First Class Metals plc investor The 79th Group Ltd, which is currently under Police investigation for fraud, has reduced its holding in the Ontario-focused metals exploration company.
MOMENTUM
Quantuma Advisory Ltd which, with Kroll Advisory Ltd, is joint administrator of 79th, today stated that it had entered into a share purchase agreement with Anthony Charles Harris, Darren Andrew Rowlands and James Charles Ashley Goozee.
Quantuma previously held 29.9% of First Class’ issued share capital until the offer period ended today.
The proposed sale is of 48,489,768 ordinary shares, representing some 19% of First Class’ entire issued share capital.
On completion, 79th will have 30,062,316 ordinary shares, representing approximately 11.8% of First Class’s issued ordinary share capital, reduced from its previous holding of 33.5%.
Mr Goozee has also increased his 6% shareholding to become the company’s single largest shareholder.
First Class said that Mr Goozee first joined the company’s register in 2022 and had been a “committed long-term investor” in the company.
Mssrs Harris and Rowlands become significant shareholders.
“The introduction of experienced, high-net-worth investors alongside existing long-term holders represents a meaningful strengthening and diversification of the company’s shareholder base,” added the company.
“The reduction of the 79th GRP Limited holding and the formal conclusion of the offer period provide greater clarity around the company’s ownership structure.
“The board believes this marks an important inflection point, enabling the company to
move forward with enhanced strategic focus and corporate momentum.
“The company continues to engage constructively with the administrators to the 79th Group in relation to the remaining 79th Group shareholding and supports an orderly and responsible outcome.”
Executive chairman James Knowles said that First Class could now concentrate fully on its exploration programme and advancing its corporate strategy.