BlueRock Diamonds PLC Early repayment of loans (5975U)

TIDMBRD

RNS Number : 5975U

BlueRock Diamonds PLC

25 October 2017

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

25 October 2017

BlueRock Diamonds PLC

("BlueRock" or the "Company" or "BRD")

Early repayment of loans

BlueRock Diamonds plc (AIM: BRD), a diamond mining company with activities in the Kimberley region of South Africa, announces the repayment of short term working capital loans due to Tim Leslie (non-executive Director), Segar Properties (Hyde Park) Limited (a company wholly owned by Paul Beck, non-executive Chairman) and Mark Poole (formerly a significant shareholder) (together the "Loans").

The Loans total GBP190,000, carry an annual interest rate of 10% payable on repayment and have a maturity date of 31 December 2017. The Loans were issued as follows:

 
 Individual    Issue date and loan amount      Total 
-----------  -----------------------------  ----------- 
              15 March 2017   20 July 2017 
-----------  --------------  -------------  ----------- 
 Tim Leslie   GBP62,500       GBP20,000      GBP82,500 
-----------  --------------  -------------  ----------- 
 Paul Beck    GBP25,000       GBP20,000      GBP45,000 
-----------  --------------  -------------  ----------- 
 Mark Poole   GBP62,500       -              GBP62,500 
-----------  --------------  -------------  ----------- 
 Total        GBP150,000      GBP40,000      GBP190,000 
-----------  --------------  -------------  ----------- 
 

In order to reduce the interest payable on these loans, the Board has decided to repay the Loans in cash together with the accrued interest to date prior to their maturity.

It has been agreed with Paul Beck that 597,015 shares ("Loan Shares") equal to GBP10,000 at the closing mid price on 24 October will be issued to him in part satisfaction of the repayment of his loan. The remaining GBP35,000 capital balance and accrued interest will be paid in cash. Following the issue of the Loan Shares, Paul Beck will hold 4,277,658 shares representing 3.06% of the Company's total issued share capital.

Application will be made for the Loan Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence on or around 27 October 2017.

Total Voting Rights

Following the issue of the Loan Shares, the issued share capital of the Company will consist of 139,824,242 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 139,824,242.

The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

Related party transactions

Tim Leslie and Paul Beck, as directors of the Company, and Mark Poole as a substantial shareholder within the last twelve months, are "related parties" as defined under the AIM Rules and accordingly the repayment of loans prior to their full term is deemed to be a related party transaction.

Adam Waugh, the Director independent of the Loans repayment and the issue of the Loan Shares considers, having consulted with the Company's nominated adviser, SP Angel, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

 
 BlueRock Diamonds 
  plc                   [e-mail] 
  Adam Waugh, CEO 
 SP Angel (NOMAD 
  and Broker) 
  Stuart Gledhill 
  Lindsay Mair 
  Caroline Rowe       [phone] 
 Yellow Jersey (PR 
  and IR) 
  Felicity Winkles 
  Joe Burgess 
  Katie Bairsto       [phone] 
 

About BlueRock Diamonds plc (AIM: BRD)

BlueRock is a diamond mining company with activities in the Kimberley region of South Africa. BlueRock own a diamond processing plant and the mining right over the Kareevlei Tenements in South Africa.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1.   Details of the person discharging managerial 
       responsibilities/person closely associated 
---  -------------------------------------------------------------------------- 
 a)   Name:                              Paul Beck 
---  ---------------------------------  --------------------------------------- 
 2.   Reason for the notification 
---  -------------------------------------------------------------------------- 
 a)   Position/status:                   Non-executive 
                                          Chairman 
---  ---------------------------------  --------------------------------------- 
 b)   Initial notification/Amendment:    Initial notification 
---  ---------------------------------  --------------------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  -------------------------------------------------------------------------- 
 a)   Name:                              BlueRock Diamonds 
                                          plc 
---  ---------------------------------  --------------------------------------- 
 b)   LEI:                               213800LVSJ2RNI3SSN92 
---  ---------------------------------  --------------------------------------- 
 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 financial       Ordinary shares 
       instrument, type of instrument:    of 1 pence each 
       Identification code:               GB00B84H1764 
---  ---------------------------------  --------------------------------------- 
 b)   Nature of the transaction:         Partial loan repayment 
---  ---------------------------------  --------------------------------------- 
 c)   Price(s) and volume(s):              Price(s)   Volume(s) 
                                           ---------  ---------- 
                                            1.675p     597,015 
                                           ---------  ---------- 
---  ---------------------------------  --------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)   Volume(s) 
       Price:                             ---------  ---------- 
                                           1.675p     597,015 
                                          ---------  ---------- 
---  ---------------------------------  --------------------------------------- 
 e)   Date of the transaction:           25 October 2017 
---  ---------------------------------  --------------------------------------- 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
---  ---------------------------------  --------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 25, 2017 06:45 ET (10:45 GMT)