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Significant Shareholders

As at 19 July 2018, the latest practicable date prior to publication, Tungsten is aware of the following holdings of significant shareholders in the Company (as defined in the AIM Rules). These figures are based on its most recent analysis of shareholders as at 19 July 2018, and other notifications to the company. For clarity, shareholdings are shown separately from holdings in financial instruments, where disclosed.

  Shareholdings as at 19 July 2018 Financial Instruments notified Total
Shares % Number 1 % Holdings %
1. Odey Asset Management 18,470,234 14.65 939,314 2 0.74 19,409,548 15.39
2. Mr Edmund Truell 3 15,717,599 12.47 -  4 - 15,717,599 12.47
3. Indus Capital Partners 10,497,278 8.33 761,174 4 0.6 11,258,452 8.93
4. Artemis Investment Mgt 8,110,000 6.43  - - 8,110,000 6.43
5. AXA Investment Management (Paris & London) 7,639,606 6.06 - 7,639,606 6.06
6. Hadron Capital 6,816,485 5.41 - 6,816,485 5.41
7. TBF Global Asset Management 4,929,688 3.91 - 4,929,688 3.91
8. Invesco Perpetual Asset Management 4,655,349 3.69 - 4,655,349 3.69
9. Majedie Asset Management 4,019,212 3.19 - 4,019,212 3.19


Total voting rights or share equivalent.

969,314 shares equivalent held via CFD’s, reported to the Company on 6 June 2018.

Edmund Truell’s holdings disclosed above represent both his direct and indirect holdings including investments via Disruptive Capital Investments Limited ("DCIL")

4 LDCIL previously notified the Company of its interest in relation to 6,000,000 shares that are subject to a Loan Facility entered into with Equities First Holdings LLC (“EFH”) in October 2016 (“the Loan Shares”), as most recently reported to the Company on 19 April 2018. The Company has subsequently made requests under section 793 of the Companies Act 2006 to both DCIL and EFH in relation to the Loan Shares. In response to such request, DCIL has notified the Company that it does not have voting rights in relation to the Loan Shares until such shares are returned to DCIL under the Loan Facility. The Loan Facility will mature on 11 January 2020, although can be terminated earlier in the event of a cash offer for the Company. EFH has confirmed that it currently only holds 254,318 of the Loan Shares, although DCIL has a contractual right to re-acquire 6,000,000 equivalent shares in the Company from EFH on maturity of the Loan Facility.

761,174 share equivalent held via swaps, expiring on 17 May 2018, reported to the Company on 5 May 2018. Included for full disclosure, as no subsequent update notified to the Company. 6 AXA London shareholding 5,239,606 (4.16%), AXA Paris 2,400,000 (1.90%) holdings combined for purposes of this table.