---
title: "Shuka Minerals CEO and Australian investor take on GMI loan"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-09-18T07:54:05+00:00"
modified: "2026-09-18T07:54:05+00:00"
date: 2026-09-18
canonical: "https://www.share-talk.com/shuka-minerals-ceo-and-australian-investor-take-on-gmi-loan/"
category: "Mining"
categories: ["Mining"]
tags: ["Alistair Muir", "Dr. Allen Zimbler", "Edenville Energy PLC", "EDL", "Gathoni Muchai Investments", "Jason Brewer", "Marc Nally", "Mr Edward Ruheni", "Noel Lyons Edenville", "Richard Lloyd", "Rukwa Coal Project", "Shuka Resources Plc", "southwest Tanzania", "Zambian mining"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/39d88c2d-d53d-42eb-bb14-40de3ce42fb8.png?fit=1727%2C911&ssl=1"
format: "news"
language: "en-GB"
---

# Shuka Minerals CEO and Australian investor take on GMI loan

**Published:** September 18, 2026
**Author:** sharetalk
**Categories:** Mining
**Tags:** Alistair Muir, Dr. Allen Zimbler, Edenville Energy PLC, EDL, Gathoni Muchai Investments, Jason Brewer, Marc Nally, Mr Edward Ruheni, Noel Lyons Edenville, Richard Lloyd, Rukwa Coal Project, Shuka Resources Plc, southwest Tanzania, Zambian mining
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/39d88c2d-d53d-42eb-bb14-40de3ce42fb8.png?fit=1727%2C911&ssl=1)

---

[Shuka Minerals Plc (AIM/AltX: SKA)](https://www.investegate.co.uk/announcement/rns/shuka-minerals--ska/assignment-of-gmi-loan-related-party-transaction/9778558) has agreed the assignment of the remaining **£163,334 GMI convertible loan** to two parties: **Richard Lloyd, Shuka’s chief executive officer and director**, and an **unnamed specialist Australian mining investor**.

The Australian investor will acquire **£63,334** of the loan, convertible into up to **1.58 million shares**, while Lloyd will acquire **£100,000**, convertible into up to **2.5 million shares**.

Both conversions would take place at **4p per share**, around a **30% premium** to Shuka’s 3.1p closing price on 17 September.

The company has **not disclosed the identity of the Australian investor**, describing the party only as a specialist mining investor based in Australia.

Both investors have indicated that they intend to convert shortly after completion of the assignment, although Lloyd’s conversion remains subject to the company’s dealing policy and any applicable closed period.

If fully converted, the transaction would result in the issue of up to **4.08 million new shares** and eliminate the remaining GMI loan, leaving Shuka with **no outstanding debt under the facility and no associated interest payments**.

The two investors will also receive warrants over a further **4.08 million shares at 8p**, exercisable until July 2029. Equivalent warrants currently held by GMI will be cancelled.

Because Lloyd is both CEO and a director of Shuka, his **£100,000 participation is a related-party transaction** under AIM rules. The remaining directors, after consulting nominated adviser Cairn Financial Advisers, said the terms were fair and reasonable for shareholders.

For investors, the main benefit is the prospective removal of the remaining convertible debt and interest burden, although conversion would increase the number of shares in issue and the replacement warrants create additional potential dilution if exercised.

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