Business
Warrants Correction
Tamar Minerals plc is correcting warrant terms issued to former Godolphin Exploration Limited warrant holders following an acquisition, due to an arithmetical error in calculating the number and exercise price of the original warrants. The original 5,500,000 warrants at 8 pence and 1,462,500 warrants at 10 pence will be replaced by 13,750,000 warrants at 3.2 pence and 3,656,250 warrants at 4 pence, expiring on the same dates. This correction will increase the Concert Party's potential holding to approximately 51.85%, potentially triggering a mandatory offer under Rule 9 of the Takeover Code. To address this, original warrants will be surrendered for replacement warrants with provisions preventing exercise that would trigger a mandatory bid, and the company retains discretion to disallow exercise if it's not in shareholders' best interests. Disclaimer*
About this update from Tamar Minerals Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n Tamar Minerals plc\n \n \n \n \n (\"Tamar\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Warrants Correction\n \n \n \n Tamar Minerals plc (AQSE: TMR), the critical minerals explorer in\n \n South West England\n \n historic copper and tin belt, announces a correction to the warrant terms issued to former warrant holders of Godolphin Exploration Limited (\"\n \n Godolphin\n \n \") in connection with the acquisition completed on 11 April 2025, of the entire issued, and to be issued, share capital of Godolphin by the Company (the \"\n \n Acquisition\n \n \").\n \n \n As previously announced, it was intended that the former Godolphin warrant holders were granted with replacement warrants of equivalent value in Tamar (\"\n \n Original Warrants\n \n \") to replace rights to subscribe for shares in Godolphin as part of the Acquisition. \n \n These were: 5,500,000 warrants exercisable at 8 pence each, expiring on 31 January 2029; and 1,462,500 warrants exercisable at 10 pence each, expiring on 31 May 2029.\n \n \n As previously agreed with the Takeover Panel, the concert party arising from the Acquisition (\"\n \n Concert Party\n \n \") was disclosed, in a circular dated 14 April 2025 (\"\n \n Circular\n \n \"), as holding 49.90% of the enlarged Company's issued share capital on Admission.\n \n The resolutions relating to the approval of the Acquisition and the waiver of Rule 9 of the Takeover Code (\"\n \n Rule 9 Waiver\n \n \") were duly approved by independent shareholders at the Company's general meeting on 12 May 2025 with overwhelming support.\n \n \n However, it has subsequently been identified that, in calculating the number and exercise price of the Original Warrants, there was an arithmetical error arising from the share consolidation that took effect on 12 May 2025.\n \n \n \n Following discovery of the error in the number and exercise price of the Original Warrants, the Company intends to cancel these Original Warrants and replace them with warrants with the correct value and terms to accurately reflect the original economic intent and commercial terms. The Company confirms that the correct warrant terms are 13,750,000 warrants exercisable at 3.2 pence, expiring on 31 January 2029 and 3,656,250 warrants exercisable at 4 pence, expiring on 31 May 2029 (...