Notice of change of Substantial Shareholder

AIM and Media Release 

11 February 2020

BASE RESOURCES LIMITED
Notice of change of Substantial Shareholder

Base Resources Limited (ASX & AIM: BSE) (Base Resources) advises that it has today received notification from Regal Funds Management Pty Ltd (Regal Funds Management) that it has decreased its voting power in Base Resources to 124,549,009 ordinary shares, representing 10.63% of the total Base Resources ordinary shares on issue and constituting a substantial shareholding for the purposes of the AIM Rules for Companies.

Regal Funds Management’s interest in 124,549,009 ordinary shares is held as follows:

Holder of interest	Nature of interest	Registered holder of shares	Number of ordinary shares
UBS AG, Australia Branch	Holder of shares	UBS Nominees Pty Ltd	32,283,001
Morgan Stanley & Co Intl PLC	Holder of shares	Morgan Stanley & Co Intl PLC	511,605
Merrill Lynch International Limited	Holder of shares	Merrill Lynch International Limited	61,760,043
Credit Suisse Securities Europe Ltd	Holder of shares	Credit Suisse Securities Europe Ltd	29,994,360

The decrease in Regal Funds Management’s holding for the purposes of the AIM Rules for Companies was the net result of the disposal and acquisition of ordinary shares, since 1 November 2018.   

Regal Funds Management acquired 46,882,179 shares for an average price of A$0.243 per share between 12 November 2018 and 13 August 2019.  It disposed of a total of 75,400,000 shares for an average price of A$0.243 on 28 June 2019 and 7 February 2020.

A copy of the notice referred to in this release is available from the Company’s website:  www.baseresources.com.au.

ENDS.

For further information contact:

James Fuller, Manager Communications and Investor Relations	UK Media Relations
Base Resources	Tavistock Communications
Tel: [phone]	Jos Simson and Barnaby Hayward
Mobile: [phone]	Tel: [phone]
Email: [e-mail]

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available at www.baseresources.com.au

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: [e-mail]
Phone: [phone]
Fax: [phone]

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: [phone]

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: [phone]

JOINT BROKER
Numis Securities Limited
John Prior / James Black / Paul Gillam
Phone: [phone]