TIDMTGR
RNS Number : 4583V
Tirupati Graphite PLC
01 December 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this information is considered to
be in the public domain.
1 December 2023
Tirupati Graphite plc
('Tirupati', 'TG' or the 'Company')
Update Regarding Convertible Loan Notes
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist Flake
Graphite company and supplier of the critical mineral for the
global energy transitio n , is pleased to announce it has reached
an agreement with noteholders to settle the interest payable in
July 2023 on its outstanding convertible loan notes by the issue of
1,285,952 ordinary shares of GBP0.025 each in the capital of the
Company.
The Company created:
-- 3,000,000 convertible loan notes of GBP1 par value each
pursuant to a convertible loan note instrument dated 31 May 2019;
and
-- 3,000,000 convertible loan notes of GBP1 par value each
pursuant to a convertible loan note instrument dated 5 August
2022,
(the "Notes").
As at 30 June 2023, 2,771,500 Notes are outstanding across both
instruments. The Notes carry interest of 12% per annum payable
bi-annually. The latest interest payment was due in July 2023;
however, the Company agreed with the noteholders to find a non cash
payment option to enable the cash resources to be used to continue
to ramp up production at its projects.
After consultation, a written special resolution dated 3 October
2023 was proposed to and received 75% support from the noteholders
thus being adopted as per the terms of the Note.
The Company has agreed with noteholders to:
-- satisfy the July Interest payment by the issue and allotment
of ordinary shares of GBP0.25 each in the capital of the Company
("Consideration Shares") having a value a close as possible to the
amount owed to noteholders based on an issue price of 17.10p (being
the time weight average price of the Consideration Shares for the
10 day trading period to 3 October 2023); and
-- increase the interest payment for July 2023 to an annualised
rate of 16% for the half year period of January to June 2023 ("July
Interest").
Accordingly, a total of 1,285,952 Consideration Shares will be
issued to noteholders to satisfy the July Interest payment.
Admission of the Consideration Shares to the Standard Segment of
the Official List of the Financial Conduct Authority ("FCA") and to
trading on the Main Market of the London Stock Exchange, is
expected to become effective on or about 8.00 a.m. on Friday 8
December 2023 ("Admission").
Following the issue Consideration Shares the Company's issued
share capital will comprise 108,252,664 ordinary shares of GBP0.025
each. The above figure may be used by shareholders as the
denominator for the calculations by which they will determine
whether they are required to notify their interest in, or a change
to their interest in, the Company under the Financial Conduct
Authority's Disclosure and Transparency Rules.
Shishir Poddar, Executive Chairman, said:
"We are pleased to have reached this agreement with our
noteholders and thank them for their flexibility and patience which
enabled us to continue the ramp-up of our production at pace. We
welcome them to our register alongside our existing investors and
are confident that we will soon start to realise the value of the
investment we have made this year to increase production rates.
"We have completed the first phase of our development and remain
committed to becoming the leading producer and supplier of Natural
Graphite, primarily for use in Li-ion batteries and the energy
transition sectors, outside of China. The energy transition
provides huge opportunities to us as we prepare for the next stage
of our development."
ENDS
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +44 (0) 20 39849894
Optiva Securities Limited (Joint Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Holly Ritson - Corporate Broking +44 (0) 20 3981 4173
-------------------------------
Shard Capital Partners LLP (Joint Broker)
Isabella Pierre - Corporate Broking +44 20 71869927
Damon Heath - Corporate Broking +44 20 7186 9950
-------------------------------
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton / Nick Hennis / Lucy Wigney tirupati@fticonsulting.com
-------------------------------
About Tirupati Graphite
Tirupati Graphite Plc is a specialist Graphite producer and a
supplier of critical minerals for a decarbonised economy and the
energy transition. The Company places a special emphasis on green
applications including renewable energy, e-mobility, energy storage
and thermal management, and is committed to ensuring its operations
are sustainable.
The Company's operations include primary mining and processing
in Madagascar where the Company operates two key projects, Sahamamy
and Vatomina with a combined 30,000 tpa of currently installed
capacity, producing high-quality flake graphite concentrate with up
to 97% purity and selling to customers globally.
The Company has also acquired two advanced stage, world class,
natural graphite projects in Mozambique. Work has already commenced
to optimise the economics for development of the Montepuez graphite
project, which is permitted for 100,000tpa production and where
substantial construction work has already been undertaken by the
previous operator.
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBLBDDXDGDGXB
(END) Dow Jones Newswires
December 01, 2023 12:00 ET (17:00 GMT)
Tirupati Graphite (LSE:TGR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Tirupati Graphite (LSE:TGR)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024