TIDMSTGR
RNS Number : 4589L
Stratmin Global Resources PLC
03 October 2016
DISSEMINATION OF A REGULATORY ANNOUNCEMENT THAT CONTAINS INSIDE
INFORMATION ACCORDING TO REGULATION (EU) NO 596/2014 (MAR).
3 October 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
Subscription for Shares by Directors, former Directors and
Management
StratMin Global Resources Plc (AIM: STGR) is pleased to announce
the implementation of the previously approved subscription for
shares by Directors, former Directors and Management to fully align
the interests of the Board with shareholders.
As announced on 18 December 2015, your Board and senior
management team made a commitment to ensure they are fully aligned
with Shareholder interests, and had to this end agreed to subscribe
for shares to the value of their 2015/16 (up to 30 April 2016)
salaries and fees. This is in accordance with the resolutions
approved by shareholders at the general meeting held on 6 January
2016. The Board has now agreed to extend this arrangement for the
period from 1 May 2016 to 19 September 2016 (the date of the recent
board changes). Certain of the directors, senior management and
former directors will therefore subscribe a total of GBP344,500 at
a price of 2.5p per ordinary share of 0.01 pence each ("Ordinary
Shares"), a premium of 54% to the previous day's closing mid-market
price. As a result, the Company will issue 13,780,022 Ordinary
Shares (the "New Ordinary Shares"). Following the issue of the New
Ordinary Shares, the holdings of the directors will be as
follows:
Director Number of Total shareholding Percentage
New Ordinary upon Admission of voting
Shares subscribed rights in
for the Company
upon Admission
--------------- ------------------- ------------------- ----------------
Shishir Kumar
Poddar(1) 4,312,000 6,284,387 3.55%
--------------- ------------------- ------------------- ----------------
Robert Brett
Boynton 4,352,690 4,352,690 2.46%
--------------- ------------------- ------------------- ----------------
Zegham Rashid
Choudhry 0 0 0%
--------------- ------------------- ------------------- ----------------
Total 8,664,690 10,637,077 6.01%
--------------- ------------------- ------------------- ----------------
(1) 1,972,387 shares are held by Tirupati Carbons &
Chemicals Pvt. Ltd, of which Mr Poddar is a 50 per cent.
shareholder and director.
The Company will make an application for the New Ordinary Shares
to be admitted to trading on AIM. It is expected that admission
will become effective on or around 7 October 2016
("Admission").
Following the issue of the New Ordinary Shares, and for the
purposes of the Disclosure and Transparency Rules, the Company's
total issued share capital on Admission of the New Ordinary Shares
will consist of 176,929,413 Ordinary Shares. The above figure may
be used by shareholders 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 Company, under
the Disclosure and Transparency Rules.
In addition, Mr Boynton and Mr Poddar have each agreed, with
effect from 1 October 2016, to a reduction of 75 per cent of their
Director's fee to GBP20,000 per annum and to taking up to 50 per
cent. of this remuneration in equity (the "Fee Shares"). The Fee
Shares will be issued on a quarterly basis, commencing on 2 January
2017. The price at which the Fee Shares will be issued will be set
at the higher of 2.5 pence per Fee Share or the average of the
closing mid-market price of the Ordinary Shares on the five trading
days immediately prior to the quarterly issue. Mr Choudhry was
appointed as a director of the Company on 19 September 2016 with a
remuneration structure which includes a director's fee of GBP20,000
per annum, up to half of which is to be taken in equity on the same
terms as the Fee Shares.
The issue of the New Ordinary Shares and the Fee Shares to
certain of the Directors and former Directors constitutes a related
party transaction pursuant to Rule 13 of the AIM Rules. The
Company's independent non-executive director, Mr Zeg Choudhry,
considers, having consulted with the Company's Nominated Adviser,
Allenby Capital Limited, that the terms of the issue of both the
New Ordinary Shares and the Fee Shares to be fair and reasonable
insofar as the Company's shareholders are concerned.
Brett Boynton, CEO, Commented:
"Following the completion of the divestment of Graphmada and the
publication of the Half Year Results, the Directors are pleased to
be able to fulfill the commitment made at the beginning of the year
to build an equity stake in the Company. I am very encouraged that
key management has also volunteered to join Shishir and I in making
this commitment and that our new fellow Director has similarly
agreed to immediately begin building an equity position going
forward."
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 Shishir Kumar Poddar
2 Reason for the notification
a) Position/status Director, Technical Director
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name StratMin Global Resources Plc
b) LEI Not available
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 instrument, type Ordinary shares of 0.01 pence each in StratMin Global Resources
of instrument Plc
Identification code
Identification code (ISIN) for StratMin Global Resources plc
ordinary shares: GB00B9276C59
b) Nature of the transaction Purchase of shares
c) Price(s) and volume(s) Price(s) Volume(s)
2.5 pence per 4,312,000 ordinary
ordinary share shares purchased
d) Aggregated information Single transaction as in 4 c) above Price(s) Volume(s)
- Aggregated volume 2.5 pence per 4,312,000 ordinary
- Price ordinary share shares purchased
e) Date of the transaction 30 September 2016
f) Place of the transaction Outside a Trading Venue - conditional issue of new ordinary
shares
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Robert Brett Boynton
2 Reason for the notification
a) Position/status Director, Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name StratMin Global Resources Plc
b) LEI Not available
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 instrument, type Ordinary shares of 0.01 pence each in StratMin Global Resources
of instrument Plc
Identification code
Identification code (ISIN) for StratMin Global Resources plc
ordinary shares: GB00B9276C59
b) Nature of the transaction Purchase of shares
c) Price(s) and volume(s) Price(s) Volume(s)
2.5 pence per 4,352,690 ordinary
ordinary share shares purchased
d) Aggregated information Single transaction as in 4 c) above Price(s) Volume(s)
- Aggregated volume 2.5 pence per 4,352,690 ordinary
- Price ordinary share shares purchased
e) Date of the transaction 30 September 2016
f) Place of the transaction Outside a Trading Venue - conditional issue of new ordinary
shares
For further information, please visit www.stratminglobal.com or
contact:
StratMin Global Resources Plc +44 (0) 20
Brett Boynton, CEO 3691 6160
Allenby Capital (Nominated Adviser
& Broker)
John Depasquale/Nick Harriss/Liz +44 (0) 020
Kirchner 3328 5656
Optiva Securities (Broker) +44 (0) 20
Christian Dennis 3137 1903
VSA Capital Limited (Financial
Adviser) ++44 (0)20
Andrew Raca 3005 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOELIFIRILLVIIR
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