TIDMBZT
RNS Number : 2196N
Bezant Resources PLC
07 August 2017
7 August 2017
Bezant Resources Plc
("Bezant" or the "Company")
Directors' Dealings and Issue of Equity
Bezant (AIM: BZT), the AIM quoted gold and platinum development
company, announces the issue, yesterday, of, in aggregate,
12,359,642 new ordinary shares of 0.2 pence each in the capital of
the Company ("Ordinary Shares") in satisfaction of certain accrued
directors' fees and salaries which have been unpaid since 1 October
2016 as well as certain unpaid senior management and consultancy
fees and salaries within the same period.
In order to conserve cash reserves within the Company as Bezant
progresses its preparations for commencement of commercial
production at its wholly owned Choco Project in Colombia in
mid-August 2017, the Company's directors and certain members of
senior management have agreed to receive new Ordinary Shares in
lieu of their remuneration accrued for the period from 1 October
2016 to 31 July 2017. The conversion price has been determined as
being the volume weighted average price of the Company's shares
over the period from 1 October 2016 to 31 July 2017, being 1.2976
pence (the "Conversion Price"). The directors will therefore
receive, in aggregate, 8,532,552 Ordinary Shares, as detailed in
the table below (the "Director Fee Shares"). The Conversion Price
represents a discount of approximately 1.7 per cent. to the
Company's closing mid-market share price of 1.32 pence on 4 August
2017 (being the latest practicable business day prior to the date
of this announcement).
Director Position Current holding Shares issued in Resultant holding Percentage of
of Ordinary settlement of of Ordinary the Company's
Shares accrued fees and Shares enlarged issued
salaries share capital
following
Admission
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Non-Executive
Edward Nealon Chairman 6,670,000 3,044,081 9,714,081 2.36%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Dr Bernard Olivier CEO 1,057,800 3,044,081 4,101,881 1.00%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Laurence Read Executive Director 138,600 922,349 1,060,949 0.26%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
Non-Executive
Dr Evan Kirby Director 350,000 1,522,041 1,872,041 0.46%
------------------- ------------------- ------------------ ----------------- ------------------ -----------------
In addition, certain unpaid fees amounting to approximately
GBP49,660 due to senior management and consultants over the period
are also being satisfied by the issue of, in aggregate, 3,827,090
Ordinary Shares at the same Conversion Price (the "Management and
Consultant Fee Shares").
Application to trading on AIM
Application will be made for the, in aggregate, 12,359,642
Director Fee Shares and Management and Consultant 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 and Management and
Consultant Fee Shares will commence at 8.00 a.m. on or around 14
August 2017. Following Admission, the Company's total issued share
capital will consist of 411,136,678 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 and Management ans
Consultant 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 411,136,678 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 abovementionned 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.
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
Peterhouse Corporate Finance Tel: +44 (0)20 7469 0930
Limited (Broker)
Lucy Williams/ Duncan Vasey/
Heena Karani
Beaufort Securities Limited Tel: +44 (0)20 7382 8300
(Broker)
Elliot Hance
or visit http://www.bezantresources.com
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.
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------
a) Name Edward Nealon
--- ------------------------------- -----------------------------
2. Reason for the Notification
--- --------------------------------------------------------------
a) Position/status Director of the Company
--- ------------------------------- -----------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- -----------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- --------------------------------------------------------------
a) Name Bezant Resources plc
--- ------------------------------- -----------------------------
b) LEI 2138008K9GRXDUVYVK15
--- ------------------------------- -----------------------------
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 Ordinary shares of 0.2p each
Financial instrument, in the share capital of the
type of instrument Bezant Resources plc
--- ------------------------------- -----------------------------
Identification code GB00B1CKQD97
--- ------------------------------- -----------------------------
b) Nature of the Transaction Receipt of Ordinary Shares
in lieu of director fees
--- ------------------------------- -----------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------- ----------
1.2976 pence 3,044,081
-------------- ----------
--- ------------------------------- -----------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------
e) Date of the transaction 6 August 2017
--- ------------------------------- -----------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- -----------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------
a) Name Bernard Olivier
--- ------------------------------- -----------------------------
2. Reason for the Notification
--- --------------------------------------------------------------
a) Position/status Director of the Company
--- ------------------------------- -----------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- -----------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- --------------------------------------------------------------
a) Name Bezant Resources plc
--- ------------------------------- -----------------------------
b) LEI 2138008K9GRXDUVYVK15
--- ------------------------------- -----------------------------
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 Ordinary shares of 0.2p each
Financial instrument, in the share capital of the
type of instrument Bezant Resources plc
--- ------------------------------- -----------------------------
Identification code GB00B1CKQD97
--- ------------------------------- -----------------------------
b) Nature of the Transaction Receipt of Ordinary Shares
in lieu of director fees
--- ------------------------------- -----------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------- ----------
1.2976 pence 3,044,081
-------------- ----------
--- ------------------------------- -----------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------
e) Date of the transaction 6 August 2017
--- ------------------------------- -----------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- -----------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------
a) Name Laurence Read
--- ------------------------------- -----------------------------
2. Reason for the Notification
--- --------------------------------------------------------------
a) Position/status Director of the Company
--- ------------------------------- -----------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- -----------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- --------------------------------------------------------------
a) Name Bezant Resources plc
--- ------------------------------- -----------------------------
b) LEI 2138008K9GRXDUVYVK15
--- ------------------------------- -----------------------------
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 Ordinary shares of 0.2p each
Financial instrument, in the share capital of the
type of instrument Bezant Resources plc
--- ------------------------------- -----------------------------
Identification code GB00B1CKQD97
--- ------------------------------- -----------------------------
b) Nature of the Transaction Receipt of Ordinary Shares
in lieu of director fees
--- ------------------------------- -----------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------- ----------
1.2976 pence 922,349
-------------- ----------
--- ------------------------------- -----------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------
e) Date of the transaction 6 August 2017
--- ------------------------------- -----------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- -----------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------
a) Name Evan Kirby
--- ------------------------------- -----------------------------
2. Reason for the Notification
--- --------------------------------------------------------------
a) Position/status Director of the Company
--- ------------------------------- -----------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- -----------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- --------------------------------------------------------------
a) Name Bezant Resources plc
--- ------------------------------- -----------------------------
b) LEI 2138008K9GRXDUVYVK15
--- ------------------------------- -----------------------------
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 Ordinary shares of 0.2p each
Financial instrument, in the share capital of the
type of instrument Bezant Resources plc
--- ------------------------------- -----------------------------
Identification code GB00B1CKQD97
--- ------------------------------- -----------------------------
b) Nature of the Transaction Receipt of Ordinary Shares
in lieu of director fees
--- ------------------------------- -----------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
-------------- ----------
1.2976 pence 1,522,041
-------------- ----------
--- ------------------------------- -----------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------
e) Date of the transaction 6 August 2017
--- ------------------------------- -----------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- -----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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