100% ownership of Ampasindava and issue of shares
Harena acquires final 25% of Ampasindava project and issues 66.7m shares to vendors.
- Performance Shares issued 66,666,666
- Share price for Performance Shares 3p
- Total ordinary shares post-Admission 562,651,018
- Allan Mulligan total shareholding post-Admission 8.83%
- Sebastian Jurd total shareholding post-Admission 9.32%
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Harena Resources Plc (LSE: HREE), the rare earths company focused on the Ampasindava ionic clay rare earth project in Madagascar (the "Ampasindava Project"), is pleased to announce that the Company now owns 100 per cent. of the Ampasindava Project. This follows the completion of the commercial process to acquire the remaining 25 per cent. as referred to in the Company's prospectus published on 26 February 2025 (the "Prospectus").
This has triggered the issue of 66,666,666 new ordinary shares of 0.5 pence each in the share capital of the Company ("Performance Shares") to the vendor shareholders of Harena Resources Pty Ltd (the intermediate holding company for the Ampasindava Project) when it was acquired by the Company. Further details of the Performance Shares and the persons to whom they are being issued are set out in the Prospectus.
Ivan Murphy, Non-Executive Chairman of Harena, said:
"We are pleased to now control 100 per cent. of this strategically important, world class, heavy rare earth project and we look forward to moving forward towards production."
As a result of the issue of Performance Shares, on Admission (as defined below) the shareholdings of certain directors/PDMRs and significant shareholders will be as follows:
| Concert Party Member | Position | No. of Performance Shares issued | Total shareholding on Admission | Percentage of enlarged share capital on Admission |
|---|---|---|---|---|
| Allan Mulligan | Director/PDMR | 13,382,166 | 49,703,564 | 8.83% |
| Joseph Belladonna | PDMR | 1,700,457 | 10,400,278 | 1.85% |
| Sebastian Jurd | Shareholder | 11,528,214 | 52,412,344 | 9.32% |
| Trevor Bruce Benson | Shareholder | 5,406,583 | 18,561,615 | 3.30% |
| Stephen Francis Lynn | Shareholder | 7,272,727 | 25,995,107 | 4.62% |
| Edward Nealon | Shareholder | 4,436,450 | 18,653,469 | 3.32% |
The FCA notification in respect of the issue of the Performance Shares to directors/PDMRs, made in accordance with the requirements of UK MAR, is appended further below.
Admission
Applications have been made: (i) to the Financial Conduct Authority (the "FCA") for the admission of the 66,666,666 Performance Shares to trading on the equity shares (transition) category of the Official List of the FCA; and (ii) to the London Stock Exchange for the admission of the 66,666,666 Performance Shares to trading on its main market for listed securities (together, "Admission"). Admission is expected to take place at 8.00 a.m. on or around 4 September 2025.
Total voting rights
Immediately following Admission, the Company will have 562,651,018 ordinary shares of 0.5 pence each in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of ordinary shares in issue and voting rights will be 562,651,018 and this figure may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Director/PDMR MAR disclosures
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Name Position Allan Mulligan Executive Technical Director Timothy Morrison Non-Executive Director Joseph Belladonna PDMR |
| 2 | Reason for the notification | |
| a) | Position/status | See above |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Harena Resources Plc |
| b) | LEI | 213800TNHZOA4JIZK687 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.5p each in Harena Resources Plc ("Ordinary Shares") Identification code (ISIN) for Harena Resources Plc ordinary shares: GB00BMGRFP88 |
| b) | Nature of the transaction | Issue of Performance Shares |
| c) | Price(s) and volume(s) | Name No. of Performance Shares Price(s) (p) Allan Mulligan 13,382,166 3 Timothy Morrison 837,148 3 Joseph Belladonna 1,700,457 3 |
| d) | Aggregated information: - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 28 August 2025 |
| f) | Place of the transaction | London Stock Exchange, XLON |
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