Admission to AIM and Appointment of Chairman

RNS Number : 6514W

Emmerson PLC

27 April 2021

 

Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining

27 April 2021

Emmerson Plc ("Emmerson" or the "Company")

Admission to AIM

and

Appointment of Chairman

Emmerson plc, the Moroccan focused potash development company, is pleased to announce that admission of the Company's ordinary shares to trading on AIM will take place at 8.00 a.m. today. In conjunction with this, the listing of the Company's ordinary shares on the Official List and from trading on the Main Market will be cancelled.  The Company's ordinary shares will continue to trade under the TIDM "EML".

In addition, following the retirement of Non-Executive Chairman Mark Connelly effective from today, the Company announces the appointment of James Kelly, presently a Non-Executive Director on the Board, as the new Non-Executive Chairman of Emmerson effective from today (See RNS dated 25 March 2021).

Graham Clarke, CEO, commented : "The move to AIM is a key element of our growth strategy which is focused on developing the Khemisset potash project in Northern Morocco.   Admission to AIM will provide the Company with access to a market and environment which is more suited, in the Board's view, to Emmerson's current size and strategy and will support the Company during the rapid growth phase expected in the coming months and years, as we look to build Khemisset into a low cost, high margin supplier of potash to the African and European markets.  Finally, we welcome James as our new Non-Executive Chairman, and we look forward to updating you on further progress."

**ENDS**

For further information, please visit  www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact:  Emmerson Plc Graham Clarke [phone]  Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More (Corporate Advisory) Jerry Keen (Corporate Broking) [phone]  Shard Capital (Joint Broker) Damon Heath / Isabella Pierre [phone] St Brides Partners (Financial PR/IR) Megan Dennison / Susie Geliher [phone]

Notes to Editors

Emmerson's primary focus is on developing the Khemisset project ("Khemisset" or the "Project") located in Northern Morocco.  The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K₂O and significant exploration potential with an accelerated development pathway targeting a low capex, high margin mine. Khemisset is perfectly located to capitalise on the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. This unique positioning means the Project will receive a premium netback price compared to existing potash producers. The need to feed the world's rapidly increasing population is driving demand for potash and Emmerson is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated Khemisset has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics including a post-tax NPV₁₀ of approximately US$1.4 billion using industry expert, Argus', price forecasts.

 

END

 

 

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