Bezant Resources PLC Directors' Dealings (0777L)
September 28 2016 - 6:20AM
UK Regulatory
TIDMBZT
RNS Number : 0777L
Bezant Resources PLC
28 September 2016
28 September 2016
Bezant Resources Plc
("Bezant" or the "Company")
Directors' Dealings
Bezant (AIM: BZT), the AIM listed mineral exploration and
development company, today announces the issue of 1,468,600 new
ordinary shares of 0.2 pence each in the capital of the Company in
satisfaction of certain accrued directors fees and salaries which
have been unpaid since 1 June 2016 (the "Director Fee Shares").
The Company's directors had voluntarily suspended certain cash
payments in respect of of their remuneration from 1 June 2016 to 28
September 2016 in order to conserve cash within the Company.
Further to the announcement of 19 September 2016, the Directors
have now finalised the conversion of all outstanding fees due as at
27 September 2016 into ordinary shares, in order to continue
conserving the Company's cash reserves as Bezant commences bulk
sampling, evaluation and exploration of its Colombian Platinum and
Gold assets.
The conversion will be made at the volume weighted average price
("VWAP") of the Company's shares over the period the fees were
outstanding. The VWAP over the period of approximately 2.5 pence
per share represents a premium of approximately 5 per cent. to the
closing mid-market share price of 2.38 pence on 27 September 2016.
In total, unpaid fees of, in aggregate, GBP36,715 will be converted
into 1,468,600 Director Fee Shares.
Following the issue of the Director Fee Shares, the beneficial
shareholdings of each director of Bezant will be as follows:
Director Position Current Shares issued in Resultant holding Percentage of
shareholding settlement of of Ordinary the enlarged
Of ordinary accrued fees and Shares issued share
shares salaries capital
following
Admission
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Non-Executive
Edward Nealon Chairman 6,250,000 420,000 6,670,000 3.37%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Dr Bernard Olivier Executive Director 497,800 560,000 1,057,800 0.53%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Laurence Read Executive Director 0 138,600 138,600 0.07%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Non-Executive
Dr. Evan Kirby Director 0 350,000 350,000 0.18%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Application to trading on AIM
Application will be been made for the 1,468,600 Director Fee
Shares to be admitted to trading on the AIM market of the London
Stock Exchange ("Admission"). It is expected that Admission will
become effective and that dealings in the Director Fee Shares will
commence at 8.00 a.m. on or around 10 October 2016. Following
Admission the Company's total issued share capital will consist of
197,751,762 ordinary shares with voting rights. The Company does
not hold any ordinary shares in treasury and accordingly there are
no voting rights in respect of any treasury shares. The Director
Fee Shares will be fully paid and will rank pari passu in all
respects with the Company's existing ordinary shares.
On Admission, the above figure of 197,751,762 Ordinary Shares
may be used by shareholders in the Company 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,
Bezant under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Related Party Transaction
The issue of the abovementioned new Ordinary Shares in lieu of
accrued fees and salaries to certain of the directors of the
Company is considered to be a related party transaction for the
purposes of Rule 13 of the AIM Rules for Companies. Accordingly,
the independent director, being Ronnie Siapno, a Non-Executive
Director of the Company, considers, having consulted with Strand
Hanson Limited (the Company's Nominated Adviser), that the terms of
the issue of the Director Fee Shares are fair and reasonable
insofar as the Company's shareholders are concerned.
Exumax Update
Further to the Company's announcement of 7 September 2016,
completion of the acquisition of Birkenhead Estates S.A., in
connection with the Company's exploration agreement with Exumax, is
now expected to occur on or before 15 October 2016 and a further
announcement confirming completion will be made in due course.
For further information, please contact:
Bezant Resources Plc
Bernard Olivier Tel: +61 40 894 8182
Chief Executive Officer
Laurence Read Tel: +44 (0)20 3289 9923
Executive Director / Communications
Officer
Strand Hanson Limited (Nomad) Tel: +44 (0)20 7409 3494
James Harris / Matthew Chandler
/ James Dance
Beaufort Securities Limited Tel: +44 (0)20 7382 8300
(Broker)
Elliot Hance
or visit http://www.bezantresources.com
The Company's ordinary shares of 0.2 pence each are traded on
the AIM Market of the London Stock Exchange with identification
code GB00B1CKQD97.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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