IRC Limited:Exercise of Further Subscription Right
RNS Number : 7779P
Petropavlovsk PLC
04 October 2013
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04 October 2013
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IRC Limited: Exercise of Further Subscription Right
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Further to the Circular issued by Petropavlovsk PLC ("Petropavlovsk" or the "Company") on 18 February 2013 and previous announcements by IRC Limited ("IRC") and the Company, Petropavlovsk ??is pleased to confirm that IRC has today announced that it has received an irrevocable notice from General Nice Development Limited ("General Nice") for the exercise of the General Nice Further Subscription Right to subscribe for 863,600,000 new Shares for a cash consideration of HK$811.8 million (approximately US$104.7 million).
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Following the exercise of the General Nice Further Subscription Right, Minmetals Cheerglory Limited ("Minmetals Cheerglory") will subscribe for 247,300,000 new Shares for a cash consideration of HK$232.5 million (approximately US$30.0 million).
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As agreed between IRC, General Nice and Minmetals Cheerglory in respect of their respective subscription agreements, completion of the General Nice and Minmetals Cheerglory subscriptions shall take place on 18 November 2013.
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Further details may be found in the announcement of IRC Limited, available on its website www.ircgroup.com.hk??
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IRC is a producer and developer of industrial commodities and was the Group's former Non-Precious Metals Division, prior to its listing on the Stock Exchange of Hong Kong Limited (stock code 1029).
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Enquiries:
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Petropavlovsk PLC
Alya Samokhvalova??
Rachel Mills
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??+44??(0)??20??7201??8900
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Maitland
Neil Bennett
George Trefgarne
Seda Ambartsumian |
??+44??(0)??20??7379 5151 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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