Kennedy Ventures PLC Related Party Transaction (4203W)

TIDMKENV

RNS Number : 4203W

Kennedy Ventures PLC

27 April 2016

Kennedy Ventures plc

Related Party Transaction

Kennedy Ventures plc ("Kennedy Ventures" or "the Company"), the AIM listed Investing Company, which is focussed on tantalite production through its stake in African Tantalum (Pty) Limited ("Aftan"), which owns and manages the Tantalite Valley Mine ("TVM") in Namibia, announces that on 26 April 2016 the Board approved an interest-free and unsecured loan facility of up to GBP150,000 (the "Loan") from Westleigh Investments Holdings Limited ("WIHL"). The loan will provide working capital which, inter alia, the Company intends to make available to Aftan in order that it can undertake a preliminary evaluation of TVM's lithium potential, as disclosed on 31 March 2016 in the Company's Interim Results and to potentially take advantage of certain short term trading opportunities in tantalite. To date the facility is undrawn.

WIHL is a company in which Giles Clarke and Nick Harrison, both of whom are directors of Kennedy Ventures, hold a beneficial interest of 73.28% and 26.72% respectively and as such the Loan is classified as a related party transaction under Rule 13 of the AIM Rules for Companies.

The independent directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

For further information on the Company, visit: www.kvplc.com, or contact:

 
 Kennedy Ventures plc 
 Peter Hibberd (CEO), c/o              Tel: +44 (0)203 757 
  Gordon Poole                          4997 
 Grant Thornton UK LLP (Nominated      Tel: +44 (0)20 7383 
  Adviser)                              5100 
  Colin Aaronson / Richard 
  Tonthat / 
  Daniel Bush 
 Shore Capital (Broker)                Tel: +44 (0) 207 408 
  Mark Percy / Toby Gibbs (corporate    4090 
  finance) 
  Jerry Keen (corporate broking) 
 Camarco (PR)                          Tel: +44 (0) 203 757 
  Gordon Poole / Billy Clegg            4980 
  / Tom Huddart

This information is provided by RNS

The company news service from the London Stock Exchange

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April 27, 2016 02:00 ET (06:00 GMT)

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