9th May 2012 13:33
9 May 2012
Brady Exploration plc
("Brady" or the "Company")
Result of Annual General Meeting
Grant of Options
Change of Registered Office
The Board of Brady, the natural resources focused investing company, is pleased to announce that at the Company's Annual General Meeting held earlier today all resolutions were passed.
The Board also announces that, under the Company's share option plan, it has today granted options over, in aggregate, 5,800,000 ordinary shares of one penny each ("Ordinary Shares") to the directors of the Company (the "Grant").
Details of the grant of options and the interests of the board of Brady in the share capital of the Company following the Grant are as follows:
Name | Number of options granted | Total number of options held following the Grant | Number of Warrants* held | Number of Ordinary Shares held |
Alex Borrelli (Chairman) | 2,900,000 | 2,900,000 | 4,347,826 | Nil |
Nicholas Lee (Non-Executive Director) | 2,900,000 | 2,900,000 | Nil | Nil** |
Each option carries the right to subscribe for one Ordinary Share in the capital of the Company at a price of 1.55 pence per Ordinary Share, being the mid-market price of the Company's Ordinary Shares immediately prior to the adoption of the share option plan. These options vest over a period of three years from the date of the Grant, with a third of the options becoming exercisable on the first, second and third anniversaries of the Grant respectively. These options are exercisable for a period of ten years from the date of the Grant.
The grant of Options to Alex Borrelli and Nicholas Lee are related party transactions under the AIM Rules for Companies (the "AIM Rules"). There are no independent directors for the purposes of providing the statement required under Rule 13 of the AIM Rules. Allenby Capital Limited, the Company's nominated adviser, considers that the terms of the grant of the options are fair and reasonable insofar as the shareholders of the Company are concerned.
Following the Grant there are now options outstanding over, in aggregate, 5,800,000 Ordinary Shares representing 9.96 per cent. of the Company's existing issued share capital.
The Company also announces that its registered office address has been changed to 31 Harley Street, London, W1 9QS with immediate effect.
*As at 1 May 2012 there were warrants in issue to subscribe for 17,849,851 new Ordinary Shares at an exercise price of 1.15 pence per Ordinary Share.
**Nicholas Lee is Chairman of Viridas plc which is interested in 16,977,675 Ordinary Shares representing 29.15 per cent. of the Company's existing issued share capital.
For further information on the Company please visit: www.bradyexploration.com or please contact:
Brady Exploration plc | Tel: +44 7747 020 600 |
Alex Borrelli, Chairman
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Allenby Capital Limited (Nominated adviser and joint broker) | Tel: +44 20 3328 5656 |
Nick Naylor Nick Athanas
Rivington Street Corporate Finance (Joint broker) Jon Levinson
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Tel: +44 20 7562 3357
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Related Shares:
MTR.L