RNS Number : 6670W
Utilico Investments Limited
30 January 2013
 



For release on 30 January 2013

 

 

Utilico Investments Limited

 

Investment in Zeta Resources Limited

 

Utilico Investments Limited ("Utilico") announces that it has entered into agreements to combine a number of its resource investments with Kumarina Resources Limited ("Kumarina"), an Australian based resources company with copper and gold projects in Western Australia, to form an active Australian listed resource holding and development group, Zeta Resources Limited. 

 

Utilico will transfer investments with a current book value of approximately £25.4m (transfer to be made at the market value as at the date of the transfer) into Utilico's wholly owned subsidiary, Zeta Resources Limited ("Zeta"). Zeta has entered into a merger implementation agreement with Kumarina which provides that Zeta and Kumarina will merge by way of a scheme of arrangement.  The assets to be transferred by Utilico into Zeta (representing part or all of the holdings of certain existing resource investments held by Utilico) are as follows:

 

Name                                                                            Current book value (£m)

Resolute Mining Limited*                                                                                6.4

New Zealand Oil & Gas Ltd                                                                            12.4

Pan Pacific Petrol NL                                                                                           0.3

Seacrest LP Subscription rights*                                                                    0.5

Centamin Plc*                                                                                                       5.8

Total                                                                                                                        25.4

 

*Represents part of Utilico's total holding

 

Kumarina is a Perth based resource company focused on exploring and developing economic copper and gold deposits at its two projects located in Western Australia.  Kumarina is listed on the Australian Stock Exchange ("ASX") and Utilico has an existing shareholding in Kumarina of 8.37 per cent.

 

Completion of the transfer and merger, which is expected to take place in April 2013, is conditional, inter alia, on receipt of a conditional listing letter from the ASX for the listing of Zeta and the approval by Kumarina shareholders of the scheme of arrangement.  Prior to completion, Zeta is proposing to raise up to A$25m (£17m) in new equity from new investors.  Pursuant to the terms of the agreement between Zeta and Utilico, Utilico's resultant holding in Zeta will be proportionate to the value of the assets it has contributed to the assets of the merged entity (post capital raising).

 

 

For further information please contact:

 

ICM Investment Research Limited

Charles Jillings                                                                  01372 271486

 

Westhouse Securities Limited

Alastair Moreton/Darren Vickers                             0207 601 6118


This information is provided by RNS
The company news service from the London Stock Exchange
 
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