15 April 2024
Savannah Resources
Plc
(AIM: SAV, FWB: SAV and SWB:
SAV) ('Savannah' or the 'Company')
Appointment of Chief
Executive Officer to the Board of Directors and PDMR
Notification
Savannah Resources Plc, the
developer of the Barroso Lithium Project (the 'Project') in
Portugal, Europe's largest spodumene lithium deposit, is pleased to
announce that, following the successful completion of his 6-month
probationary period, Mr Emanuel Proença has been appointed as an
Executive Director to the Company's Board of Directors with a
commencement date of 15 April 2024, and has elected to take his
fixed 2023 bonus in shares in lieu of cash.
Matthew King, Savannah's Chairman said:
"In
his short time as our CEO, Emanuel has operated at an exceptional
level, successfully guiding our company through a highly
challenging period whilst building new credibility in international
markets and, importantly, Savannah's local market, Portugal. He has
made key strategic appointments at different levels of the Company
that have immediately delivered value and overseen the continued
operational progress at our Barroso Lithium Project. I have every
confidence that, under his leadership, the Project will be carried
out in compliance with the highest standards of technical quality.
He will also ensure that the environmental impacts for the local
communities are minimised and that they share in the benefits of
the Project, which is one of the most strategically important near
term European raw material assets, supporting, as it does, the EU's
ambition to become less dependent on external sources of lithium.
Together with the rest of the Board, I look forward to working even
more closely with Emanuel as we advance the Project towards
production."
Emanuel Proença, Savannah's new Executive Director
said: "Step by step, Savannah is progressing solidly towards its
goal of becoming the main producer of lithium minerals in Europe,
while serving well the Barroso region and its people, our
shareholders and our team, and a successful and speedier energy
transition in Europe. I am humbled by the additional appointment. I
am also conscious that a lot is yet to be done, but I am confident
in the steps we are taking and proud of the growing team we have.
Following my first six months with the Company, I am more committed
than ever to delivering our Project."
Emanuel Dâmaso Rodrigues Brinquete
Proença
Emanuel
Proença is an experienced business executive and an expert in
energy transition in mobility. He has a strong track record of
managing transformation and generating growth within sectors
including, including green fuels, electrification of mobility,
hedging and logistics, industrial development in Portugal and
digitalisation. He holds an MBA from INSEAD (Singapore,
USA/Wharton, and France) and a Master's degree in industrial
engineering and management from Instituto Superior Técnico
(Portugal).
Mr Emanuel Proença (a Portuguese
national residing in Portugal) aged 39, currently holds or has held
the following directorships and partnerships in the last five
years:
Current Directorships / Partnerships
|
Former Directorships / Partnerships within the last 5
years
|
Associação de Bioenergia Avançada
(Aba)
|
Prio Supply, SA
|
The Square - Your Communication
Office, Unip Lda
|
Prio Bio, SA
|
The Square - Your Communication
Office, S.L.
|
Prio Gás Porto, SA
|
|
M-EC02, SA
|
|
Ncb2G - Um Novo Conceito de
Biocombustivel de 2a Geração, Unip Lda
|
|
Prio SGPS
|
|
Prio Energy, SA
|
|
Prio Bio, SA
|
|
Prio Supply, SA
|
|
Prio Gás Lisboa, SA
|
|
SHARE MOTIVATION - lnvestimentos
lmobiliários, Lda
|
|
Prio E, SGPS
|
|
Prio E Mobility Solutions,
Lda
|
|
Prio Movilidad SLU
|
|
Fulltank, SA
|
Issue of Shares
Mr Proença was appointed following
an extensive head-hunter search and left his prior role in the
middle of the annual bonus cycle. He has elected to have his fixed
amount 2023 bonus settled in the form of the Company's ordinary
shares, rather than in cash.
·
The 2023 Bonus to be settled by the issue of
2,011,880 new ordinary shares of 1 pence each over the Company's
Share Capital ("Ordinary Shares") and will be issued today (the
"New Ordinary Shares").
Table 1 below is a summary of Mr
Proença's shareholding in the Company from on market purchases made
in 2023 for 725,000 shares and the additional grant of 2,011,880
ordinary shares for the 2023 Bonus by the Company. As a result, his
total shareholding is 2,736,880, which is 0.15% of the Company's
total issued share capital.
Table 1
Variable
|
No. of Ordinary
Shares
|
% Shareholding Analysis
(Before)
|
% Shareholding Analysis
(After)
|
October 2023 (on market
purchase)
|
525,000
|
0.03%
|
0.03%
|
November 2023 (on market
purchase)
|
200,000
|
0.01%
|
0.01%
|
Previous Shareholding
|
725,000
|
0.04%
|
0.04%
|
2023 Bonus (in lieu of cash, April
2024)
|
2,011,880
|
|
0.11%
|
Total Shareholding
|
2,736,880
|
|
0.15%
|
Company's Total Issued Share Capital (Before New Shares
Issued)
|
1,828,149,904
|
|
|
Company's Total Issued Share Capital (After New Shares
Issued)
|
1,830,161,784
|
|
|
There is no further information to
be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM
Rules.
Admission to trading on AIM
The New Ordinary Shares, when issued,
be credited as fully paid and rank "pari passu" with the existing Ordinary
Shares.
Application has been made to London
Stock Exchange plc for the New Ordinary Shares to be admitted to
trading on AIM ("Admission"). Admission is expected
to take place at 8.00 a.m. on 18 April 2024.
Total Voting Rights
Following Admission, the total
number of Ordinary Shares in issue will be 1,830,161,784 and the
total number of voting rights will therefore be 1,830,161,784. This
figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
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:
|
Emanuel Proença
|
2.
|
Reason for the notification
|
a)
|
Position/status:
|
CEO
|
b)
|
Initial notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer, or auction monitor
|
a)
|
Name:
|
Savannah Resources Plc
|
b)
|
LEI:
|
213800UCK16HW5KKGP60
|
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, type of
instrument:
Identification code:
|
Ordinary Shares of £0.01
each
ISIN:GB00B647W791
|
b)
|
Nature of the transactions:
|
Issue of Ordinary Shares in lieu of
cash
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
3.7000 pence
|
2,011,880
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transaction as in 4 c)
above
|
e)
|
Date of the transactions:
|
15 April 2024
|
f)
|
Place of the transactions:
|
London Stock Exchange
|
Regulatory Information
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
**ENDS**
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For further information please
visit www.savannahresources.com
or contact:
Savannah Resources PLC
Emanuel Proença, CEO
|
Tel: +44 20 7117 2489
|
SP
Angel Corporate Finance LLP (Nominated Advisor & Joint
Broker)
David Hignell/ Charlie Bouverat
(Corporate Finance)
Grant Barker/Abigail Wayne (Sales
& Broking)
|
Tel: +44 20 3470 0470
|
SCP
Resource Finance (Joint Broker)
Filipe Martins/Chris
Tonkin
|
Tel: +44 204 548 1765
|
Camarco (Financial PR)
Gordon Poole/ Emily Hall / Fergus
Young
|
Tel: +44 20 3757 4980
|
LPM
(Portugal Media Relations)
Herminio Santos/ Jorge
Coelho
|
Tel: +351 218 508 110
|
About Savannah
Savannah Resources is a mineral
resource development company and the sole owner of the Barroso
Lithium Project in northern Portugal, the largest battery grade
spodumene lithium resource outlined to date in Europe.
Through the Barroso Lithium Project
(the 'Project'), Savannah will help Portugal to play an important
role in providing a long-term, locally sourced, lithium raw
material supply for Europe's rapidly developing lithium battery
value chain. After the Environmental Licence was granted in May
2023 and the Scoping Study confirmed the economic potential of the
Project in June 2023, production is now targeted and on track to
begin in 2026. At that stage, Savannah will start producing enough
lithium for approximately half a million vehicle battery packs per
year, equal to a significant portion of the European Commission's
Critical Raw Material Act goal of a minimum 10% of European
endogenous lithium production set for 2030. Savannah is focused on
the responsible development and operation of the Barroso Lithium
Project so that its impact on the environment is minimised and the
socio-economic benefits that it can bring to all its stakeholders
are maximised.
The Company is listed and regulated
on the London Stock Exchange's Alternative Investment Market (AIM)
and the Company's ordinary shares are also available on the
Quotation Board of the Frankfurt Stock Exchange (FWB) under the
symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker
"SAV".