13th Mar 2015 09:59
13 March 2015
Namibian Resources plc ('Namibian' or 'the Company')
Issue of 13,465,263 new Ordinary Shares at 4.75p per share.
Namibian announces that it has capitalised £639,600 of interest free loans advanced by directors and former directors and their associates by the issue of 13,465,263 new ordinary shares of 1p each ("Ordinary Shares") at 4.75p per share.
Out of the total of 13,465,263 Ordinary Shares, 4,383,158 Ordinary Shares are being issued to Brian Moritz, a director of the Company, in settlement of loans of £208,200.
In addition, 8,976,842 Ordinary Shares are being issued to a former director, Lord Sheppard, in settlement of loans of £426,400.
The interests of Brian Moritz and Lord Sheppard, following the capitalisation of loans, will be as follows:
Existing number of Ordinary Shares held | Number of Ordinary Shares being issued | Resulting number of Ordinary Shares held after Admission | Resulting holding as a percentage of the Ordinary Shares in issue immediately after Admission | |
Brian Moritz | 18,040,330 | 4,383,158 | 22,423,488
| 25.77% |
Lord Sheppard | 16,920,321 | 8,976,842 | 25,897,163 | 29.77% |
The interests of Lord Sheppard include shares held by companies controlled by him.
The issues of new Ordinary Shares to Brian Moritz and Lord Sheppard are considered to be related party transactions pursuant to the AIM Rules for Companies. The Independent Directors, being David Johnson and Michael Solomon, consider, having consulted with Grant Thornton UK LLP, the Company's nominated adviser, that the terms of the share issues are fair and reasonable insofar as the Company's shareholders are concerned.
Application has been made for admission of the 13,465,263 New Ordinary Shares to trading on the AIM Market of the London Stock Exchange ("Admission"). It is anticipated that Admission will occur and dealings will commence in the New Ordinary Shares on 20 March 2015. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares currently traded on AIM. Following Admission, there will be 86,998,615 Ordinary Shares in issue.
The above figure of 86,998,615 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.
Contacts
Brian Moritz, Director, Namibian Resources Plc
| Tel: 07976 994300 |
Colin Aaronson/Jen Clarke Grant Thornton UK LLP, Nominated Adviser | Tel: 0207 383 5100 |
Related Shares:
NBR.L