Bank of America Increases Voting Power in Base Resources Limited

Strategic Insights -

London Stock Exchange plc has issued an announcement regarding Bank of America Corporation's increased voting power in Base Resources Limited. According to the notification, as at 6 May 2020, Bank of America and its related bodies corporate held 93,680,997 ordinary shares in Base Resources, representing 8.00% of the total ordinary shares on issue. This significant shareholding has triggered the AIM Rules for Companies, and the notification was made to Base Resources Limited. The increase in voting power is attributed to the acquisition of ordinary shares and the borrowing and return of securities pursuant to prime brokerage agreements.

Key Takeaways:

  • Bank of America Corporation and its related bodies corporate have increased their voting power in Base Resources Limited to 8.00% of the total ordinary shares on issue.
  • The significant shareholding has triggered the AIM Rules for Companies, requiring notification to Base Resources Limited.
  • The increase in voting power is the result of the acquisition of 20,021,974 ordinary shares and the borrowing and return of securities pursuant to prime brokerage agreements.
  • Bank of America acquired the shares between 27 April 2020 and 6 May 2020, at an average price of A$0.130 per share, excluding any shares borrowed pursuant to a prime brokerage agreement.
  • Bank of America did not dispose of any shares between 24 April 2020 and 6 May 2020, other than through the return of securities pursuant to prime brokerage agreements.
  • The notice referred to in the announcement is available on the Company's website: www.baseresources.com.au.
  • The increase in voting power was made possible through Bank of America's ability to control the voting and/or disposal of securities in its capacity as ultimate beneficial owner.

Statistics:

  • 93,680,997 ordinary shares were held by Bank of America Corporation and its related bodies corporate, represents 8.00% of the total ordinary shares on issue.
  • The increase in voting power is attributed to the acquisition of 20,021,974 ordinary shares and the borrowing and return of securities pursuant to prime brokerage agreements.
  • The shares were acquired between 27 April 2020 and 6 May 2020, at an average price of A$0.130 per share, excluding any shares borrowed pursuant to a prime brokerage agreement.

Sources:

  • London Stock Exchange plc
  • Base Resources Limited (ASX & AIM: BSE)
  • Bank of America Corporation
  • www.baseresources.com.au