REG - Galileo Resources - Receipt of cash payment for Glenover sale

Galileo ResourcesAnnouncement

02/05/2024 10:00

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RNS Number : 0038N  Galileo Resources PLC  02 May 2024

2 May 2024

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Receipt of cash payment for Glenover sale

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders that the Company has now received the Second Tranche payment
totalling approximately ZAR 48.8 million (approx. GBP2.1M) and a further
ZAR5.7 million (approx. GBP0.25M), being the final cash payment, is due to be
received in early May 2024, in relation to JSE Listed Afrimat Limited's
("Afrimat") option to buy for ZAR300 million (approx. GBP12.88M)  shares in
and shareholder loans made to Glenover Phosphate Proprietary Limited
("Glenover") in which Galileo had a 30.46% direct and 4.99% indirect
investment (total effective holding of 35.45%) held via Galagen Proprietary
Limited ("Galagen") (refer to announcements of 9 December 2021, 11 February
2022, 30 March 2022, 20 October 2022 and 23 June 2023).

 

 

Colin Bird Chairman and CEO commented "I am pleased that this further payment
in relation to Glenover disposal has been received now and we expect the final
amount shortly in full and final settlement. This payment marks the end of a
long process, and we thank Afrimat for their highly professional technical and
commercial approach to this transaction. The board of Galileo would like to
thank our partners Ferminore for their tenacity and diligence during very
extended due diligence phase."

 

 

You can also follow Galileo on Twitter: @GalileoResource

 

For further information, please contact: Galileo Resources PLC

 

 Colin Bird, Chairman                         Tel +44 (0) 20 7581 4477
 Beaumont Cornish Limited - Nomad             Tel +44 (0) 20 7628 3396

 Roland Cornish/James Biddle
 Novum Securities Limited - Joint Broker      +44 (0) 20 7399 9400

 Colin Rowbury /Jon Belliss
 Shard Capital Partners LLP - Joint Broker    Tel +44 (0) 20 7186 9952

 Damon Heath

 

 

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