April 7, 2022
AJAX RESOURCES PLC
("Ajax" or the "Company")
Admission to Trading and First Day of Dealings
Ajax Resources Plc ("Ajax" or the "Company"), a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, is pleased to announce that, following an initial public offering ("IPO"), it has raised gross proceeds of £1,342,000 through the issue of 33,550,000 new ordinary shares (the "IPO Shares") at a price of £0.04 per IPO Share, of which the Board of Directors (the "Board") has invested an aggregate amount of £130,000.
Application has been made for the entire issued share capital of 46,862,500 ordinary shares, by way of a Standard Listing, to be admitted to trading on the Main Market for listed securities of the London Stock Exchange.
Dealings in the Ordinary Shares are expected to commence at 8:00 AM on April 7, 2022, under the ticker "AJAX" (ISIN: GB00BLNBD412).
Investment Highlights
The Company's initial focus will be to acquire an exploration or production company or business or asset(s) with operations in new energy or natural resources. The Company will seek a target to purchase where the Company can play an active role in the optimisation of strategy and execution and enhance existing management capabilities through the Directors' proven management skills and depth of experience.
No remuneration shall be payable to the Board or management until completion of the Company's first acquisition. Following admission of the Ordinary Shares to trading on the Main Market, the Directors will own approximately 27.84% of the Company, ensuring significant alignment with all shareholders. It is intended that any costs are to be kept to a minimum and main business activities will be kept in-house.
Additionally, Directors will be issued 9,372,500 options (the "Director Options") which will vest when the Company's share price reaches £0.08 or upon the successful completion of an acquisition. The Director Options are exercisable at the IPO price of £0.04 and expire in 5 years.
Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:
"We are delighted with the support we have received for Ajax's listing and would like to thank all our new shareholders for sharing the Board's confidence in our enterprise. The current energy market environment has created many attractive opportunities, and we are therefore greatly excited to begin implementing our strategy, leveraging on our Board's extensive natural resources expertise and networks to identify production and development assets in low-risk jurisdictions, which can be developed to generate significant shareholder value."
About Ajax:
Ajax aims to use its strong management experience and relationships to acquire interests in proven, low-risk development projects that hold significant undeveloped upside potential, as well as access to existing infrastructure.
The Prospectus published by Ajax in connection with Admission can be found on the Company website (www.ajaxresources.com).
The Board
The Board currently comprises three Directors, who collectively have extensive experience and a proven track record in operating publicly quoted companies, investment, corporate finance and business acquisition, operation and development in the energy sector, and are well placed to implement the Company's business objectives and strategy.
Ippolito Cattaneo, Chief Executive Officer
Ippolito is a UK national with a bachelor's degree from the University of Bristol. He has a blend of financial and oil & gas experience, having started his working life at Standard Chartered Bank. He has worked for more than five years at Zenith Energy Ltd (an international energy company listed on the Main Market of the London Stock Exchange and Euronext Growth of the Oslo Stock Exchange) as Business Development and Investor Relations manager. During this time, he has gained significant experience in a multiplicity of regulatory environments, as well as playing an important role in enabling Zenith Energy to implement its development objectives in Africa and in other regions, both operationally and on a corporate level.
Ippolito has significant operational experience, having taken a key role in Zenith's activities in Tunisia, Italy, and the Republic of the Congo. He has in-depth knowledge of the requirements for project procurement and financing from beginning to completion, as well as having experience in the development of strategy and investor communications for listed companies.
Michael Hutchinson, Non-Executive Chairman
Michael Hutchinson began his career at Metallgesellschaft Ltd where he worked for 25 years, ultimately becoming the Managing Director in 1985. Metallgesellschaft Ltd was a metal trading subsidiary of one of Germany's largest industrial conglomerates. Notably, he was a Board Member between 1986-2006 of the world's largest market for industrial metal's trading, the London Metals Exchange (LME). Since this time, he has held several senior board and management roles, including Chairman of Metalloyd Ltd, a major supplier of steel and raw materials to traders, destructors and end-users and Chairman of Wogen Ltd, a speciality metals trading house.
He previously served as Non-Executive Chairman (from 2017-2021) of Bluejay Mining Plc, an AIM quoted mining exploration and development company, where he is presently a Non-Executive Director since January 2021.
In addition, he currently also serves Chairman of Tiberius Group AG, a commodity trading and investment company based in the canton of Zug, Switzerland.
Luca Benedetto - Chief Financial Officer & Executive Director
Luca Benedetto is an Italian national, trained in Italy as a registered accountant with further education in IFRS accounting and consolidation at IPSOA Milan. He has more than twenty-five years of accounting, auditing, and financial administration experience. Mr. Benedetto began his professional career as an accountant and computer programmer responsible for financial software development and worked for the Italian division of IBM as an internal auditor and accountant. He also was employed for seven years as a financial and administrative officer in a well-known Italian company specialising in the construction of fuel and water storage reservoirs.
Luca currently serves also serves as Managing Director of Zenith's Italian operations which produce natural gas and electricity. He has significant experience in the identification of projects and subsequent project financing through debt, equity, and mezzanine financing. He has both financial and operational expertise in the requirements of exploration, discovery, and subsequent production of natural resource projects.
Further information:
| Ajax Resources Plc Ippolito Cattaneo, Chief Executive Officer | Tel: + 44 (0) 208 146 6345 info@ajaxresources.com |
| Clear Capital Markets (Corporate Broker) Jonathan Critchley/ Keith Swann | Tel: +44 (0)20 3869 6080 keithswann@clear-cm.co.uk; jonathancritchley@clear-cm.co.uk |
| Allenby Capital Limited (Financial Adviser) Nick Harriss | Tel: + 44 (0) 203 328 5656 n.harriss@allenbycapital.com |
| Camarco (Financial PR) Georgia Edmonds / Emily Hall | Tel: +44(0) 20 3757 4996 emily.hall@camarco.co.uk |
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