Shuka Minerals PLC recently made a significant announcement regarding the issuance of GMI shares in lieu of fees. The company issued 1,625,000 new ordinary shares to Gathoni Muchai Investments Limited at a reference price of 8 pence per share. This move, made under existing share authorities, aimed to settle £130,000 in fees owed to GMI as per a consultancy agreement.

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Shuka Minerals Plc, known for its African-focused mining operations, is gearing up for a secondary listing on the Johannesburg Stock Exchange (JSE). The issuance of these shares is strategic, aiming to enhance liquidity while preparing for the JSE listing. Following this issuance, GMI’s stake in Shuka Minerals will amount to 20.04% of the company’s enlarged share capital.

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The company’s plans for a secondary listing on the JSE have received formal approval from both the JSE and the South African Reserve Bank. The approval covers the listing of 66,858,597 shares, including the newly issued shares. To facilitate market trade settlement on the JSE, GMI has agreed to make the new shares available on a lending basis, ensuring smooth trading processes.

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Richard Lloyd, CEO of Shuka Minerals PLC, expressed gratitude for GMI’s support and their confidence in the company’s future, evident in their acceptance of the shares in lieu of fees at a premium. This transaction is classified as a related party transaction, as per the AIM Rules for Companies, due to GMI’s association with a former director of Shuka Minerals.

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The company is in the process of applying for the admission of the new shares to trading on AIM. Once approved, the company’s total issued share capital will consist of 66,858,597 ordinary shares, with no shares held in treasury. This move is expected to further engage shareholders in line with FCA regulations.

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Shuka Minerals PLC has engaged various financial and advisory firms for this process, including Strand Hanson Limited, AcaciaCap Advisors Propriety Limited, Tavira Securities Limited, and Peterhouse Capital Limited. These partnerships are crucial in navigating the complexities of secondary listings and related transactions.

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By strategically issuing shares to settle fees and preparing for a secondary listing on the JSE, Shuka Minerals PLC is taking proactive steps to enhance its market position and engage with a broader investor base. The company’s focus on liquidity management and strategic partnerships reflects its commitment to sustainable growth and value creation for its stakeholders.

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