05 Sep Change of Eligibility for Stamp Duty Exemption
CHANGE OF ELIGIBILITY FOR STAMP DUTY AND STAMP DUTY RESERVE TAX EXEMPTION
Tethyan Resources plc (“Tethyan” or the “Company”) announces that when the Company’s ordinary shares commence trading on the TSX Venture Exchange on 6 September 2017 at the opening of that market (as announced on 4 September 2017), the exemption from payment of the 0.5% charge to Stamp Duty (Stamp Duty) and Stamp Duty Reserve Tax (SDRT) that currently exists on transfers of the Company’s ordinary shares will no longer be available.
The exemption is available on transfers of a company’s securities that are admitted to trading on a Recognised Growth Market (such as AIM) provided that the securities are not also listed on a Recognised Stock Exchange (such as TSX-V). Therefore once Tethyan’s ordinary shares are listed on both AIM and TSX-V they will become subject to the UK Stamp Duty and SDRT regime and will no longer be eligible for the exemption.
For the Company’s ordinary shares that are traded outside of CREST, Stamp Duty would apply in the usual way and transferees should liaise with HMRC to settle the 0.5% duty payable and stamp the stock transfer forms evidencing transfers of the Company’s ordinary shares.
For the Company’s ordinary shares that are traded through CREST, the 0.5% SDRT charge would be collected from the transferees through CREST on any transfers of the Company’s ordinary shares.
For further information please contact:
Tethyan Resources PLC
+44 1534 881 885
Peter Mullens (CEO)
Cairn Financial Advisers LLP (Nominated Adviser)
James Caithie / Sandy Jamieson +44 207 213 0880
Tethyan is incorporated in England & Wales (company registration number 3781581) and is a gold and copper mineral exploration company. Tethyan listed on AIM (TETH.L) in 2004. Exploration is conducted in the Tethyan Belt of Eastern Europe, in particular Serbia where we are acquiring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets.
Sustainability is paramount to all Tethyan’s activities. The long-term success of Tethyan is connected to our ability to operate in a socially and environmentally responsible way. We are committed to proactively implement sustainable health, safety and environmental management, as well as engage with local communities and all stakeholders. Tethyan’s business philosophy is to adhere to good international best practice (GIIP) and implement the highest standards of corporate governance.
More information can be found on our website: www.tethyan-resources.com.