Equity Issue, PDMR Dealing & Total Voting Rights

RNS Number : 4549N
Bushveld Minerals Limited
01 February 2021
 

 Market Abuse Regulation ("MAR") Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

1 February 2021

 

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Issue of Equity, PDMR Dealing and Total Voting Rights

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, ("Bushveld"), has issued 1,473,651 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") in respect of the Bonus Awards announced on 21 July 2020. It was noted in the Q3 2020 Operational Update that following the implementation of the Company's incentive schemes in 2019, the Remuneration Committee had reviewed the effectiveness of the deferred portion of the short-term incentive scheme, to which the Bonus Awards relate, and revised the vesting period so that 50 per cent of the Bonus Awards would vest 12 months after the award period and 50 per cent 18 months after the award period. Accordingly, on 31 December 2020, the below Bonus Awards vested for PDMRs:

PDMR

Position

Total Bonus Awards

Vested Bonus Awards

Fortune Mojapelo

Group Chief Executive Officer

880,745

440,373

Mikhail Nikomarov

Bushveld Energy Chief Executive Officer

  238,779

  119,390

Prince Nyati

Lemur Resources Chief Executive Officer

 199,277

 99,639

Kenneth Greve

Director - Corporate Development

312,828

156,414

Sihle Mdluli

Director - Strategy and Corporate Services

169,038

84,519

Lyndon Williams

Director - Sales and Marketing

244,961

122,481

Bertina Symonds

General Manager - Bushveld Vametco

231,249

115,625

 

The remaining Bonus Awards were granted to senior employees who are not deemed PDMRs.

Admission to AIM and Total Voting Rights

Application will be made for admission of these 1,473,651 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 4 February 2021.

Following Admission, there will be a total of 1,192,231,543 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,191,561,543 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the voting rights of the Company, under the FCA's Disclosure and Transparency Rules.

PDMR Shareholdings

Following the issue of Ordinary Shares related to the Bonus Awards which have vested, PDMRs'  shareholdings in the Company are as follows:

Director

Current Shareholding

Number of Ordinary Shares issued

Resultant Shareholding

% of Enlarged Issued Share Capital

Fortune Mojapelo*

12,580,000

440,373

13,020,373

1.09

Mikhail Nikomarov

244

  119,390

  119,634

0.01

Prince Nyati

35,375

 99,639

 135,014

0.01

Kenneth Greve

Nil

156,414

156,414

0.01

Sihle Mdluli

Nil

84,519

84,519

0.01

Lyndon Williams

Nil

122,481

122,481

0.01

Bertina Symonds

Nil

115,625

115,625

0.01

*Fortune Mojapelo holds 8,500,000 shares in Bushveld directly and has a beneficial interest in a further 8,160,000 shares held through VM Investment Company (Pty) Ltd, a company in which he has a 50 per cent interest.

PDMR Dealing

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 

 

 

ENDS

 

Inquiries: info@bushveldminerals.com

Bushveld Minerals


+27 (0) 11 268 6555

Fortune Mojapelo, Chief Executive Officer



Chika Edeh, Head of Investor Relations






SP Angel Corporate Finance LLP

Nominated Adviser & Broker

+44 (0) 20 3470 0470

Richard Morrison / Soltan Tagiev



Abigail Wayne / Richard Parlons






Peel Hunt LLP

Joint Broker

+44 (0) 20 7418 8900

Ross Allister / Alexander Allen






BMO Capital Markets Limited

Joint Broker

+44 (0) 20 7236 1010

Tom Rider / Michael Rechsteiner  Neil Elliot






Tavistock

Financial PR

+44 (0) 20 7920 3150

Charles Vivian / Gareth Tredway  Edward Lee






Brunswick

Financial PR (South Africa)

+27 (0) 11 502 7300

Miyelani Shikwambana



 

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets. 

 

The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.

 

Bushveld's vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company's energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.

 

The Company's approach to project development recognises that, whilst attractive project economics are imperative, they may be insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.

 

Detailed information on the Company and progress to date can be accessed on the website   www.bushveldminerals.com .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCWPUCAGUPGGCG
UK 100

Latest directors dealings