Business
Report and Accounts to 31 Mar
Report and Accounts to 31 Mar.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n Templar Minerals Limited 14 September 2010 \n \n\n \nFOR IMMEDIATE RELEASE 14 September 2010\n \nTemplar Minerals Limited \n(\"Templar\" or \"the Company\")\n \nReport and Accounts for the period ended 31 March 2010\n \nThe Company today announces its audited results for the period ended 31 March 2010. The Report and Accounts are being posted to shareholders today, and will be available on the Company's web-site www.templarminerals.com (shortly to be superseded by www.ortacresources.com).\n \nChairman's Statement and Operations Review\nIntroduction\nThe Company announced on 30 July 2010 that it had reached agreement with the directors of Ortac Resources Plc (\"Ortac\"), subject to various conditions being satisfied, to acquire the entire issued and to be issued share capital of Ortac (\"Acquistion\"). \nA scheme of arrangement document (\"Scheme\") was circulated to Ortac shareholders for the implementation of the Acquisition pursuant to Part 26 of the Companies Act 2006 between Ortac and the scheme shareholders, with or subject to any modification or addition thereto or condition approved or imposed by the Court and agreed by the Company and Ortac\nThe conditions to be satisfied are\n- approval of the Acquistion by the shareholders of both the Company and Ortac\n- the Scheme becoming effective in accordance with its own terms\n- the admission of the Company's ordinary shares in issue upon completion of the Acquisition (\"Enlarged share capital) to trading on AIM becoming effective in accordance with the AIM Rules on implementation of the Scheme in accordance with its terms (\"Admission\").\nPursuant to the terms of the Acquisition, Ortac Shareholders will receive 748,498,981 ordinary shares of the Company (\"Consideration Shares\") to be issued fully paid to the Ortac shareholders pursuant to the Scheme with an implied aggregate value of approximately £7.5 million. The Consideration Shares will represent an immediate dilution of 54.51 per cent. for Shareholders ...