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Salt Lake Potash Ltd - Result of Meeting. Completion of Placement.

RNS Number : 2210Q
Salt Lake Potash Limited
17 June 2020
 

17 June 2020

AIM/ASX Code: SO4

 

 

SALT LAKE POTASH LIMITED

SHAREHOLDER MEETING RESULTS / COMPLETION OF PLACEMENT

Salt Lake Potash Limited ("the Company") is pleased to announce that it has now completed the placement of 58.8 million new ordinary shares of the Company, to raise gross proceeds of A$20.0 million ("Placement"), first announced on 17 April 2020.  

The second tranche of the Placement has been completed following shareholder approval at a General Meeting held today. The issue comprised 2,755,883 ordinary shares of no par value ("Ordinary Shares") at a price of A$0.34 per share, comprising 505,883 shares subscribed for by the CEO, Mr Tony Swiericzuk, and 2,250,000 shares by the Company's Chairman, Mr Ian Middlemas.

The Company has also issued 1 Ordinary Share to each holder (a total of 4 shares) of the Class C Performance Shares that expired 12 June 2020, for nil consideration in accordance with the terms and conditions of the Performance Shares.

Application has been made to the AIM Market of the London Stock Exchange ("AIM") for the admission of the 2,755,887 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 22 June 2020 ("Admission").

Corporate Presentation

A new corporate presentation is also now available to view on the Company's website: www.so4.com.au

Shareholder Meeting

The General Meeting of the Company referred to above was held today, 17 June 2020, at 11.00am (WST).

The resolutions voted on were in accordance with the Notice of General Meeting as announced on 15 May 2020 and which is available on the Company's website, www.so4.com.au. All resolutions were voted on and carried by way of a poll.

In accordance with Section 251AA of the Corporations Act 2001, the details of the poll and the proxies received in respect of each resolution are set out in the following summary.

 

Resolution

Result

Voting Method

Number of Proxy Votes Received

Number and Percentage of Votes Cast
by Poll

 

For

Against

Abstain

Proxy's Discretion

For

Against

Abstain

1.             Authorise Issue of Placement Shares to Mr Tony Swiericzuk

 

Passed

Poll

101,265,656

240,942

255,295

78,049

108,844,009

99.78%

240,942

0.22%

255,295

 

2.             Authorise Issue of Placement Shares to Mr Ian Middlemas

 

Passed

Poll

89,219,539

287,059

255,295

78,049

100,308,155

99.71%

287,059

0.29%

255,295

 

3.             Ratification of Prior Placement of Shares

 

Passed

Poll

20,311,565

391,978

35,395,154

78,049

27,674,672

98.60%

391,978

1.40%

35,645,154

 

4.             Ratification of Prior Placement of Shares

 

Passed

Poll

20,296,565

391,978

35,410,154

78,049

27,659,672

98.60%

391,978

1.40%

35,660,154

 

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Salt Lake will have 353,285,840 Ordinary Shares in issue with voting rights attached. Salt Lake holds no shares in treasury. This figure of 353,285,840 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 to their interest in the Company, under the ASX Listing Rules or the DTRs.

Directors' interests

Following the issue of these shares, the directors will have the following interests in shares:

 

Number of Ordinary Shares

Percentage of issued share capital

Ian Middlemas

14,250,000

4.03%

Tony Swiericzuk

4,016,146

1.14%

Mr Swiericzuk also holds an indirect interest in 5 million incentive options and 5,788,324 performance rights.

The Notifications below, made in accordance with the requirements of the EU Market Abuse Regulation provide additional information.

 

For further information please visit www.so4.com.au or contact:

 

Tony Swierizcuk / Richard Knights

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Colin Aaronson / Richard Tonthat / Seamus Fricker

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Derrick Lee / Peter Lynch

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220 6939

Rupert Fane / Ernest Bell

Hannam & Partners (Joint Broker)

Tel: +44 (0) 20 7907 8500

 

 

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Tony Swiericzuk

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Chief Executive Officer

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Salt Lake Potash Limited

b)

 

LEI

 

 

213800WAVVOPS85N2205

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

Ordinary shares of  no par value



Identification code

AU000000SO44



b)

 

Nature of the transaction

 

 

Subscription for cash in a placement by the Company

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




A$0.34

505,883







d)

 

Aggregated information




- Aggregated volume

Aggregate volume: 505,883

Aggregate price: 34 Australian cents

Aggregate total: A$172,000



- Price







e)

 

Date of the transaction

 

 

17 June 2020

f)

 

Place of the transaction

 

 

Off market transaction

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Ian Middlemas

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Chairman

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Salt Lake Potash Limited

b)

 

LEI

 

 

213800WAVVOPS85N2205

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

Ordinary shares of  no par value



Identification code

AU000000SO44



b)

 

Nature of the transaction

 

 

Subscription for cash in a placement by the Company

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




A$0.34

2,250,000







d)

 

Aggregated information




- Aggregated volume

Aggregate volume: 2,250,000

Aggregate price: 34 Australian cents

Aggregate total: A$765,000



- Price







e)

 

Date of the transaction

 

 

17 June 2020

f)

 

Place of the transaction

 

 

Off market transaction

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Salt Lake Potash Ltd

Price: 30.15

Market: AIM
Market Cap: £111.29 m
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