Response to AIM Disciplinary Notice
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Response to AIM Disciplinary Notice
The Board of Bushveld Minerals Limited (AIM: BMN) announces London Stock Exchange has determined a public censure of the Company and a fine of £700,000, discounted to £490,000 for early settlement. The public censure relates to breaches by the Company of AIM Rules 11 and 31 that occurred in April 2016 concerning an undertaking to pay an exclusivity fee to the vendors of Vametco, as notified by the Company on 22 April 2016.
The Company has co-operated fully with the London Stock Exchange's enquiry and that, prior to these events, the Company had no previous breaches of the AIM Rules recorded on its disciplinary record. The Company has accepted the findings of the investigation and has agreed to the settlement terms. The fine will be paid using internal resources.
The Exchange Notice is available at:
https://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aim-notices.htm
Ian Watson, Independent Non-Executive Chairman, commented:
"The transaction in question has been at the heart of the Company's rapid transformation from a junior exploration company with a market cap of under £20 million to a significant and growing integrated mining and processing company, one of the largest mining companies listed on AIM with a market cap in excess of £450 million. This transition came with challenges in respect of both management and governance capacity of the Company, which the Company has, and continues to, proactively address.
"The Company's actions were informed by an intent to protect the economics of its shareholders and avoid unnecessary dilution, in a transaction it saw as transformational. However, the Company acknowledges that if it had engaged more fully with its nominated adviser as required under the AIM Rules, it could have met its regulatory obligations whilst also meeting its commercial objectives and the Company regrets the consequent breaches of the AIM Rules.
"In the intervening period since the events in question, Bushveld Minerals has undergone key board and operational changes; standards of governance, procedures, controls and communication have significantly improved."
Fortune Mojapelo, Chief Executive Officer, commented:
"The Company has expressed regret in relation to the breaches arising from these matters and reiterates that it takes its AIM Rules obligations seriously and has put in place measures to ensure that the events giving rise to these breaches are not repeated in the future.
Today's settlement allows Bushveld Minerals to move forward. Since April 2016, Bushveld Minerals has transformed from a junior mining exploration company with a market capitalisation of under £20 million to a primary vanadium producer with a market capitalisation in excess of £450 million."
Enquiries: 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 |
|
Ewan Leggat / Richard Morrison |
|
|
|
Jonathan Williams / Richard Parlons |
|
|
|
|
|
|
|
|
|
|
|
Alternative Resource Capital |
Joint Broker |
|
|
Rob Collins |
|
+44 (0) 207 186 9001 |
|
Alex Wood |
|
+44 (0) 207 186 9004 |
|
|
|
|
|
|
|
|
|
Tavistock |
Financial PR |
|
|
Charles Vivian / Gareth Tredway |
|
+44 (0) 207 920 3150 |
|
|
|
|
|
|
|
|
|
Lifa Communications |
Financial PR (South Africa) |
|
|
Gabriella von Ille |
|
+27 (0) 71 112 1907 |
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.
Latest directors dealings
- 12 minutes ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics
- 2 hours ago AB Dynamics