Result of Annual General Meeting & Issue of Equity
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.
8 August 2018
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Result of Annual General Meeting & Issue of Equity
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets is pleased to announce that all resolutions put to Shareholders at the Annual General Meeting held earlier today were duly passed, including Resolution 9, to approve the issue and allotment of 24,847,310 new ordinary shares of 1 pence each to be issued to certain directors, senior employees and advisors of the Company (the "Compensation Shares").
Issue of Equity
Further to the approval by Shareholders of the Retrospective Compensation Scheme (details of which are set out in the "Final Results for the Period Ended 31 December 2017" announcement dated 29 June 2018), the Board has today issued the Compensation Shares as follows:
|
Name of recipient |
Role |
Number of Compensation Shares |
|
Fortune Mojapelo |
Chief Executive Officer |
7,000,000 |
|
Anthony Viljoen |
Non-Executive Director (Executive Director till 09/11/2017) |
7,000,000 |
|
Ian Watson |
Non-Executive Chairman |
3,015,000 |
|
Jeremy Friedlander |
Non-Executive Director |
1,050,000 |
|
Bill Chipane |
Director of Bushveld Vametco Limited |
2,500,000 |
|
Senior Employees and Advisors |
|
4,282,310 |
|
Total Shares |
|
24,847,310 |
The Compensation Shares are subject to a minimum restricted hold period of 12 months except for limited circumstances including meeting any tax liabilities resulting from the share award.
The Compensation Shares will represent approximately 2.26% of the Company's enlarged issued share capital.
Admission to AIM and Total Voting Rights
Application will be made for admission of these 24,847,310 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 15 August 2018.
Following Admission, there will be a total of 1,104,871,960 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,104,201,960 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.
Directors' Shareholdings
Following the issue of the Compensation Shares, the directors' shareholdings in the Company are as follows:
|
Director |
Current Shareholding |
Number of Compensation Shares Awarded |
Resultant Shareholding |
% of Enlarged Issued Share Capital |
|
Anthony Viljoen |
9,826,667 |
7,000,000 |
16,826,667 |
1.52% |
|
Fortune Mojapelo |
9,660,000 |
7,000,000 |
16,660,000 |
1.51% |
|
Ian Watson |
540,000 |
3,015,000 |
3,555,000 |
0.32% |
|
Jeremy Friedlander |
Nil |
1,050,000 |
1,050,000 |
0.10% |
|
Geoff Sproule |
1,500,000 |
Nil |
1,500,000 |
0.14% |
|
Michael Kirkwood |
300,000 |
Nil |
300,000 |
0.03% |
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.
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
(a) |
Full name of person Dealing |
i. Fortune Mojapelo ii. Anthony Viljoen iii. Ian Watson iv. Jeremy Friedlander v. Bill Chipane vi. Kate Bredin |
||||
|
2. |
Reason for notification |
|||||
|
(b) |
Position/status |
i. Chief Executive Officer ii. Non-Executive Director iii. Non-Executive Chairman iv. Non-Executive Director v. Head: Corporate Development vi. Head: Compliance |
||||
|
(c) |
Initial notification/ Amendment |
Initial notification |
||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
(d) |
Name of entity |
Bushveld Minerals Limited |
||||
|
(e) |
LEI |
213800GX31GYRET8ZE57 |
||||
|
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
(a) |
Description of the financial instrument, type of instrument |
Ordinary shares of 1 pence each |
||||
|
(b) |
Identification code |
GG00B4TM3943 |
||||
|
(c) |
Nature of the transaction |
Issue of ordinary shares in lieu of historic compensation shortfalls |
||||
|
(d) |
Price(s) and volume(s) |
|
||||
|
(e) |
Aggregated information: - Aggregated volume - Price |
Single transaction as in 4(d) above
|
||||
|
(f) |
Date of transaction |
8 August 2018 |
||||
|
(g) |
Place of transaction |
St Peter Port, Guernsey (off-market issue of new ordinary shares) |
||||
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 |
|
|
|
Laura Harrison |
|
|
|
|
|
|
|
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 |
|
|
Gabriella von Ille |
|
+27 (0) 711 121 907 |
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 59.1 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 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. This incorporates development and promotion of the role of vanadium in the growing global energy storage market through Bushveld Energy, the Company's energy storage solutions provider. 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.
While the Company's focus is on vanadium operations and the development and promotion of VRFBs, it has additional investments in coal, power and tin.
The coal platform comprises the wholly-owned Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers. The Company's tin interests are held through its shareholding in AIM listed AfriTin Mining Limited.
The Company's approach to project development recognises that, whilst attractive project economics are imperative, they are 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.
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