Notice of agreements to issue shares to directo...
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
24 October 2012
African Consolidated Resources plc ("ACR" or the "Company")
Notice of agreements to issue shares to directors, staff and consultants
ACR, the AIM listed southern African focused resource development company announces that pursuant to resolution of the remuneration committee on 22 October 2012, the executive directors and Lloyd Manokore (Non-executive Director) have entered into a binding agreement with the Company, pursuant to which each director has agreed that a fixed proportion of their monthly basic remuneration in respect of their services for the year from 1 September 2012 to 31 August 2013 will be applied in the subscription for new ordinary shares of 1p each in the Company ("Shares") at a price of 2p per Share. Such subscriptions shall be effected on a quarterly basis.
The proportion of remuneration that will be applied towards subscription for Shares under this arrangement is larger than the proportion paid in Shares under the previous arrangement that was announced on 30 September 2011.
The Company has also entered broadly similar arrangements in respect of a fixed proportion of monthly salary or fees with senior management and a majority of other employees and consultants.
On 22 October 2012, the directors, or companies having the benefit of their services, also agreed to subscribe a proportion of their total remuneration for the year ended 31 August 2012 for the following shares ("2012 Remuneration Shares"), subject to Admission (as defined below):
| Amount | Issue Price | Number of Shares | |
| (£) | (pence) | ||
| Andrew Cranswick | 52,500 | 2.5 | 2,100,000 |
| Mike Kellow | 41,250 | 2.5 | 1,650,000 |
| Roy Tucker | 37,500 | 2.5 | 1,500,000 |
| Total | 131,2500 | 5,250,000 |
The proceeds of the subscriptions shall be used by the Company for general working capital purposes.
Application will be made in due course to the London Stock Exchange for the 2012 Remuneration Shares to be admitted to trading on AIM ("Admission") in addition to the new Shares incurred but not yet issued in respect of director's monthly basic remuneration for the period from 1 April 2012 to 31 August 2012, as announced on 30 September 2011. ACR Executive Chairman, Roy Tucker, said, "We are delighted that all our executive directors and nearly all our other employees and consultants have agreed to apply a proportion - in many cases a significant proportion - of their salaries or fees in subscriptions for shares in the Company. This demonstrates their confidence in the Company's future, aligns their interests with those of the Company and at the same time reduces the Company's cash expenditure."
Grant of options
The Company has agreed to grant options to subscribe for Shares at an exercise price of 5p per Share ("Options") to the following directors:
| Director | Number of Options |
| Andrew Cranswick | 7,000,000 |
| Mike Kellow | 3,500,000 |
| Roy Tucker | 3,500,000 |
| Lloyd Manokore | 1,000,000 |
The Options expire on 31 August 2015 and are conditional on continued satisfactory service with or provision of services to the Company by the individuals up to 31 August 2013.
**ENDS**
For further information visit www.acrplc.com or please contact:
| Roy Tucker | African Consolidated Resources plc | +44 (0) 1622 816918 |
| Andrew Cranswick | African Consolidated Resources plc | +44 (0) 7920 189 010 |
| Andrew Godber | Panmure Gordon (UK) Limited | +44 (0) 207 886 2966 |
| Callum Stewart | Panmure Gordon (UK) Limited | +44 (0) 207 886 2960 |
| Adam James | Panmure Gordon (UK) Limited | +44 (0) 207 886 2951 |
| Hannah Woodley | Panmure Gordon (UK) Limited | +44 (0) 207 886 2904 |
| Susie Geliher | St Brides Media & Finance Ltd | +44 (0) 20 7236 1177 |
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: African Consolidated Resources Plc via Thomson Reuters ONE
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