RECOMMENDED CASH OFFER

for

TRIDENT ROYALTIES PLC

by

DETERRA GLOBAL HOLDINGS PTY LTD

Summary

• The boards of directors of Deterra Global Holdings Pty Ltd (“Bidco”) and Trident Royalties Plc (“Trident”) are pleased to announce that they have reached agreement on the terms and conditions of a recommended all-cash offer by Bidco for the entire issued and to be issued share capital of Trident (the “Offer”).
• It is intended that the Offer will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (although Bidco reserves the right to implement the Offer by way of a Takeover Offer, with the consent of the Panel).
• Under the terms of the Offer, each Trident Shareholder will be entitled to receive:

for each Trident Share: 49 pence in cash (the “Cash Consideration”)

• The Cash Consideration values Trident’s entire issued and to be issued share capital at approximately £144 million.
• The Cash Consideration represents a premium of approximately:
• 22.5% to the Closing Price per Trident Share of 40.0 pence on 12 June 2024 (being the latest practicable date prior to this Announcement (the “Latest Practicable Date”));
• 42.0%. to the Closing Price per Trident Share of 34.5 pence on 23 April 2024 (being the date prior to the submission of Deterra’s first non-binding, conditional proposal of 44 pence per share on 24 April 2024);
• 21.2 % to the volume weighted average price per Trident Share of 40.4 pence for the 1-month period ended on the Latest Practicable Date;
• 31.9% to the volume weighted average price per Trident Share of 37.1 pence for the 3-month period ended on the Latest Practicable Date; and
• 34.7% to the volume weighted average price per Trident Share of 36.4 pence for the 6-month period ended on the Latest Practicable Date.

News in full

Whilst at the Mining Indaba conference in Cape Town, we caught up with Julien Bosche, Vice President, EMEA at the firm