Emmerson PLC / Ticker: EML / Index: LSE / Sector: Mining
18 July 2022
Director/PDMR Shareholding
Emmerson, which is developing the world class Khemisset Potash Project in Morocco, today announces the purchase of ordinary shares of nil par value in the capital of the Company ("Ordinary Shares") by Mr Rupert Joy, Non-Executive Director. Mr Joy purchased 140,000 Ordinary Shares at 7.025 pence per share. Following this purchase, Mr Joy holds 290,000 Ordinary Shares representing approximately 0.032% per cent of the Company's issued share capital.
**ENDS**
For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:
| Emmerson PLC Graham Clarke / Jim Wynn / Charles Vaughan
| +44 (0) 20 7236 1177
|
| Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More
| +44 (0)20 7408 4090
|
| Liberum Capital Limited (Joint Broker) Scott Mathieson / Lydia Zychowska | +44 (0)20 3100 2000 |
| Shard Capital (Joint Broker) Damon Heath / Isabella Pierre
| +44 (0)20 7186 9927
|
| St Brides Partners (Financial PR/IR) Susie Geliher / Charlotte Page
| +44 (0)20 7236 1177
|
Notes to Editors
Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent. With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation and a plethora of ancillary benefits. As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine.
Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics, including a post-tax NPV8 of approximately US$1.4 billion using industry expert Argus' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Rupert Joy | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Non-Executive Director | |||
| b)
| Initial notification /Amendment
| Initial notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Emmerson PLC | |||
| b)
| LEI
| 213800FPF38IBPRFPU87 | |||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
| a)
| Description of the financial instrument, type of instrument | Ordinary shares | |||
| | | ||||
| Identification code | EML.L | ||||
| | | ||||
| b)
| Nature of the transaction
| Share Purchase | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 7.025 pence per share | 140,000 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| | | ||||
| - Aggregated volume | 140,000 | ||||
| | | ||||
| - Price | 7.025 pence per share | ||||
| | | ||||
| e)
| Date of the transaction
| 18 July 2022 | |||
| f)
| Place of the transaction
| London Stock Exchange | |||
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