Kennedy Ventures PLC Granting of Options and Issue of Equity (1712T)
July 16 2015 - 2:00AM
UK Regulatory
TIDMKENV
RNS Number : 1712T
Kennedy Ventures PLC
16 July 2015
16 July 2015
Kennedy Ventures plc
Granting of Options, Related Party Transaction and Issue of
Equity
Kennedy Ventures plc ("Kennedy Ventures" or the "Company"),
which is focused on tantalite production in Namibia through its 75%
holding in African Tantalum (Pty) Limited, announces the following
transactions in the Company's issued share capital.
Issue of Options
Further to the announcement by Kennedy Ventures on 26 March
2014, options have been granted to the following Directors of the
Company:
Director Number of Exercise Exercise
Options Price Expiry Date
(p)
--------------- ---------- --------- -------------
25 March
Giles Clarke 1,599,705 1.25 2018
--------------- ---------- --------- -------------
25 March
Nick Harrison 1,599,705 1.25 2018
--------------- ---------- --------- -------------
In addition, a further 1,066,470 options have been granted to
each of Peter Redmond and Colin Weinberg, both of whom are former
directors of Kennedy Ventures, on the same terms in recognition of
services provided to the Company.
Related Party Transaction
Further to the announcement by Kennedy Ventures on 3 July 2015
regarding the unsecured loan facility ("Loan Facility") provided to
the Company by Westleigh Investment Holdings Limited ("WIHL"), a
company in which Giles Clarke and Nick Harrison, both of whom are
directors of Kennedy Ventures, hold a beneficial interest of 73.28%
and 26.72% respectively, the Company confirms that it has agreed to
repay the Loan Facility in full as set out below:
-- GBP100,000 of the Loan Facility will be repaid through the
issue to WIHL of 1,904,762 new ordinary shares of GBP0.01
("Ordinary Shares") at a price of 5.25 pence per Ordinary Share
(representing a 2.5% premium to the closing price on 14 July 2015);
and
-- The balance of GBP42,000 will be repaid in cash from the
proceeds of the Company's recent placing.
The transaction above in respect of the Loan Facility is a
related party transaction under the AIM Rules for Companies and the
independent directors consider, having consulted with the Company's
nominated adviser, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.
Conversion of Accrued Fees
Further to the announcement by the Company on 15 July 2015
regarding board changes, Peter Redmond and Colin Weinberg have
agreed to convert accrued fees amounting to GBP10,000 each into new
Ordinary Shares at a price of 5.25 pence per Ordinary Share,
resulting in the issue of 380,952 new Ordinary Shares.
Application has been made for admission of the new Ordinary
Shares to trading on AIM ("Admission") and it is expected that
Admission will occur on or around 22 July 2015.
Following Admission, the Company's issued share capital will
consist of 105,268,129 Ordinary Shares, with each carrying the
right to one vote. The Company does not hold any ordinary shares in
treasury. This figure above may therefore 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 in their interest in, the share capital of the
Company under the FCA's Disclosure and Transparency Rules.
ENDS
For further information, please contact:
Kennedy Ventures plc 020 3757 4983
Peter Hibberd c/o Georgia Mann
Cenkos Securities (Nominated
Adviser and Joint Broker) 0131 220 6939
Derrick Lee / Nick Tulloch
Shore Capital (Joint Broker) 020 7408 4090
Mark Percy / Toby Gibbs (corporate
finance)
Jerry Keen (corporate broking)
Peterhouse Corporate Finance
(Joint Broker)
Duncan Vasey 020 7469 0935
Camarco
Billy Clegg / Georgia Mann 020 3757 6983
Notes to editors
Tantalite concentrates form the vast majority of feedstock for
all tantalum products. As such they are critical and unreplaceable
parts of a wide range of modern electronics including computers,
tablets, mobile phones, motor components and video game
systems.
Aside from electronics, tantalum has significant usage in super
alloys, specialised steels, corrosion resistant equipment and
medicine.
Tantalum's applications are based on its unique physio -
chemical properties. The oxides and metal have extremely high
melting points, high heat conductivity and strong resistance to
corrosive environments. Combined, these factors have entrenched its
international demand and made it an important component of numerous
research projects and new technologies.
Trade pricing is following tantalum markets as per Asian Metals
and Metal Pages.
In August 2012, the US Securities and Exchange Commission
adopted a rule mandated by the Dodd-Frank Wall Street Reform and
Consumer Protection Act to require companies reporting to the SEC
to publicly disclose the origins of the tantalum they buy in order
to restrict the use of conflict minerals that originated in the
Democratic Republic of the Congo or an adjoining country. As a
result, users of tantalum are encouraged to demonstrate that their
supply chain is transparent to ensure that conflict-free tantalum
is procured.
It is intended that the tantalum produced by Aftan will be
conflict-free.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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