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Assignment of GMI Loan / Related Party Transaction
SHUKA MINERALS PLC
(Incorporated in England and Wales)
(Registration number 05292528)
(“Shuka Minerals” or “the Company”)
ISIN Code: GB00BN47NP32
AIM Share Code: SKA JSE Share Code: SKA
Assignment of GMI Loan
Related Party Transaction
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to
announce that it has agreed to an assignment (the “Assignment”) by Gathoni Muchai Investments
Limited (“GMI”) of the remaining portion of the GMI convertible loan amounting to £163,334.10 (the
“Loan”) to a specialist Australian mining investor (the “Investor”) and to Richard Lloyd, Chief
Executive Officer of the Company ) (together the “Investors”).
The Assignment of £63,334.10 of the Loan to the Investor will enable the Investor, under the original
terms of the Loan, to convert into up to 1,583,352 new ordinary shares of £0.01 each in the capital of
the Company (“Conversion Shares”) at a price of 4 pence per Conversion Share (the “Conversion
Price”).
The Assignment of £100,000 of the Loan to Richard Lloyd will enable him to convert into up to
2,500,000 Conversion Shares at the Conversion Price under the original terms of the Loan.
The Investors have indicated their intention to convert the Loan shortly following completion of the
Assignment, subject in the case of Richard Lloyd to the Company's dealing policy and any
applicable closed period under the UK Market Abuse Regulation.
Related Party Transaction
Richard Lloyd is the Chief Executive Officer and a Director of the Company and is therefore a related
party of the Company for the purposes of the AIM Rules for Companies. The assignment to Richard
Lloyd of £100,000 of the Loan Principal constitutes a related party transaction under AIM Rule 13 (the
“Transaction”) as Shuka is a party to the Assignment agreement.
The Directors of the Company, with the exception of Richard Lloyd, having consulted with Cairn
Financial Advisers LLP, the Company's nominated adviser, consider the terms of the Transaction to
be fair and reasonable insofar as the Company's shareholders are concerned.
Conditional on completion of the Assignment, and according to the original terms of the Loan, the
Company will grant the Investors warrants to subscribe for up to a further 4,083,352 new ordinary
shares of £0.01 each at an exercise price of 8 pence per share, exercisable on or before 20 July 2029,
as per the terms of the amended and restated loan agreement between GMI and the Company.
The original warrants granted to GMI with respect to these 4,083,352 new ordinary shares will be
cancelled.
The Conversion Price represents a c.30% premium to the mid-market closing price of 3.1 pence on
17 September 2026.
Reduction in GMI Loan outstanding
On completion of the Assignment, the amount outstanding under the Loan will be reduced to nil.
Shuka Minerals CEO, Richard Lloyd, commented: “I am delighted to welcome a new Investor into
the Shuka family and it is encouraging that we are starting to gain visibility and attract investment
from Australia, who have a deep involvement in mining and exploration investment. We hope this is
the start of things to come down under. I am also delighted for the opportunity to increase my
personal shareholding in the Company, which I hope conveys to the shareholders and the market
my strong belief in the future of Shuka and inherent value within the Kabwe Project.
“I would like to thank GMI for their historic support of the Company.
“The expected conversion of this balance of the remaining outstanding Loan would mean the
Company is debt free and there are no interest payments due.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
The Directors of Shuka are responsible for the contents of this announcement.
ENDS
LONDON
18 September 2026
Shuka Minerals plc has its primary listing on the London Stock Exchange (“AIM”) and a secondary
listing on the AltX of the JSE Limited.
For enquiries contact:
Shuka Minerals Plc +44 (0)7990 503 007
Richard Lloyd
Chief Executive Officer
Nominated Adviser +44 (0)20 7213 0880
Cairn Financial Advisers LLP
Sandy Jamieson / Ludovico Lazzaretti / James Western
JSE Sponsor & Listing Advisor +27 (11) 480 8500
AcaciaCap Advisors Proprietary Limited
Michelle Krastanov
Broker +44 (0)20 7100 5100
Tavira Financial Limited
Oliver Stansfield / Jonathan Evans
Investor Relations +44 (0)208 892 8329
Olivia Lloyd
Caution:
Certain statements in this announcement are, or may be deemed to be, forward looking statements.
Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'',
"should", ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative
of those, variations or comparable expressions, including references to assumptions.
These forward-looking statements are not based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount, nature and sources of
funding thereof), competitive advantages, business prospects and opportunities. Such forward
looking statements reflect the Directors' current beliefs and assumptions and are based on
information currently available to the Directors.
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 18/09/2026 08:00:00
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