Business
GMI Share issuance in lieu of fees
GMI Share issuance in lieu of fees.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n\n7 May 2025\nShuka Minerals Plc\n(\"Shuka\" or the \"Company\")\n \nGMI Share issuance in lieu of fees\nRelated Party Transaction\n \nShuka Minerals Plc (AIM: SKA), an African focused mine operator and developer, announces the issue to Gathoni Muchai Investments Limited (\"GMI\") of 1,625,000 new ordinary shares of 1 pence each in the capital of the Company (\"Ordinary Shares\"), at a refence price of 8 pence per share. The new Ordinary Shares, which are being issued under existing share authorities at a 146% premium to the latest closing share price of 3.25 pence on 6 May 2025, in lieu of £130,000 fees owed to GMI under the consultancy agreement, announced 24 May 2024.\n \nThis issuance forms part of the Company's preparations for its secondary listing on the Johannesburg Stock Exchange (\"JSE\") and supports liquidity by conserving cash resources. Following Admission (as defined below), GMI's resultant interest will comprise 13,398,402 Ordinary Shares, representing 20.04% of the Company's enlarged issued share capital.\n \nAs announced earlier today, the Company has now received formal approval from the JSE and the South African Reserve Bank for its secondary inward listing on the JSE. The formal approval is for the listing of 66,858,597 shares, inclusive of the above 1,625,000 shares. \n \nIn connection with this process, GMI has agreed for the 1,625,000 new Ordinary Shares to be available to the JSE on a share lending basis, if required, to enable normal timely market trade settlement on the JSE. GMI will retain the beneficial interest and voting rights over the new Ordinary Shares. Commencement of trading on the JSE has been approved for 22 May 2025.\n \nRichard Lloyd (CEO) commented: \"I am grateful for GMI's continued support and their continued faith in the future of Shuka, reflected in the premium at which they are willing to accept these shares in lieu of fees.\"\n \nRelated Party Transaction\nThe issue of the new Ordinary Shares constitutes a related party transaction as defined by Rule 13 of the AIM Rules for Companies, as Jason Brewer, a former director of the Company within the last 12 months, is a director and substantial shareholder of GMI, which is also substantial shareholder in the Company. The Directors of the Company, having consulted with the...