TIDMBMN
RNS Number : 4549N
Bushveld Minerals Limited
01 February 2021
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.
1 February 2021
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Issue of Equity, PDMR Dealing and Total Voting Rights
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated
primary vanadium producer and energy storage solutions provider,
with ownership of high-grade assets in South Africa, ("Bushveld"),
has issued 1,473,651 new ordinary shares of 1 pence each in the
Company ("Ordinary Shares") in respect of the Bonus Awards
announced on 21 July 2020. It was noted in the Q3 2020 Operational
Update that following the implementation of the Company's incentive
schemes in 2019, the Remuneration Committee had reviewed the
effectiveness of the deferred portion of the short-term incentive
scheme, to which the Bonus Awards relate, and revised the vesting
period so that 50 per cent of the Bonus Awards would vest 12 months
after the award period and 50 per cent 18 months after the award
period. Accordingly, on 31 December 2020, the below Bonus Awards
vested for PDMRs:
PDMR Position Total Bonus Vested Bonus
Awards Awards
Group Chief Executive
Fortune Mojapelo Officer 880,745 440,373
---------------------------- --------------------- ----------------------
Bushveld Energy Chief
Mikhail Nikomarov Executive Officer 238,779 119,390
---------------------------- --------------------- ----------------------
Lemur Resources Chief
Prince Nyati Executive Officer 199,277 99,639
---------------------------- --------------------- ----------------------
Director - Corporate
Kenneth Greve Development 312,828 156,414
---------------------------- --------------------- ----------------------
Director - Strategy and
Sihle Mdluli Corporate Services 169,038 84,519
---------------------------- --------------------- ----------------------
Director - Sales and
Lyndon Williams Marketing 244,961 122,481
---------------------------- --------------------- ----------------------
General Manager - Bushveld
Bertina Symonds Vametco 231,249 115,625
---------------------------- --------------------- ----------------------
The remaining Bonus Awards were granted to senior employees who
are not deemed PDMRs.
Admission to AIM and Total Voting Rights
Application will be made for admission of these 1,473,651 new
Ordinary Shares to trading on AIM ("Admission"). It is expected
that Admission will take place on or around 4 February 2021.
Following Admission, there will be a total of 1,192,231,543
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 1,191,561,543 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.
PDMR Shareholdings
Following the issue of Ordinary Shares related to the Bonus
Awards which have vested, PDMRs' shareholdings in the Company are
as follows:
Director Current Shareholding Number of Ordinary Resultant % of Enlarged
Shares issued Shareholding Issued Share
Capital
Fortune Mojapelo* 12,580,000 440,373 13,020,373 1.09
--------------------- ---------------------- -------------------- --------------
Mikhail Nikomarov 244 119,390 119,634 0.01
--------------------- ---------------------- -------------------- --------------
Prince Nyati 35,375 99,639 135,014 0.01
--------------------- ---------------------- -------------------- --------------
Kenneth Greve Nil 156,414 156,414 0.01
--------------------- ---------------------- -------------------- --------------
Sihle Mdluli Nil 84,519 84,519 0.01
--------------------- ---------------------- -------------------- --------------
Lyndon Williams Nil 122,481 122,481 0.01
--------------------- ---------------------- -------------------- --------------
Bertina Symonds Nil 115,625 115,625 0.01
--------------------- ---------------------- -------------------- --------------
*Fortune Mojapelo holds 8,500,000 shares in Bushveld directly
and has a beneficial interest in a further 8,160,000 shares held
through VM Investment Company (Pty) Ltd, a company in which he has
a 50 per cent interest.
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) Name 1. Fortune Mojapelo
2. Mikhail Nikomarov
3. Prince Nyati
4. Kenneth Greve
5. Sihle Mdluli
6. Lyndon Williams
7. Bertina Symonds
------------------------------ --------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------
a) Position/status 1. Chief Executive Officer
2. Bushveld Energy Chief Executive
Officer
3. Lemur Resources Chief Executive
Officer
4. Director - Corporate Development
5. Director - Strategy and Corporate
Services
6. Director - Sales and Marketing
7. General Manager - Bushveld Vametco
------------------------------ --------------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name Bushveld Minerals Limited
------------------------------ --------------------------------------------
b) LEI 213800GX3IGYRET8ZE57
------------------------------ --------------------------------------------
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 Ordinary Shares of GBP0.01 each
instrument, type of
instrument
------------------------------ --------------------------------------------
b) Identification code ISIN: GG00B4TM3943
------------------------------ --------------------------------------------
c) Nature of the transaction Issue of Ordinary Shares as part of
a company Share Incentive Scheme
------------------------------ --------------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
1. Nil 440,373
---------- -----------
2. Nil 119,390
---------- -----------
3. Nil 99,639
---------- -----------
4. Nil 156,414
---------- -----------
5. Nil 84,519
---------- -----------
6. Nil 122,481
---------- -----------
7. Nil 115,625
---------- -----------
------------------------------ --------------------------------------------
e) Aggregated information N/A (Single transaction)
- Aggregated volume
- Price
------------------------------ --------------------------------------------
f) Date of the transaction 29 January 2021
------------------------------ --------------------------------------------
g) Place of the transaction Outside of a trading venue
------------------------------ --------------------------------------------
ENDS
Inquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance +44 (0) 20 3470
LLP Nominated Adviser & Broker 0470
Richard Morrison / Soltan
Tagiev
Abigail Wayne / Richard Parlons
+44 (0) 20 7418
Peel Hunt LLP Joint Broker 8900
Ross Allister / Alexander
Allen
+44 (0) 20 7236
BMO Capital Markets Limited Joint Broker 1010
Tom Rider / Michael Rechsteiner
Neil Elliot
+44 (0) 20 7920
Tavistock Financial PR 3150
Charles Vivian / Gareth Tredway
Edward Lee
+27 (0) 11 502
Brunswick Financial PR (South Africa) 7300
Miyelani Shikwambana
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 74 per cent
controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; 100 per cent of
Bushveld Vanchem, a primary vanadium processing facility with a
beneficiation plant; 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. 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.
Bushveld Energy, the Company's energy storage solutions provider,
plays a leading role in the development and promotion of the role
of vanadium in this market.
The Company's approach to project development recognises that,
whilst attractive project economics are imperative, they may be
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 .
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END
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