Galileo Resources PLC Receipt of cash payment for Glenover sale
02 Mai 2024 - 10:52AM
RNS Regulatory News
RNS Number : 0038N
Galileo Resources PLC
02 May 2024
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
Colin Bird, Chairman
|
|
Tel +44 (0) 20 7581 4477
|
Beaumont Cornish Limited -
Nomad
Roland Cornish/James
Biddle
|
|
Tel +44 (0) 20 7628 3396
|
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon
Belliss
|
|
+44 (0) 20 7399 9400
|
Shard Capital Partners LLP - Joint
Broker
Damon Heath
|
|
Tel +44 (0) 20 7186 9952
|
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