Ann: UK City Code to Apply on Takeover or Merger, page-2

Adriatic have just adopted the London takeover code. This means that Sandfire can buy up to 30% of Adriatic without being obliged to issue a mandatory takeover offer.

"Adriatic Metals Plc (ASX:ADT & LON:ADT1) (‘Adriatic’ or the ‘Company’)announces that following its admission of its shares to the standard segment of the Official List and the LSE’s Main Market for listed securities on 12 December 2019, the Company is now subject to the UK City Code on Takeovers and Mergers (“Takeover Code”), as administered by the UK Panel on Takeovers and Mergers (“Panel”). Under the Takeover Code, where: (a) any person acquires, whether by a series of transactions over a period of time or not, an interest in shares which (taken together with shares in which such person is already interested, and in which persons acting in concert with such person are interested) carry 30 per cent. or more of the voting rights of a company;

or (b) any person who, together with persons acting in concert with such person, is interested in shares which in the aggregate carry not less than 30 per cent. of the voting rights of a company but does not hold shares carrying more than 50 per cent. of such voting rights and such person, or any person acting in concert with such person, acquires an interest in any other shares which increases the percentage of shares carrying voting rights in which such person is interested."