By: OrePulse

BPM Investments Limited increased its stake in Andrada Mining to approximately 3.66%, up from about 3.16%, by converting loan notes and accrued interest into new shares of the Namibia-focused tin producer.

The shareholder notified Andrada on October 20, 2026, that it had converted five loan notes with a combined value of £577,845, comprising £500,000 in principal and £77,845 in capitalized interest, into 11.56 million new ordinary shares priced at 5 pence each. The conversion raised BPM's holding in Andrada from 69,426,746 shares to 80,983,651 shares.

The loan notes stemmed from a financing arrangement Andrada entered into in July 2023, under which the company issued 77 unsecured convertible loan notes of £100,000 each, for an original principal of £7.7 million. Following the latest conversion, the outstanding principal on the loan notes stood at £7.2 million, excluding interest. The £500,000 principal converted in this transaction accounted for the full reduction from the facility's original £7.7 million balance, based on the figures disclosed.

Andrada, which mines tin in Namibia and trades on London's Alternative Investment Market (AIM), applied for the new shares to be admitted to trading on that market. Admission is expected to take effect on October 26, 2026, after which the newly issued shares will carry full voting rights alongside Andrada's existing stock and will be eligible for trading on AIM like the rest of the company's issued capital.

Once admission is complete, Andrada's total issued share capital will rise to 2,210,471,653 ordinary shares, all carrying voting rights. The company advised shareholders to use this enlarged figure, rather than the pre-conversion share count, as the basis for calculating their percentage holdings and any resulting disclosure obligations going forward.

BPM's post-conversion holding of 80,983,651 shares, measured against Andrada's enlarged capital of 2,210,471,653 shares, was consistent with the roughly 3.66% stake disclosed in the announcement, while its prior holding of 69,426,746 shares corresponded to the approximately 3.16% stake it held before the conversion. The transaction was the latest development tied to Andrada's 2023 loan-note financing program, under which note holders including BPM are entitled to convert outstanding debt into equity in the AIM-listed miner at the agreed conversion price.