Business
Salary Sacrifice, Admission of Shares and TVR
Salary Sacrifice, Admission of Shares and TVR.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\nECR MINERALS plc\n \n(\"ECR Minerals\", \"ECR\" or the \"Company\")\n \nSalary Sacrifice, Admission of Shares and Total Voting Rights\nECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an extension of the directors' salary sacrifice scheme as well as the issue of new ordinary shares in respect of the existing salary sacrifice scheme.\nExtension of Salary Sacrifice\nIn September 2023, four members of the then board of directors, David Tang, Andrew Scott, Adam Jones and Trevor Davenport, agreed to subscribe for new ordinary shares in ECR (\"New Ordinary Shares\") in lieu of an aggregate of £40,000 salary (£10,000 each). These four then directors subsequently agreed to extend this arrangement to 31 March 2024 by subscribing for a further £40,000 (£10,000 each) of New Ordinary Shares in aggregate. Subsequently, David Tang, Andrew Scott and Trevor Davenport agreed to extend this arrangement for a third time through to 30 June 2024 by subscribing for New Ordinary Shares in lieu of an aggregate of £39,000 salary (£13,000 each). \nAndrew Scott and Trevor Davenport have now agreed to extend this arrangement for a fourth time through to the Company's year end of 30 September 2024 by subscribing for New Ordinary Shares in lieu of an aggregate of £18,000 salary (£9,000 each) that they would be otherwise due through to that date. David Tang and Adam Jones have both since left the board so are no longer included in these arrangements (although Adam remains with ECR as Chief Geologist).\nThese New Ordinary Shares will be issued on or around 30 September 2024, with admission to trading commencing on or around 1 October 2024. The number of the New Ordinary Shares to be issued will be calculated by reference to (i) the price at which an equity fundraising in the Company is carried out in the period of the salary sacrifice or (ii) if there is no fundraising, the price equal to the volume weighted average price of ordinary shares in the Company calculated over the previous 14 days. A further announcement will be made at that time.\nNick Tulloch and Mike Whitlow are already remunerated substantially by the issue of New Ordinary Shares as announced on 18 September 2023.\nIssue of New Shares\nECR is also pleased to conf...