
Matthew Armitt / Detlir Elezi
Tel: +44(0) 20 3207 7800
The information below, set out in accordance with the
requirements of the EU Market Abuse Regulation, provides further
detail on the grant of options to PDMRs.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Serhan Umurhan
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Director and Chief Executive Officer
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Avesoro Resources Inc.
--------------------------- ------------------------------------------
b) LEI 213800EXV9AU2DOCYC52
--------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description of the
financial instrument, Common shares of no par value
type of instrument
Identification code ISIN for Avesoro Resources Inc. common
shares: CA05366A3029
--------------------------- ------------------------------------------
b) Nature of the transaction Sale of common shares
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 1.00 80,100
----------
--------------------------- ------------------------------------------
d) Aggregated information
* Aggregated volume 80,100
GBP 80,100
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 29 November 2019
--------------------------- ------------------------------------------
f) Place of the transaction Off market
--------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Geoff Eyre
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Director and Chief Financial Officer
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Avesoro Resources Inc.
--------------------------- ------------------------------------------
b) LEI 213800EXV9AU2DOCYC52
--------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description of
the financial instrument, Common shares of no par value
type of instrument
Identification ISIN for Avsesoro Resources Inc. common
code shares: CA05366A3029
--------------------------- ------------------------------------------
b) Nature of the transaction Sale of common shares
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 1.00 27,100
----------
--------------------------- ------------------------------------------
d) Aggregated information
* Aggregated volume 27,100
GBP 27,100
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 29 November 2019
--------------------------- ------------------------------------------
f) Place of the transaction Off market
--------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name David Netherway
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Non-Executive Director
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Avesoro Resources Inc.
--------------------------- ------------------------------------------
b) LEI 213800EXV9AU2DOCYC52
--------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description of
the financial instrument, Common shares of no par value
type of instrument
Identification ISIN for Avsesoro Resources Inc. common
code shares: CA05366A3029
--------------------------- ------------------------------------------
b) Nature of the transaction Sale of common shares
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 1.00 4,314
----------
--------------------------- ------------------------------------------
d) Aggregated information
* Aggregated volume 4,314
GBP 4,314
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 29 November 2019
--------------------------- ------------------------------------------
f) Place of the transaction Off market
--------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Jean-Guy Martin
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Non-Executive Director
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Avesoro Resources Inc.
--------------------------- ------------------------------------------
b) LEI 213800EXV9AU2DOCYC52
--------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description of
the financial instrument, Common shares of no par value
type of instrument
Identification ISIN for Avsesoro Resources Inc. common
code shares: CA05366A3029
--------------------------- ------------------------------------------
b) Nature of the transaction Sale of common shares
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 1.00 993
----------
--------------------------- ------------------------------------------
d) Aggregated information
* Aggregated volume 993
GBP 993
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 29 November 2019
--------------------------- ------------------------------------------
f) Place of the transaction Off market
--------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Loudon Owen
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Non-Executive Director
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Avesoro Resources Inc.
--------------------------- ------------------------------------------
b) LEI 213800EXV9AU2DOCYC52
--------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description of
the financial instrument, Common shares of no par value
type of instrument
Identification ISIN for Avsesoro Resources Inc. common
code shares: CA05366A3029
--------------------------- ------------------------------------------
b) Nature of the transaction Sale of common shares
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 1.00 995
----------
--------------------------- ------------------------------------------
d) Aggregated information
* Aggregated volume 995
GBP 995
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 29 November 2019
--------------------------- ------------------------------------------
f) Place of the transaction Off market
--------------------------- ------------------------------------------
About Avesoro Resources Inc.
Avesoro Resources is a West Africa focused gold producer and
development company that operates two gold mines across West Africa
and is listed on the TSX and the AIM. The Company's assets include
the New Liberty Gold Mine in Liberia and the Youga Gold Mine in
Burkina Faso.
For more information, please visit www.avesoro.com
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
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
MSCMMMGZGDVGLZM
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December 04, 2019 05:30 ET (10:30 GMT)
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