Business
Interim Results for CML for 6m to 30 Sep 2020
Interim Results for CML for 6m to 30 Sep 2020.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1025L\n Equatorial Palm Oil plc\n 08 January 2021\n \n \n \n \n \n \n \n \n \n \n 8 January 2021\n \n \n \n \n \n \n \n \n EQUATORIAL PALM OIL PLC\n \n \n (\"EPO\")\n \n \n \n \n \n CAPITAL METALS LIMITED\n \n \n Interim Results for the six months ended 30 September 2020\n \n \n \n \n \n \n \n \n Equatorial Palm Oil plc (AIM: PAL), the AIM listed Rule 15 cash shell, announces the unaudited interim results of Capital Metals Limited (\"CML\" or \"the Company\") for the six months ended 30 September 2020.\n \n \n \n \n \n \n \n \n For further information, please visit www.epoil.co.uk or contact:\n \n \n \n \n \n Equatorial Palm Oil plc:\n \n \n Michael Frayne (Executive Chairman) + 44 (0) 20 7317 6800\n \n \n \n \n \n SPARK Advisory Partners (Nominated Adviser):\n \n \n Neil Baldwin +44 (0) 20 3368 3554\n \n \n \n \n \n Brandon Hill Capital Limited (Broker):\n \n \n Jonathan Evans/Oliver Stansfield +44 (0) 20 3463 5000\n \n \n \n \n \n \n \n \n CML Chairman's Statement\n \n \n \n \n \n The six months ended 30 September 2020 and subsequent period, have been transformative for CML towards the achievement of its objectives to list on a renowned international stock exchange for resource companies, and procurement of funding to significantly advance the Development Study and Work Programme of the Eastern Minerals Project in Sri Lanka (the \"Project\"), the principal asset of CML. \n \n \n \n \n \n On 21 October 2020, EPO announced that it had reached conditional agreement with parties holding a majority of the shares (51.4 per cent.) (\"CML Majority\") in the Company, for EPO to acquire their shares in CML in exchange for ordinary shares in EPO. This proposed acquisition (\"Proposed Acquisition\") constitutes a reverse takeover transaction pursuant to the AIM Rules for Companies. Following the Proposed Acquisition, the Company's business will constitute all of EPO's business. \n \n \n \n \n \n EPO issued the same offer to the remaining shareholders in CML, which if accepted, will result in the acquisition of up to 100 per cent. of the entire issued share capital of the Company (\"CML Shares\") for an aggregate total consideration of £15.84 million by the issue of up to 132,000,00...