Capital Limited (DI) (CAPD)

Sector:

Mining

Index:

FTSE Small Cap

 83.60p
   
  • Change Today:
      0.000p
  • 52 Week High: 104.00
  • 52 Week Low: 74.00
  • Currency: UK Pounds
  • Shares Issued: 196.26m
  • Volume: 0
  • Market Cap: £164.07m
  • Beta: 0.00

Capital sells entire shareholding in Predictive Discovery

By Josh White

Date: Wednesday 14 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Mining services company Capital Limited announced the sale of its entire shareholding in Predictive Discovery (PDI) on Wednesday, to Perseus Mining for a total cash consideration of AUD 47.3m (£24.42m).
The London-listed firm said the transaction involved the sale of 225,349,418 shares at 21 Australian cents each.

As part of the agreement, Capital and Perseus established a profit-sharing arrangement, under which any profit derived from a subsequent sale of the shares by Perseus to a third party before 31 December 2025 would be split equally between the two companies.

Additionally, the agreement provided Capital with certain options should Perseus initiate a takeover offer or propose a scheme of arrangement for PDI shares at a price greater than 21 Australian cents per share before the end of 2025.

In such scenarios, Capital said it would have the option to repurchase the shares at the original sale price, subject to certain conditions, or Perseus could cancel the call option by paying a cash fee to Capital equal to the premium offered.

Perseus indicated that it was not currently engaged in any discussions with PDI, and had no immediate plans to acquire control or make a takeover offer for the company, barring any significant changes in PDI's shareholding or actions.

Capital said it decided to sell its stake in PDI to reallocate funds into its broader business, with a focus on reducing debt levels.

The company's board believed the sale was in the best interest of shareholders.

Jamie Boyton, Capital's executive chairman, recused himself from all transaction negotiations and board voting on the sale due to a conflict of interest.

He also sold his personal holdings in PDI to Perseus under the same terms as the company's transaction.

"Predictive Discovery has been an excellent investment for Capital, as well as an excellent client for Capital's drilling business," said chief executive officer Peter Stokes.

"As Predictive moves towards permitting and then construction, we see this as the right time to recycle this investment back into the broader business, particularly to lower the group's debt levels."

At 1018 BST, shares in Capital Limited were up 4.71% at 89.63p.

Reporting by Josh White for Sharecast.com.

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CAPD Market Data

Currency UK Pounds
Share Price 83.60p
Change Today 0.000p
% Change 0.00 %
52 Week High 104.00
52 Week Low 74.00
Volume 0
Shares Issued 196.26m
Market Cap £164.07m
Beta 0.00

CAPD Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
93.48% above the market average93.48% above the market average93.48% above the market average93.48% above the market average93.48% above the market average
85.83% above the sector average85.83% above the sector average85.83% above the sector average85.83% above the sector average85.83% above the sector average
Price Trend
16.42% below the market average16.42% below the market average16.42% below the market average16.42% below the market average16.42% below the market average
22.06% above the sector average22.06% above the sector average22.06% above the sector average22.06% above the sector average22.06% above the sector average
Income
45.60% above the market average45.60% above the market average45.60% above the market average45.60% above the market average45.60% above the market average
14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average
Growth
26.98% above the market average26.98% above the market average26.98% above the market average26.98% above the market average26.98% above the market average
86.44% above the sector average86.44% above the sector average86.44% above the sector average86.44% above the sector average86.44% above the sector average

What The Brokers Say

Strong Buy 2
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CAPD Dividends

  Latest Previous
  Interim Final
Ex-Div 29-Aug-24 18-Apr-24
Paid 03-Oct-24 15-May-24
Amount 1.30¢ 2.60¢

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

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