Kore Potash Triumphs: Chairman’s Bold Move Sparks Investor Confidence and Sets Stage for Market Momentum

  • Kore Potash plc successfully passed all resolutions in its General Meeting, securing approval for the issuance of new shares.
  • Chairman David Hathorn actively participated in the Fundraise, acquiring 162,375,000 new ordinary shares, demonstrating confidence in the company.
  • The market-ready move positions Kore Potash for further growth, anticipating the commencement of trading for newly issued shares on December 14, 2023.
By Lethabo Ntsoane

In a pivotal move for potash development, Kore Potash plc announced yesterday the successful passage of resolutions in its General Meeting (GM), paving the way for the issuance of 205,675,000 new ordinary shares. The company, with a stronghold in the Sintoukola Basin in the Republic of Congo, expressed delight at the overwhelming support received from shareholders.

General Meeting Triumph

Kore Potash’s GM, held on December 7, 2023, saw all resolutions presented being duly passed by a requisite majority. Among the crucial decisions was the approval of the issuance of 205,675,000 new ordinary shares at 0.38p per share, aligning with the company’s fundraising plans announced on October 31, 2023.

Key Stakeholder Participation

David Hathorn, Chairman and Interim CEO of Kore Potash, demonstrated his commitment to the company’s vision by actively participating in the Fundraise. Acquiring a total of 162,375,000 new ordinary shares at a value of US$750,000, Hathorn’s involvement showcases confidence in the company’s strategic direction. These shares will be issued under ASX listing rule 10.11.1, following necessary shareholder approvals obtained during the GM.

Upon Admission, David Hathorn is set to hold a beneficial interest in 337,708,061 Ordinary Shares, constituting 8.2% of the issued share capital of the Company.

Voting Results

Detailed statistics from the GM, outlined in Annexure A, provide insights into each resolution’s voting outcomes. Notably, all resolutions received substantial support, with the majority of votes cast in favor. The total number of voting rights after the issuance of new shares is set at 4,119,667,120, offering shareholders a clear benchmark for compliance with regulatory disclosure requirements.

Market Implications

The announcement also underscored the company’s adherence to the Market Abuse Regulation (MAR). Kore Potash disclosed the information as inside information, following regulations stipulated under the Market Abuse Regulations (EU) No. 596/2014.

To further adhere to regulatory requirements, the company is set to lodge Appendix 3G – Notification of issue, conversion, or payment up of equity securities and Appendix 3Y – Change of Director’s Interest Notice with the ASX, notifying them of the share issues.

Transaction Notifications

Two trusts closely associated with David Hathorn, namely Belle Terre Trust and Stapleford Trust, initiated transactions in the issuance of ordinary shares. Details of these transactions are summarized in the table below:

Trust NameType of TransactionInstrumentPriceVolumeDatePlace of Transaction
Belle Terre TrustIssueOrdinary Shares0.38p81,187,5007 December 2023London Stock Exchange
Stapleford TrustIssueOrdinary Shares0.38p81,187,5007 December 2023London Stock Exchange

Looking Ahead

With the successful passage of resolutions and the capital raised through the issuance of new shares, Kore Potash is poised for further advancement in its potash development projects. The company anticipates the commencement of trading of the newly issued Ordinary Shares on or around December 14, 2023, marking a significant milestone in its growth trajectory.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo