Business
Salary Sacrifice, Issue of Equity and TVR
Salary Sacrifice, Issue of Equity and TVR.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n2 October 2024\n \nECR MINERALS PLC\n \n(\"ECR Minerals\", \"ECR\" or the \"Company\")\n \nSalary Sacrifice, Issue of Equity\nand\nTotal Voting Rights\n \nECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the issue of new ordinary shares of 0.001 pence each in ECR (\"Ordinary Shares\") in respect of the board of directors of ECR's (the \"Board\" or the Directors\") salary sacrifice scheme.\nProposed extension of salary sacrifice scheme\nOn 19 September 2023, it was announced that the Company's non-executive directors agreed to subscribe for new Ordinary Shares (\"New Ordinary Shares\") in lieu of their salary. These arrangements have been extended each quarter through to 30 September 2024.\nNick Tulloch, Chairman, and Mike Whitlow, Managing Director, are also remunerated substantially by the issue of New Ordinary Shares, as announced by the Company on 19 September 2023 and most recently on 17 September 2024.\nWith the salary sacrifice scheme reaching its first anniversary, the Board proposes to review the arrangements in line with the Company's strategy and financial position. Each member of the Board has confirmed that they will continue to accept a majority of their remuneration through the issue of New Ordinary Shares for at least a further 12 months. Further details will be announced in due course.\nIssue of New Ordinary Shares\nECR is pleased to confirm that the New Ordinary Shares awarded to certain Directors pursuant to the existing salary sacrifice scheme have been issued and allotted. Each of David Tang (who has since left the Board), Andrew Scott and Trevor Davenport have received 3,748,438 New Ordinary Shares in lieu of an aggregate of £27,000 accrued salary. The New Ordinary Shares were issued at a price of 0.2401 pence per new Ordinary Share, being in this instance a price equal to the volume weighted average price of Ordinary Shares calculated over the 14 days prior to 30 September 2024.\nIn total 11,245,314 new Ordinary Shares have been issued by the Company. Following this issuance, the total numbers of Ordinary Shares currently held by Andrew Scott and Trevor Davenport, as Persons Discharging Managerial Responsibility (\"PDMRs\") of the Company, are as follows:\n \n\n\n\n\nName\n\n\nNew Or...