Business
Convertible Loan Note Conversion
Tungsten West Plc has completed a partial conversion of its 2023 Convertible Loan Notes, issuing 584,831,728 new ordinary shares at 3 pence per share. This conversion resulted in Lansdowne Partners and the Drakewood Concert Party each holding approximately 29.90% of the company's issued share capital, with 584,831,728 new shares admitted to trading on AIM on or around January 6, 2026. Following this, £12.9 million in Notes remain outstanding, which will accrue no further interest and be settled via a separate non-voting class of B-Shares, subject to shareholder approval. Disclaimer*
About this update from Tungsten West Plc
[{"type":"text","content":"\n\n2 January 2026\nTungsten West Plc\n \n(\"Tungsten West\" or the \"Company\")\n \nConvertible Loan Note Conversion\n \nFurther to the Company's announcement of 9 December 2025, Tungsten West (AIM:TUN), the mining company focussed on restarting production at the Hemerdon tungsten and tin mine (\"Hemerdon\" or the \"Project\") in Devon in the UK, is pleased to confirm that, on 31 December 2025, the Company completed a partial conversion of the 2023 Convertible Loan Notes (as amended and restated on 1 July 2025) (the \"Notes\") (\"Conversion\") at a price of 3 pence per ordinary share of 1 pence each in the capital of the Company (\"Ordinary Shares\"), issuing 584,831,728 new Ordinary Shares to Noteholders (the \"Conversion Shares\").\nAs set out in the Company's announcement of 9 December 2025, any conversion of the Notes that would result in an obligation under Rule 9 of the City Code on Takeovers and Mergers (the \"Code\") is prohibited without written consent from the relevant noteholder(s), and a Rule 9 waiver in respect of the Notes is not available in the circumstances, therefore the Company has restricted the number of new Ordinary Shares issued to Lansdowne Partners (UK) Ltd (\"Lansdowne\") and to the two key members of the Drakewood Concert Party (as described in more detail below), such that each holds approximately 29.90% of the Company's issued share capital immediately following the Conversion.\nAccordingly, following the Conversion, there remains a total of £12.9 million Notes outstanding including accrued interest to 31 December 2025, held by Lansdowne (£8.7 million), Drakewood Investments Limited (£1.9 million) and Henry Maxey (£2.2 million) (the \"Outstanding Notes\"). The parties have agreed that the Outstanding Notes will remain outstanding but accrue no further interest (subject to a long stop of 31 March 2026) and be settled via the issue of a separate non-voting class of B-Shares, subject to shareholder approval of this new class of capital at a forthcoming general meeting, as previously announced.\nA further announcement will be made in due course to confirm the date and time of the general meeting.\nResultant shareholdings of Lansdowne and the Drakewood Concert Party\nThe Drakewood Concert Party comprises Drakewood Investments Limited, David Lilley, Henry Maxey, Godolphin Minerals Limited,...