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Savannah Resources Plc Announces Completion Of Strategic Sale Of West Africa Subsidiary To Alecto Minerals Plc


Friday, 4 Oct 2013 09:05am EDT 

Savannah Resources Plc announced the completion of the disposal of the entire issued share capital of its subsidiary, AME West Africa Ltd (AME West Africa) to AIM listed Alecto Minerals Plc (Alecto) (the Sale) following the satisfaction of all outstanding conditions. As a result of the Sale and Savannah's subscription for new shares and a convertible loan note in Alecto, Savannah will hold a total of 121,739,130 shares in Alecto or 24.9% of its total enlarged issued share capital together with £350,000 of convertible loan notes which, upon conversion, would increase Savannah's ownership in Alecto's issued share capital by a further 5.9%. Savannah has undertaken not to convert the convertible loan notes to the extent conversion will trigger the obligation to make a mandatory offer under Rule 9 of the City Code on Takeovers and Mergers. 

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