Bushveld Minerals Limited Response to AIM Disciplinary Notice (7456J)
December 07 2018 - 2:30AM
UK Regulatory
TIDMBMN
RNS Number : 7456J
Bushveld Minerals Limited
07 December 2018
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 GBP700,000, discounted to GBP490,000 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 GBP20 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 GBP450 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
GBP20 million to a primary vanadium producer with a market
capitalisation in excess of GBP450 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
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END
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