27th Sep 2010 08:15
TanzaniteOne Limited
ISSUE OF EQUITY
Directors dealings
TanzaniteOne Ltd ('TanzaniteOne' or 'the Company') (LSE AIM: TNZ.L) today announces that it has issued 2,032,622 common shares of US$0.0003 each ('Shares') to members of its board of directors and senior management in satisfaction of accrued directors fees which have been unpaid since October 2009.
Each of the Company's directors and a member of the Company's senior management team has converted all or a portion of their outstanding Directors fees into new Shares at a price of 12p per Share, being equal to the volume weighted average price ('VWAP') of the Company's Shares over the period of the outstanding fees. In total, unpaid fees totalling US$382,946 have been converted into Shares. It is the Company's current intention following the return to profitability and cash generation, as evidenced by the Company's interim results published today, that fees will be paid in cash going forward.
Following the issue of Shares described above, the beneficial shareholdings of each director of TanzaniteOne will be as follows:
|
Director |
Current shareholding |
Shares issued in settlement of accrued fees |
Total number of common shares held following settlement |
Percentage of the enlarged issued share capital immediately following Admission |
|
Ami Mpungwe |
3,284,373 |
342,357 |
3,626,730 |
3.14% |
|
Edward Nealon |
3,095,745 |
331,741 |
3,427,486 |
2.96% |
|
Bernard Olivier |
453,048 |
212,314 |
665,362 |
0.58% |
|
Nicholas Sibley |
5,692,907 |
252,123 |
5,945,030 |
5.14% |
|
Zane Swanepoel |
230,675 |
97,909 |
382,584 |
0.28% |
Application has been made for 2,032,622 Shares to be admitted to trading on the AIM market of the London Stock Exchange. Admission is expected to become effective on 1 October 2010. Following Admission the Company will have 115,640,250 Shares in issue.
The Directors have all opted to have their outstanding Directors fees for the last year converted into shares at the volume weighted average price of the Company's shares over the last 12 months. The VWAP over the period of 12p represents a premium of 37% to the current share price and is a further testimony to the dedication of the Board and the belief it has in the Company.
For more information please contact:
Willi Boehm
Company Secretary
+61 409 969 955
Bernard Olivier
Chief Executive Officer
+61 4089 48182
Nominated Advisor & Broker (AIM)
Ambrian Partners Limited
Richard Greenfield/ Richard Chase
+44 (0) 20 7634 4700
Threadneedle Communications
Laurence Read/Beth Harris
+44 (0)20 7653 9855
+44 (0)7979 955 923
Related Shares:
RLD.L