Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces that it has issued today 166,667 fully paid new ordinary shares of £0.01 to Kurt Budge, CEO of the Company, at a deemed price of 6.25p per share ("New Shares") (the "Share Issue").
The Share Issue is to compensate Kurt Budge for the lapse of 500,000 share options granted to Kurt Budge, exercisable at a price of 4p per share, as announced via RNS on 10 October 2014 ("Share Options"). Kurt Budge was unable to exercise the Share Options due to being in a closed period in respect of the recent fundraising announced via RNS on the 24 October 2019. The issue of New Shares is intended to provide Mr Budge with compensation equivalent to the economic value of the Share Options that lapsed. The deemed consideration value of the New Shares is approximately £10,417, based on the closing mid-price of the Company's ordinary shares on 30 October 2019.
Application will be made to the London Stock Exchange for the New Shares to be admitted to trading on AIM on or around 7 November 2019 ("Admission"). The New Shares will rank pari passu with existing ordinary shares of £0.01 each.
Following Admission, Kurt Budge will have an interest in 2,416,426 ordinary shares of the Company, representing 0.40 per cent of the issued ordinary share capital of the Company.
Following Admission, and in accordance with the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules, the Company hereby announces that it will have 597,896,846 ordinary shares in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.
Following Admission, the above figure of 597,896,846 ordinary shares may 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 to their interest, in the share capital of the Company under the FCA and Transparency Rules.
Beowulf Mining plc
Kurt Budge, Chief Executive Officer
Tel: +44 (0) 20 3771 6993
(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
Tim Blythe / Megan Ray
Tel: +44 (0) 20 7138 3204
Details of the person discharging managerial responsibilities / person closely associated
Reason for the notification
CEO and PDMR
Initial notification /Amendment
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Beowulf Mining plc
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
Description of the financial instrument, type of instrument
Issue of Shares
Ordinary Shares of 1p each
Nature of the transaction
Issue of shares
Price(s) and volume(s)
- Aggregated volume - Price
Date of the transaction
Place of the transaction
London Stock Exchange (XLON)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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