Paragon Resources PLC Acquisition of interest in Paragon Volta Limited (7376A)
2014年2月24日 - 4:00PM
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RNS Number : 7376A
Paragon Resources PLC
24 February 2014
Paragon Resources PLC
("Paragon" or the "Company")
(AIM: PAR)
Acquisition of interest in Paragon Volta Limited (PVL),
And Issue of Equity
24 February 2014
Acquisition of interest in Paragon Volta Limited
Paragon, the AIM-listed agricultural investing company (AIM:
PAR), is pleased to announce that, it has today acquired an initial
10% shareholding in Paragon Volta Limited ("PVL") and is in the
process of finalising for PVL a 44 year sub lease over 5,000
hectares of irrigable land close to the River Volta in Ghana from
an existing lease over a much larger farm land estate connected to
the vendor (the "Investment"). This is an important strategic step
in the implementation of its investment policy in African
agriculture.
We are also pleased to announce that Greenstar Resources Limited
("Greenstar"), the Company's 40% owned agricultural consultancy and
management business, intends to enter into a management contract
with PVL to manage the development of the land and to progress
early trials with a view to validating and enhancing PVL's crop
plans focused on generating early revenue from its activities.
Greenstar's extensive experience in West African agriculture has
proved to be an important element in consummating the Investment as
it will be critical in maximising the potential of the land.
This is an exciting opportunity for Paragon and is the next
important step (following the previous acquisition of the
shareholding in Greenstar) in the development in West Africa of
what the board of directors of Paragon (the "Board") hopes will
grow into a major agricultural business. Paragon hopes that this is
the first step in developing a deeper relationship with PVL,
alongside the acquisition of other businesses and investments as
the Board implements the Company's investing strategy.
PVL has been established by Mr Vijay Thakrar, who holds the
remaining 90% of the shares, to progress the significant
agricultural potential of this land in Ghana.
Issue of Equity
In consideration for the initial stake in PVL, the Company has
issued 10,000,000 new Paragon ordinary 0.05p shares ("Ordinary
Shares") to Mr Thakrar (the "New Ordinary Shares"). These New
Ordinary Shares will be subject to a "Lock In" agreement under
which Mr Thakrar has agreed not to sell any of the New Ordinary
Shares for at least 12 months, and with orderly market restrictions
for a further 12 months. An application will be made to the London
Stock Exchange for the 10,000,000 new Ordinary Shares to be
admitted to trading on AIM. It is expected that the admission will
become effective and that trading in the New Ordinary Shares will
commence on 28 February 2014 ("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise of 445,675,097 Ordinary Shares. This figure of
445,675,097 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Following the issue of the New Ordinary Shares, the Company is
aware of the following Significant Shareholders:
Ordinary Shares % of Total Ordinary
Significant Shareholders Held Shares in Issue
Lynchwood Nominees Limited 79,437,859 17.82%
Greenstar Associates LLP 41,688,426 9.35%
Vidacos Nominees Limited 19,859,465 4.46%
Marek Stefan Gumienny 19,859,465 4.46%
Thomas Allan 15,962,380 3.58%
Aurora Nominees Limited 15,887,237 3.56%
Smith & Williamson Nominees
Limited 14,497,041 3.25%
Ryan Rooney 14,444,916 3.24%
The following Directors also have the following interests:
Ordinary Shares % of Total Ordinary
Directors' Shareholdings Held Shares in Issue
Andrew Beveridge* 45,844,213 10.29%
Simon Hunt* 41,688,426 9.35%
Dan Cassiano-Silva 18,754 0.00%
* Includes 41,688,426 ordinary shares held by Greenstar
Associates LLP of which Simon Hunt and Andrew Beveridge are
members.
Simon Hunt, Executive Chairman of Paragon, said "I am delighted
that we have taken this initial step in our long term relationship
with PVL in Ghana, where we see enormous potential to develop a
strong operation in a country which is very supportive of
agricultural investment and development"
ENDS
For further information, please contact:
Paragon Resources PLC Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Jeremy Porter/James
+44 7733 337 755 Reeve
www.paragon-resources.com +44 20 3328 5656
www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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