Business
Conversion of Director Loans
Conversion of Director Loans.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8415M Clontarf Energy PLC 21 July 2014 \n \n\n \n \n21 July 2014\n\n\n\nClontarf Energy plc\n(\"Clontarf\" or \"the Company\")\n \nConversion of Directors Loans\n \nDirectors Shareholdings\n \nClontarf announced this morning the intended conversion of directors loans, in order to strengthen the Company's balance sheet. Conditional upon admission the Board has issued 70,302,632 new ordinary shares in repayment of these directors loans and accrued remuneration totalling £409,382 and £117,888 respectively (\"the Directors Loan Shares\") at a price of 0.75p per Directors Loan Share.\n \nThe Directors Loan Shares will be issued as shown in the table below. \n \n\n\n\n\nDirector\n\n\nDirectors Loan Shares\n\n\n\n\n\n\n\n\n\n\n\n\nJohn Teeling\n\n\n31,906,122\n\n\n\n\nDavid Horgan\n\n\n11,108,655\n\n\n\n\nJames Finn\n\n\n27,287,855\n\n\n\n\n \nRelated Party Transaction \n \nThe issue of the Directors Loan Shares is a related party transaction under the AIM Rules for Companies. There are no independent directors for the purposes of providing the fair and reasonable opinion under Rule 13 of the AIM Rules for Companies. Northland Capital Partners Limit...