Potential substantial acquisition


 

TIDMCHC 
 
RNS Number : 7811X 
Charles Street Capital PLC 
13 December 2010 
 

              Charles Street Capital plc / EPIC: CHC / Market: AIM 
 
         Charles Street Capital plc ('Charles Street' or the 'Company') 
                        Potential substantial acquisition 
 
Charles Street, the AIM listed natural resources investment company, is pleased 
to announce that it has agreed terms to acquire the entire issued share capital 
of Westcork Copper Mining Company Limited ("Westcork").  Westcork holds six 
prospecting permits totalling 18,500 hectares, in the historic Allihies copper 
district, located in County Cork Ireland (the 'Acquisition').  In accordance 
with Rule 14 of the AIM Rules for Companies, the Acquisition, if progressed, 
will constitute a reverse takeover and accordingly the board of the Company (the 
'Board') has requested the suspension of the Company's shares from trading on 
AIM. 
 
Westcork's prospecting permits are located in the Beara Peninsula which is a 
broad anticlinorium of Devonian age sediments with structural elements hosting 
multi-phase quartz veins variably mineralized with disseminated, semi-massive 
and massive copper sulphides. The vein systems form mineralized zones 
preferentially associated with easterly trending normal faults and northeasterly 
trending extensional shears-faults. The mineralized zones were of sufficient 
grade and tonnage and were economically exploited from 1812 to 1883. 
 
The consideration for the Acquisition, which is subject to, inter alia, due 
diligence and the satisfaction of certain other conditions (including 
shareholder approval), is expected to be approximately GBP7.0 million and will 
be satisfied by the issue of new ordinary shares of 0.1p in the Company (the 
'Consideration Shares'). The Consideration Shares will be issued in 3 tranches 
following the achievement of certain milestones. 
 
As part of its due diligence in relation to the Acquisition, and in return for 
the vendors granting a 3 month exclusivity period to the Company, the Company 
will pay an exclusivity fee of CDN$50,000 and is obliged to conduct aerial 
surveys over the prospective licence area.  The costs incurred in conducting 
these surveys will be approximately GBP100,000 and further details will be 
announced at the appropriate time. 
 
Charles Street's Managing Director, Damian Conboy, said: "From the initial 
evaluation work we have carried out we believe that the acquisition of Westcork 
fits our investment criteria.  We will make further announcements at the 
appropriate time." 
 
Save in respect of the Company's exclusivity rights, no binding agreement has 
yet been entered into by the Company in relation to the Acquisition.  As a 
consequence there can be no certainty that the Acquisition will be completed in 
accordance with the Company's investing policy. 
 
Shareholders should note that pursuant to the Rule 41 of the AIM Rules for 
Companies, in the event that the Acquisition, or any other transaction, is not 
completed by 10 June 2011, then the Company's shares will be de-listed from 
trading. 
 
                                    **ENDS** 
 
+----------------+----------------------+---------------------+ 
|                                                             | 
| For further information on the Company visit                | 
| www.charlesstreetplc.com or contact:                        | 
+-------------------------------------------------------------+ 
|                                                             | 
+-------------------------------------------------------------+ 
| Nicholas Lee   | Charles Street       | Tel: 0203 006 0260  | 
|                | Capital plc          |                     | 
+----------------+----------------------+---------------------+ 
| Damian Conboy  | Charles Street       | Tel: 0203 006 0260  | 
|                | Capital plc          |                     | 
+----------------+----------------------+---------------------+ 
| Nick Naylor    | Allenby Capital      | Tel: 0203 328 5656  | 
|                | Limited              |                     | 
+----------------+----------------------+---------------------+ 
| Alex Price     | Allenby Capital      | Tel: 0203 328 5656  | 
|                | Limited              |                     | 
+----------------+----------------------+---------------------+ 
| Hugo de Salis  | St Brides Media &    | Tel: 020 7236 1177  | 
|                | Finance Ltd          |                     | 
+----------------+----------------------+---------------------+ 
| Elisabeth      | St Brides Media &    | Tel: 020 7236 1177  | 
| Cowell         | Finance Ltd          |                     | 
+----------------+----------------------+---------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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