Business
Update on Disposal of Warrants
Update on Disposal of Warrants.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \nRNS Number : 4800B Highlands Natural Resources PLC 17 June 2016 \n\nHighlands Natural Resources plc ('Highlands' or 'the Company')\nUpdate on Disposal of Warrants\n \nHighlands, the London listed natural resources company, announces that it has been notified by Diversion Technologies LLC ('Diversion') that the arrangements entered into by Diversion earlier this week to sell its entire holding of 30 million warrants in Highlands to an institutional investor (the 'Institutional Investor') have been altered slightly as a reflection of the recent movements in the Highlands share price. These alterations affect only Diversion. The effect of the transaction on Highlands is unchanged, namely that, if the Institutional Investor takes up its options to acquire Diversion's entire holding and exercises the warrants, Highlands will receive new funds of £7.5 million.\n \nThe purchase price of the first 10 million of these warrants has been reduced to 1 pence per warrant, payable to Diversion. Furthermore, Diversion has notified Highlands that these 10 million warrants have now been acquired at that price by the Institutional Investor. On the assumption that the Institutional Investor exercises those warrants in due course, then Highlands will receive new funds of £2.5 million.\n \nIn return for accepting a lesser price for the first 10 million warrants, the options that the Institutional Investor has to acquire Diversion's remaining 20 million warrants have been re-priced in Diversion's favour. These warrants can be acquired at a price equal to 10 pence per warrant plus 50 per cent. of any amount by which the Highlands share price on the day prior to exercise exceeds 51 pence. All other terms of the arrangements remain as previously announced.\n \nRobert Price, Chairman of Highlands, has a beneficial interest in the warrants which are the subject of these arrangements as a 37.5 per cent. shareholder in Diversion.\n \nThis has been a very active week for Highlands with the announcement of two significant transactions as well as the release of our annual results. The Board has received a number of investor inquiries requesting further information on Highlands' activities and has therefore produced a Q&A in response to these which will be available on the Company's webs...