CIC Capital Ltd Corporate Update (6825V)
17 12월 2013 - 4:00PM
UK Regulatory
TIDMCICC
RNS Number : 6825V
CIC Capital Ltd
17 December 2013
CIC CAPITAL LTD.
("CICC" or the "Company")
Corporate Update
CIC (AIM: CICC), the consulting and advisory firm operating
primarily in the mining and energy infrastructure sectors, is
pleased to provide a general corporate update.
Cash inflows due from Balfour and Jarada
On 31 July 2013 the Company announced that Balfour and Jarada
had agreed to advance to 31 December 2013 their respective payments
of GBP1,350,000 and GBP1,350,000 to acquire shares in CIC Fuels
Limited and their respective payments of $2,700,000 and
GBP1,350,000 to acquire shares in CIC Gold Limited from CICC.
In order to facilitate these receipts and as a tax planning
measure, a new offshore company has been established in the
Republic of Seychelles. It is intended for new bank and treasury
facilities to be put in place in Hong Kong with HSBC alongside the
CICC's existing bank facilities.
The Company has agreed with Jarada and Balfour that their
remittances will be delayed until this matter has been
resolved.
New common shares to be issued to B Shareholders
On 9 August 2013 the Company announced the conversion of the
Special Series B Class Non-Voting Shares issued to registered
shareholders on 31 July 2012 into 1,242,419 new common shares.
These shares were admitted to trading on AIM on 19 September
2013.
Due to unforeseen technical reasons relating to the Company's
change of name in May 2013 and restrictions subsequently imposed on
the Company's new ISIN in the US by DTC which have resulted in the
Company being unable to register new common shares issued into
CREST since May 2014, the Company has as yet been unable to credit
the allotted new common shares into relevant CREST accounts nor
been able to register them in the names of the shareholders.
The Company is very concerned to resolve these technical
difficulties and, to this end, it is working with its advisers to
establish a new DI facility with Capita in the UK. The process is
progressing and the Company intends to complete the process as soon
as possible. Once completed, it is intended for the new common
shares to be immediately registered in the names of the
holders.
Update on Investments
Advisor appointments pending IPOs.
CIC Gold Limited, CIC Fuels Limited and Sino Reserves Limited
have appointed Pinsent Masons LLP as their UK Legal Adviser along
with Crowe Clark Whitehill LLP as Financial/Accounting Adviser.
CIC Brancepeth Coal Limited has appointed Gowlings (UK) LLP as
Legal Advisor for CIC Brancepeth Coal Limited. Crowe Clark
Whitehill LLP has been appointed Financial/Accounting Adviser along
with Crowe Clark Whitehill LLP as Financial/Accounting Adviser.
The Company has elected to be responsible for all advisor fees
in relation to pending IPOs in return for equity to be negotiated
at time of expenditure.
The Nominated Adviser to the IPO Investments is to be announced
in due course.
CIC Brancepeth Coal Limited ("Brancepeth Coal")
Mr. Zhou Xiaoguang (Joseph) has been appointed by the Brancepeth
Coal Board to act as CEO and Executive Director. The Company, which
holds a 22% equity interest in Brancepeth Coal, has one nominee on
the Board being Mr. Stuart J. Bromley in a non-executive role.
Enquiries
CIC Capital Ltd Nominated Adviser
Stuart J. Bromley Cairn Financial Advisers
Tel: +86 136 0113 1912 LLP
bromley@CICCapital.com Tony Rawlinson
Tel: +44 (0)207 148 7900
CIC Capital Ltd
The Company is a consulting and advisory company, operating
primarily in the mining and energy infrastructure sectors. The
Company seeks to provide consulting and advisory services to
entities operating at various stages of resource development, and
the exclusive right to control the public listing process of any
client company if the client company is an unlisted company.
The core services provided by CIC Capital Ltd. are: the Advisory
Service which provides a range of technical, project management,
strategic and commercial services; the Strategic Investment Service
which helps companies source investment from industry partners for
which the Company will typically receive an equity interest; and
Advice on Listings where the Company helps the client realise value
by listing on a Stock Exchange www.CICCapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Cic Capital (LSE:CICC)
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