Allotment of Shares

RNS Number : 3145T

Emmerson PLC

24 March 2021

 

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

24 March 2021

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

Allotment of Shares

Emmerson plc, the Moroccan focused potash development company, announces that further to the announcement regarding the appointment of Mr James Kelly to the Board, the Company has allotted 600,000 new Ordinary Shares to Mr Kelly at a price of 5.65p each (the "New Director Shares"). 

Application has been made for the admission of the Director Shares to trading on the Main Market of London Stock Exchange plc ("Admission"). It is ‎expected that Admission will take place at or around 8.00 a.m. on 29 March 2021. The New Director Shares will, when issued, rank pari passu in all respects ‎with the Company's existing issued Ordinary Shares.

Following Admission of the 600,000 New Director Shares, the Company's issued share capital will consist of 823,244,481 Ordinary Shares. Therefore, following Admission the total number of voting rights in Emmerson will be 823,244,481, which is the figure which should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Ordinary Shares under the FCA's Disclosure and Transparency Rules.

**ENDS**

For further information, please visit  www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact:  Graham Clarke Edward McDermott Emmerson plc [phone]  Jerry Keen Toby Gibbs John More Shore Capital [phone]  Damon Heath Isabella Pierre Shard Capital [phone] Megan Denison Susie Geliher St Brides Partners Limited Financial PR/IR [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.

 

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