Kuala Limited is registered in Guernsey, is self managed,
and is listed on the UK's AIM Stock Market

The Company's Investing Policy is to invest in and/or acquire companies and/or projects within the natural resources and/or energy sector with potential for growth. It is anticipated that the geographical focus will primarily be Africa, however, investments may also be considered in other regions to the extent that the Board considers that valuable opportunities exist and returns can be achieved. In selecting investment opportunities, the Board will focus on businesses, assets and/or projects that are available at attractive valuations and hold opportunities to unlock embedded value.

 

Directors

 

Stephen Dattels (Executive Chairman)

Stephen R. Dattels co-founded UraMin Inc. which sold in 2007 for US$2.5 billion to Areva. He was a key executive at Barrick Gold Corporation during its formative years from 1982 prior to 1987. He has completed several financings in the natural resources sector, either directly or through his family owned merchant bank, Regent Mercantile Bancorp Inc. and other investment companies. He is currently non-executive Co-Chairman of Regent Pacific Group Limited. He was the former Chairman and founder of Caledon Resources plc, co-founder of Oriel Resources plc and a director of Extract Resources Limited, Executive Chairman of West African Minerals Corporation, co-founder and Executive Co-Chairman of Polo Resources Limited, and a director of GCM Resources plc. Stephen Dattels has a Bachelor of Arts degree from McGill University, a law degree (cum laude) from the University of Western Ontario and has completed the Program for Management Development at Harvard University. Further details are available on www.stephendattels.com

Ian Burns (Non-Executive Director)

Ian Burns is the founder and Senior Executive Director of Via Executive Limited, a management consulting company, and the Managing Director of Regent Mercantile Holdings Limited, a privately owned investment company. He is a former Finance Director of Polo Resources Limited, a London AIM-listed natural resources investment company, and a nonexecutive director of Phaunos Timber Fund Limited, a $600 million company listed on the LSE. He is also non-executive director of several investment funds and fund management companies. He is a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute Securities and Investment.


The Company is managed by the Board of Directors, which consists of one Executive and one Non-Executive Director.

Board Responsibilities

The responsibilities of the Board of Directors are set out below:

  • Determination of the Company's Investing Policy and overall responsibility for the Company's activities including the review of investment activity and performance;
  • Ensuring that commercial and regulatory risks and financing needs are properly considered and that the obligations of a public company are adhered to; and
  • Implementing appropriate corporate governance standards and overseeing the effectiveness of the Company's system of internal control.

As part of the Company's internal control structure, the Board has set up an Audit Committee, Management Engagement Committee and a Nomination Committee. The committees comprise all of the Directors.

 
 
 
 

Investor Relations

 

AIM Rule 26

The following information is disclosed in accordance with Rule 26 of the AIM rules.
(Last updated: 19/11/2014)

Description of Business and Investing Policy
Please follow the link below for a description of the business.
About KUL

The names of the directors and biographical details
Please follow the link below for the names of the directors and brief biographical details of each.
Board of Directors

Directors' responsibilities and board committees
Please follow the link below for a description of Directors' responsibilities.
Board of Directors and their committees

Corporate Governance
As a Guernsey incorporated company and under the AIM Rules for Companies, the Company is not required to comply with the UK Corporate Governance Code published by the Financial Reporting Council (the "2012 FRC Code"). However, the Directors place a high degree of importance on ensuring that high standards of Corporate Governance are maintained and that the Company complies with the Finance Sector Code on Corporate Governance, issued by the Guernsey Financial Services Commission.

Country of incorporation and main country of operation
The Company is a closed-ended investment company domiciled and incorporated as a limited liability company in Guernsey. As the Company is not incorporated in the UK, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company. KUL’s main continent of operation is Africa.

Memorandum and Articles of Incorporation
Please follow the link below for the Memorandum and Articles of Incorporation.
Memorandum and Articles of Incorporation

Details of any other exchanges or trading platforms
The Company's ordinary shares (code: KUL) are traded on AIM. The Company is not listed on any other exchanges or trading platforms.

Number of securities in issue
There are 27,120,552 ordinary shares of the Company in issue.

Percentage of the Company's issued share capital that is not in public hands
In accordance with the AIM Rules (Rule 26), in so far as the Company is aware, the percentage of the Company's issued share capital that is not in public hands is 21.39%.

Details of any restrictions on the transfer of securities
There are no restrictions on the transfer of securities.

Takeover Code
The Company is subject to the UK City Code on Takeovers and Mergers.

At the Annual General Meeting on 12 November 2014, a waiver of obligation to make mandatory offer under Rule 9 of the Takeover Code was passed.

Company Shareholdings
The Company has been notified, in accordance with the Disclosure and Transparency Rules, of the following shareholdings amounting to 3% or more of the ordinary capital of the Company.

At 12 November 2014, the Company had received notification of the following substantial shareholders:

Investor (beneficial owner in brackets) Total number of Subscription Shares interested in following completion of the Subscription and on Admission Ordinary Shares interested in immediately following the Subscription as a percentage of the Enlarged Share Capital
Regent Mercantile Holdings Ltd* 4,551,229 16.78
Angstrom Capital Ltd. 2,201,461 8.12
First Island Trustees (Guernsey) Limited 2,003,842 7.39
Analogue Capital Ltd. 2,001,329 7.38
Galloway Limited 2,001,308 7.38
Michael Reynolds 1,506,024 5.55
Scarborough Holding Company Limited 1,500,000 5.53
Iso Capital Ltd. 1,444,817 5.33
Smoke Rise Holdings Limited** 1,250,831 4.61
Guy Elliott 1,000,672 3.69
James Taylor 1,000,672 3.69
Modulus Capital Ltd. 904,949 3.34
Duncan Hall 839,000 3.09

* Regent Mercantile Holdings Limited is owned by a trust under which Stephen Dattels, a director of the     Company is a discretionary beneficiary
** Ian Burns, a Director of the Company, is the legal and beneficial owner of Smoke Rise Holdings Limited


Financial information
Please follow the link below for access to the Company's annual and half-yearly reports.
Reports

Company announcements
Please follow the link below to access notifications made by the Company in the past 12 months.
Regulatory News

Advisors

Registrar Administrator, Secretary and Registered Office
Capita Registrars (Guernsey) Limited

PO Box 627
St Peter Port
Guernsey
GY1 4PP
Elysium Fund Management Limited

1st Floor
Royal Chambers
St Julian's Avenue
St Peter Port
Guernsey
GY1 3JX

Tel: +44 1481 810 100
Email: elysium@elysiumfundman.com

Joint Brokers Nominated Advisor
Peterhouse Corporate Finance Limited

31 Lombard Street
London
EC3V 9BQ

RFC Ambrian Limited

Condor House
10 St. Paul's Churchyard
London
EC4M 8AL
RFC Ambrian Limited

Condor House
10 St Paul's Churchyard
London
EC4M 8AL
Independent Auditors Guernsey Legal Adviser to the Company
PricewaterhouseCoopers CI LLP

Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey
GY1 4ND

Babbé Advocates

La Vieille Cour
La Plaiderie
St Peter Port
Guernsey
GY1 4BL

English Legal Adviser to the Company  
Kerman & Co LLP

200 Strand
London
WC2R 1DJ

 
 
 
 
 

Regulatory News

 
View Half Yearly Results (Opens in new Window) 18/12/14 Half Yearly Results
View Change of name (Opens in new Window) 19/11/14 Holding(s) in Company
View Change of name (Opens in new Window) 17/11/14 Holding(s) in Company
View Change of name (Opens in new Window) 12/11/14 Change of name
View Result of AGM (Opens in new Window) 12/11/14 Result of AGM
View Adjournment of AGM (Opens in new Window) 06/11/14 Adjournment of AGM to 12 November 2014
View Addendum to AGM Notice (Opens in new Window) 21/10/14 Addendum to AGM Notice
View Addendum to Notice of 2014 Annual General Meeting of Shareholders (Opens in new Window) 21/10/14 Addendum to Notice of 2014 Annual General Meeting of Shareholders
View Posting of Circular and Notice of Annual General Meeting (Opens in new Window) 20/10/14 Posting of Circular and Notice of Annual General Meeting
View Circular and Notice of Annual General Meeting (Opens in new Window) 20/10/14 Circular and Notice of Annual General Meeting
View Resignation of Nominated Adviser and Company Update (Opens in new Window) 09/10/14 Resignation of Nominated Adviser and Company Update
View Posting of Annual Accounts (Opens in new Window) 30/09/14 Posting of Annual Accounts
View Financial Results (Opens in new Window) 29/09/14 Financial Results
View Holding(s) in Company (Opens in new Window) 28/07/14 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 28/07/14 Holding(s) in Company
View Shareholder Loan (Opens in new Window) 01/07/14 Shareholder Loan
View Holding in Company (Opens in new Window) 14/04/14 Holding in Company
View Director/PDMR Shareholding (Opens in new Window) 14/04/14 Director/PDMR Shareholding
View Half Yearly Results (Opens in new Window) 25/11/13 Half Yearly Results
View Holding(s) in Company (Opens in new Window) 04/11/13 Holding(s) in Company
View Share Price Movement (Opens in new Window) 30/10/13 Share Price Movement
View Result of AGM (Opens in new Window) 20/09/13 Result of AGM
View Posting of Annual Report (Opens in new Window) 14/06/13 Posting of Annual Report
View Final Results (Opens in new Window) 11/06/13 Final Results
View Holding(s) in Company (Opens in new Window) 17/01/13 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 18/12/12 Holding(s) in Company
View Adviser Change of Name(Opens in new Window) 07/12/12 Adviser Change of Name
View Half Yearly Results(Opens in new Window) 22/11/12 Half Yearly Results
View Holding(s) in Company (Opens in new Window) 16/10/12 Holding(s) in Company
View Result of AGM (Opens in new Window) 21/09/12 Result of AGM
View Holding(s) in Company (Opens in new Window) 07/09/12 Holding(s) in Company
View Holding in Company (Opens in new Window) 05/09/12 Holding in Company
View Exercise of Warrants (Opens in new Window) 16/08/12 Exercise of Warrants
View Holding(s) in Company (Opens in new Window) 16/08/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 10/08/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 03/08/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 16/07/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 25/06/12 Holding(s) in Company
View Director/PDMR Shareholding (Opens in new Window) 20/06/12 Director/PDMR Shareholding
View Final Results (Opens in new Window) 19/06/12 Final Results
View Director/PDMR Shareholding (Opens in new Window) 08/06/12 Director/PDMR Shareholding
View Holding(s) in Company (Opens in new Window) 07/06/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 06/06/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 31/05/12 Holding(s) in Company
View Results of EGM (Opens in new Window) 28/05/12 Results of EGM
View Holding(s) in Company (Opens in new Window) 23/05/12 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 14/05/12 Holding(s) in Company
View Notice of AGM (Opens in new Window) 03/05/12 Proposed Subscription and Return of Capital
View Half Yearly Results (Opens in new Window) 29/11/11 Half Yearly Results
View AGM Statement (Opens in new Window) 23/09/11 AGM Statement
View Change of Registered Office (Opens in new Window) 30/08/11 Change of Registered Office
View Holding(s) in Company (Opens in new Window) 04/08/11 Final Results
View Holding(s) in Company (Opens in new Window) 28/07/11 Return of Capital
View Holding(s) in Company (Opens in new Window) 08/06/11 Return of Capital
View Holding(s) in Company (Opens in new Window) 24/03/11 Update re China CDM
View Holding(s) in Company (Opens in new Window) 08/02/11 Final date for Warrant Exercise
View Holding(s) in Company (Opens in new Window) 20/01/11 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 17/01/11 Holding(s) in Company
View Holding(s) in Company 2 (Opens in new Window) 17/01/11 Holding(s) in Company 2
View Holding(s) in Company 3 (Opens in new Window) 17 01 11 Holding(s) in Company 3
View Director PDMR Shareholding (Opens in new Window) 17/01/11 Director PDMR Shareholding
View Return of Capital and disposal (Opens in new Window) 13/01/11 Return of Capital and disposal
View Half Yearly Report (Opens in new Window) 07/12/10 Half Yearly Report
View Investment Update (Opens in new Window) 16/11/10 Investment Update
View Holding(s) in Company(Opens in new Window) 05/11/10 Holding(s) in Company
View Holding(s) in Company(Opens in new Window) 08/10/10 Holding(s) in Company
View Result of AGM(Opens in new Window) 14/09/10 Result of AGM
View Annual Financial Report (Opens in new Window) 17/08/10 Annual Financial Report
View Final Results(Opens in new Window) 10/08/10 Final Results
View Holding(s) in Company (Opens in new Window) 11/06/10 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 18/03/10 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 26/02/10 Holding(s) in Company
View Half Yearly Results (Opens in new Window) 09/12/09 Half Yearly Results
View Holding(s) in Company (Opens in new Window) 05/11/09 Holding(s) in Company
View Change of Nominated Adviser and Broker (Opens in new Window) 06/11/09 Change of Nominated Adviser and Broker
View Investment Policy Announcement (Opens in new Window) 22/10/09 Investment Policy Announcement
View Resignation of Director (Opens in new Window) 20/10/09 Resignation of Director
View PLC Termination Announcement (Opens in new Window) 29/09/09 PLC Termination Announcement
View Return of Capital (Opens in new Window) 16/09/09 Return of Capital
View Result of AGM (Opens in new Window) 16/09/09 Result of AGM
View AGM Announcement (Opens in new Window) 16/09/09 AGM Announcement
View Sale of China New Energy (Opens in new Window) 28/08/09 Sale of China New Energy
View Holding in Company (Opens in new Window) 07/08/09 Holding in Company
View Holding in Company (Opens in new Window) 03/08/09 Holding in Company
View Annual Report available (Opens in new Window) 14/07/09 Annual Report available
View Annual Results (Opens in new Window) 09/07/09 Annual Results
View Result of EGM (Opens in new Window) 06/07/09 Result of EGM
View Holding(s) in Company (Opens in new Window) 29/06/09 Holding(s) in Company
View Circular- Return on Capital (Opens in new Window) 10/06/09 Circular- Return on Capital
View Holding(s) in Company (Opens in new Window) 25/05/09 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 22/05/09 Holding(s) in Company
View Holding(s) in Company (Opens in new Window) 20/05/09 Holding(s) in Company
View Appointment of New Non Executive Director (Opens in new Window) 09/04/09 Appointment of New Non Executive Director
View ACE, Biofoods, Hainan sale Announcement (Opens in new Window) 01/04/09 ACE, Biofoods, Hainan sale Announcement
View Investment Support Termination (Opens in new Window) 22/03/09 Investment Support Termination
View Full Year Financial Statement and Dividend Announcement (Opens in new Window) 27/02/09 Full Year Financial Statement and Dividend Announcement
View Portfolio Update- AWT, DBI and Biofoods (Opens in new Window) 12/02/09 Portfolio Update- AWT, DBI and Biofoods
View EGM Announcement- Directors Appointment (Opens in new Window) 23/01/09 EGM Announcement- Directors Appointment
View Portfolio Update- AWT (Opens in new Window) 07/01/09 Portfolio Update- AWT
 
 
 
 

Contact Us

 

Elysium Fund Management Limited
PO Box 650
1st Floor Royal Chambers
St Julian's Avenue
St Peter Port
Guernsey
GY1 3JX

Tel: +44 1481 810 100
Email: elysium@elysiumfundman.com