10 February 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Director/PDMR Shareholding
Rainbow Rare Earths Ltd announces that Adonis Pouroulis, the Non-Executive Chairman and Person Discharging Managerial Responsibility ("PDMR") of the Company, has notified Rainbow of the transfer of shares beneficially held on behalf of Pella Ventures Limited (of which Adonis Pouroulis is the ultimate beneficial owner) by:
· Huntress (CI) Nominees Limited to Sanlam Private Wealth (of which custody is held at Citi Bank Securities - Luxembourg) for the benefit of Pella Ventures Limited; and
· Sanlam Private Wealth (of which custody is held at Citi Bank Securities - Luxembourg) to Vidacos Nominees Limited (a nominee company of Sanlam Private Wealth) for the benefit of Adonis Pouroulis.
The net effect of these transactions leaves the overall beneficial holding of Adonis Pouroulis in the shares of the Company unchanged.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name | Adonis Pouroulis | ||||||
| 2 | Reason for the notification | |||||||
| a) | Position/status | Director | ||||||
| b) | Initial notification/ Amendment | Initial Notification | ||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name | Rainbow Rare Earths Limited | ||||||
| b) | LEI | 213800HONYSAXTG6KS11 | ||||||
| 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
Identification code | Ordinary shares of no par value each
GG00BD59ZW98 | ||||||
| b) | Nature of the transaction
| Transfer of ordinary shares of no par value from Huntress (CI) Nominees Limited to Sanlam Private Wealth Limited (custodied at Citi Bank Securities - Luxembourg). The shares remain beneficially owned on behalf of Adonis Pouroulis. | ||||||
| c) | Price(s) and volume(s)
|
| ||||||
| d) | Aggregated information
Aggregated volume
- Price
|
92,168,070
£11,290,588.60 | ||||||
| e) | Date of the transaction
| 1st February 2023
| ||||||
| f) | Place of the transaction | Outside of a trading venue | ||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name | Adonis Pouroulis | ||||||
| 2 | Reason for the notification | |||||||
| a) | Position/status | Director | ||||||
| b) | Initial notification/ Amendment | Initial Notification | ||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name | Rainbow Rare Earths Limited | ||||||
| b) | LEI | 213800HONYSAXTG6KS11 | ||||||
| 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
Identification code | Ordinary shares of no par value each
GG00BD59ZW98 | ||||||
| b) | Nature of the transaction
| Transfer of ordinary shares of no par value from Sanlam Private Wealth Limited (custodied at Citi Bank Securities - Luxembourg) to Vidacos Nominees Limited. The shares remain beneficially owned on behalf of Adonis Pouroulis. | ||||||
| c) | Price(s) and volume(s)
|
| ||||||
| d) | Aggregated information
Aggregated volume
- Price
|
86,210,872
£10,560,831.80 | ||||||
| e) | Date of the transaction
| 7th February 2023
| ||||||
| f) | Place of the transaction | Outside of a trading venue | ||||||
**ENDS**
For further information, please contact:
| Rainbow Rare Earths Ltd | Company | George Bennett Pete Gardner | +27 82 652 8526
|
| SP Angel Corporate Finance LLP | Broker | Ewan Leggat Charlie Bouverat | +44 (0) 20 3470 0470 |
| Berenberg | Broker | Matthew Armitt Jennifer Lee | +44 (0) 20 3207 7800 |
| Tavistock Communications | PR/IR | Charles Vivian Tara Vivian-Neal | +44 (0) 20 7920 3150 rainbowrareearths@tavistock.co.uk |
Notes to Editors:
Rainbow's strategy is to identify near-term, secondary rare earths production opportunities. Meeting escalating demand for critical minerals needed for global decarbonisation, we are focused on producing the magnet rare earth metals neodymium and praseodymium ("NdPr"), dysprosium and terbium. With our strong operating experience, proven project development experience, unique intellectual property and diversified portfolio, Rainbow will develop a responsible rare earths supply chain to drive the green energy transition.
The Phalaborwa Rare Earths Project, located in South Africa, comprises an Inferred Mineral Resource Estimate of 30.7Mt at 0.43% TREO contained within unconsolidated gypsum stacks derived from historic phosphate hard rock mining. High value NdPr oxide represents 29.1% of the total contained rare earth oxides, with economic Dysprosium and Terbium oxide credits enhancing the overall value of the rare earth basket in the stacks. The rare earths are contained in chemical form in the gypsum stacks, which allows high value separated rare earth oxides to be produced in a single processing plant at site with lower operating costs than a typical rare earth mineral project.
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