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BZT Bezant Resources Plc

0.023
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bezant Resources Plc LSE:BZT London Ordinary Share GB00B1CKQD97 ORD 0.002P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.023 0.022 0.024 0.023 0.023 0.023 20,528,026 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 1.44M 0.0002 1.00 1.54M

Bezant Resources PLC Directors' Dealings and Issue of Equity (2196N)

07/08/2017 7:45am

UK Regulatory


Bezant Resources (LSE:BZT)
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RNS Number : 2196N

Bezant Resources PLC

07 August 2017

7 August 2017

Bezant Resources Plc

("Bezant" or the "Company")

Directors' Dealings and Issue of Equity

Bezant (AIM: BZT), the AIM quoted gold and platinum development company, announces the issue, yesterday, of, in aggregate, 12,359,642 new ordinary shares of 0.2 pence each in the capital of the Company ("Ordinary Shares") in satisfaction of certain accrued directors' fees and salaries which have been unpaid since 1 October 2016 as well as certain unpaid senior management and consultancy fees and salaries within the same period.

In order to conserve cash reserves within the Company as Bezant progresses its preparations for commencement of commercial production at its wholly owned Choco Project in Colombia in mid-August 2017, the Company's directors and certain members of senior management have agreed to receive new Ordinary Shares in lieu of their remuneration accrued for the period from 1 October 2016 to 31 July 2017. The conversion price has been determined as being the volume weighted average price of the Company's shares over the period from 1 October 2016 to 31 July 2017, being 1.2976 pence (the "Conversion Price"). The directors will therefore receive, in aggregate, 8,532,552 Ordinary Shares, as detailed in the table below (the "Director Fee Shares"). The Conversion Price represents a discount of approximately 1.7 per cent. to the Company's closing mid-market share price of 1.32 pence on 4 August 2017 (being the latest practicable business day prior to the date of this announcement).

 
 Director             Position               Current holding   Shares issued in   Resultant holding      Percentage of 
                                                 of Ordinary      settlement of         of Ordinary      the Company's 
                                                      Shares   accrued fees and              Shares    enlarged issued 
                                                                       salaries                          share capital 
                                                                                                             following 
                                                                                                             Admission 
-------------------  -------------------  ------------------  -----------------  ------------------  ----------------- 
                      Non-Executive 
 Edward Nealon         Chairman                    6,670,000          3,044,081           9,714,081              2.36% 
-------------------  -------------------  ------------------  -----------------  ------------------  ----------------- 
 Dr Bernard Olivier   CEO                          1,057,800          3,044,081           4,101,881              1.00% 
-------------------  -------------------  ------------------  -----------------  ------------------  ----------------- 
 Laurence Read        Executive Director             138,600            922,349           1,060,949              0.26% 
-------------------  -------------------  ------------------  -----------------  ------------------  ----------------- 
                      Non-Executive 
 Dr Evan Kirby         Director                      350,000          1,522,041           1,872,041              0.46% 
-------------------  -------------------  ------------------  -----------------  ------------------  ----------------- 
 

In addition, certain unpaid fees amounting to approximately GBP49,660 due to senior management and consultants over the period are also being satisfied by the issue of, in aggregate, 3,827,090 Ordinary Shares at the same Conversion Price (the "Management and Consultant Fee Shares").

Application to trading on AIM

Application will be made for the, in aggregate, 12,359,642 Director Fee Shares and Management and Consultant Fee Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). It is expected that Admission will become effective and that dealings in the Director Fee Shares and Management and Consultant Fee Shares will commence at 8.00 a.m. on or around 14 August 2017. Following Admission, the Company's total issued share capital will consist of 411,136,678 Ordinary Shares with voting rights. The Company does not hold any ordinary shares in treasury and accordingly there are no voting rights in respect of any treasury shares. The Director Fee Shares and Management ans Consultant Fee Shares will be fully paid and will rank pari passu in all respects with the Company's existing ordinary shares.

On Admission, the above figure of 411,136,678 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, Bezant under the Financial Conduct Authority's Disclosure and Transparency Rules.

Related Party Transaction

The issue of the abovementionned new Ordinary Shares in lieu of accrued fees and salaries to certain of the directors of the Company is considered to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. Accordingly, the independent director, being Ronnie Siapno, a Non-Executive Director of the Company, considers, having consulted with Strand Hanson Limited (the Company's Nominated Adviser), that the terms of the issue of the Director Fee Shares are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

 
 Bezant Resources Plc 
  Bernard Olivier                         Tel: +61 40 894 8182 
  Chief Executive Officer 
 
  Laurence Read                           Tel: +44 (0)20 3289 9923 
  Executive Director / Communications 
  Officer 
 Strand Hanson Limited (Nomad)          Tel: +44 (0)20 7409 3494 
  James Harris / Matthew Chandler 
  / James Dance 
 Peterhouse Corporate Finance           Tel: +44 (0)20 7469 0930 
  Limited (Broker) 
  Lucy Williams/ Duncan Vasey/ 
  Heena Karani 
 
 Beaufort Securities Limited            Tel: +44 (0)20 7382 8300 
  (Broker) 
  Elliot Hance 
 

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  -------------------------------------------------------------- 
 a)   Name                             Edward Nealon 
---  -------------------------------  ----------------------------- 
 2.   Reason for the Notification 
---  -------------------------------------------------------------- 
 a)   Position/status                  Director of the Company 
---  -------------------------------  ----------------------------- 
 b)   Initial notification/amendment   Initial notification 
---  -------------------------------  ----------------------------- 
 3.   Details of the issuer, emission allowance market 
       participant, auction platform, auctioneer or 
       auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                             Bezant Resources plc 
---  -------------------------------  ----------------------------- 
 b)   LEI                              2138008K9GRXDUVYVK15 
---  -------------------------------  ----------------------------- 
 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               Ordinary shares of 0.2p each 
       Financial instrument,            in the share capital of the 
       type of instrument               Bezant Resources plc 
---  -------------------------------  ----------------------------- 
      Identification code              GB00B1CKQD97 
---  -------------------------------  ----------------------------- 
 b)   Nature of the Transaction        Receipt of Ordinary Shares 
                                        in lieu of director fees 
---  -------------------------------  ----------------------------- 
 c)   Price(s) and volume(s)            Price(s)        Volume(s) 
                                        --------------  ---------- 
                                         1.2976 pence    3,044,081 
                                        --------------  ---------- 
---  -------------------------------  ----------------------------- 
 d)   Aggregated information           N/A (Single transaction) 
       Aggregated volume 
       Price 
---  -------------------------------  ----------------------------- 
 e)   Date of the transaction          6 August 2017 
---  -------------------------------  ----------------------------- 
 f)   Place of the transaction         London Stock Exchange, AIM 
                                        Market (XLON) 
---  -------------------------------  ----------------------------- 
 
 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  -------------------------------------------------------------- 
 a)   Name                             Bernard Olivier 
---  -------------------------------  ----------------------------- 
 2.   Reason for the Notification 
---  -------------------------------------------------------------- 
 a)   Position/status                  Director of the Company 
---  -------------------------------  ----------------------------- 
 b)   Initial notification/amendment   Initial notification 
---  -------------------------------  ----------------------------- 
 3.   Details of the issuer, emission allowance market 
       participant, auction platform, auctioneer or 
       auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                             Bezant Resources plc 
---  -------------------------------  ----------------------------- 
 b)   LEI                              2138008K9GRXDUVYVK15 
---  -------------------------------  ----------------------------- 
 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               Ordinary shares of 0.2p each 
       Financial instrument,            in the share capital of the 
       type of instrument               Bezant Resources plc 
---  -------------------------------  ----------------------------- 
      Identification code              GB00B1CKQD97 
---  -------------------------------  ----------------------------- 
 b)   Nature of the Transaction        Receipt of Ordinary Shares 
                                        in lieu of director fees 
---  -------------------------------  ----------------------------- 
 c)   Price(s) and volume(s)            Price(s)        Volume(s) 
                                        --------------  ---------- 
                                         1.2976 pence    3,044,081 
                                        --------------  ---------- 
---  -------------------------------  ----------------------------- 
 d)   Aggregated information           N/A (Single transaction) 
       Aggregated volume 
       Price 
---  -------------------------------  ----------------------------- 
 e)   Date of the transaction          6 August 2017 
---  -------------------------------  ----------------------------- 
 f)   Place of the transaction         London Stock Exchange, AIM 
                                        Market (XLON) 
---  -------------------------------  ----------------------------- 
 
 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  -------------------------------------------------------------- 
 a)   Name                             Laurence Read 
---  -------------------------------  ----------------------------- 
 2.   Reason for the Notification 
---  -------------------------------------------------------------- 
 a)   Position/status                  Director of the Company 
---  -------------------------------  ----------------------------- 
 b)   Initial notification/amendment   Initial notification 
---  -------------------------------  ----------------------------- 
 3.   Details of the issuer, emission allowance market 
       participant, auction platform, auctioneer or 
       auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                             Bezant Resources plc 
---  -------------------------------  ----------------------------- 
 b)   LEI                              2138008K9GRXDUVYVK15 
---  -------------------------------  ----------------------------- 
 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               Ordinary shares of 0.2p each 
       Financial instrument,            in the share capital of the 
       type of instrument               Bezant Resources plc 
---  -------------------------------  ----------------------------- 
      Identification code              GB00B1CKQD97 
---  -------------------------------  ----------------------------- 
 b)   Nature of the Transaction        Receipt of Ordinary Shares 
                                        in lieu of director fees 
---  -------------------------------  ----------------------------- 
 c)   Price(s) and volume(s)            Price(s)        Volume(s) 
                                        --------------  ---------- 
                                         1.2976 pence    922,349 
                                        --------------  ---------- 
---  -------------------------------  ----------------------------- 
 d)   Aggregated information           N/A (Single transaction) 
       Aggregated volume 
       Price 
---  -------------------------------  ----------------------------- 
 e)   Date of the transaction          6 August 2017 
---  -------------------------------  ----------------------------- 
 f)   Place of the transaction         London Stock Exchange, AIM 
                                        Market (XLON) 
---  -------------------------------  ----------------------------- 
 
 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  -------------------------------------------------------------- 
 a)   Name                             Evan Kirby 
---  -------------------------------  ----------------------------- 
 2.   Reason for the Notification 
---  -------------------------------------------------------------- 
 a)   Position/status                  Director of the Company 
---  -------------------------------  ----------------------------- 
 b)   Initial notification/amendment   Initial notification 
---  -------------------------------  ----------------------------- 
 3.   Details of the issuer, emission allowance market 
       participant, auction platform, auctioneer or 
       auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                             Bezant Resources plc 
---  -------------------------------  ----------------------------- 
 b)   LEI                              2138008K9GRXDUVYVK15 
---  -------------------------------  ----------------------------- 
 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               Ordinary shares of 0.2p each 
       Financial instrument,            in the share capital of the 
       type of instrument               Bezant Resources plc 
---  -------------------------------  ----------------------------- 
      Identification code              GB00B1CKQD97 
---  -------------------------------  ----------------------------- 
 b)   Nature of the Transaction        Receipt of Ordinary Shares 
                                        in lieu of director fees 
---  -------------------------------  ----------------------------- 
 c)   Price(s) and volume(s)            Price(s)        Volume(s) 
                                        --------------  ---------- 
                                         1.2976 pence    1,522,041 
                                        --------------  ---------- 
---  -------------------------------  ----------------------------- 
 d)   Aggregated information           N/A (Single transaction) 
       Aggregated volume 
       Price 
---  -------------------------------  ----------------------------- 
 e)   Date of the transaction          6 August 2017 
---  -------------------------------  ----------------------------- 
 f)   Place of the transaction         London Stock Exchange, AIM 
                                        Market (XLON) 
---  -------------------------------  ----------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHEAEPKEADXEAF

(END) Dow Jones Newswires

August 07, 2017 02:45 ET (06:45 GMT)

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