Business
Director Lock-In & Orderly Marketing Arrangement
Director Lock-In & Orderly Marketing Arrangement.
About this update from Ferro-alloy Resources Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 7121G\n Ferro-Alloy Resources Limited\n 19 March 2020\n \n \n \n \n \n \n \n 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 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n Ferro-Alloy Resources Limited\n \n \n Director's Lock-in and Orderly Marketing arrangements\n \n \n \n \n \n Ferro-Alloy Resources Limited (\"Ferro-Alloy\" or the \"Company\") (LSE: FAR) announces that the Company has recently undertaken a marketing exercise with a limited number of potential investors to seek to place shares for Nick Bridgen, Chief Executive Officer of the Company, in order to make partial payment towards an existing c. £3.3 million outstanding divorce settlement with his ex-wife. Given the unprecedented market volatility and lack of liquidity due to Covid-19 there has not been sufficient demand to successfully complete the planned placing.\n \n \n \n \n \n As a result of the uncertainty as to the length of the disruption being caused by Covid-19, Mr Bridgen has agreed to enter into a 12 month lock-in over the 64,738,800 ordinary shares in the Company he holds (subject to waiver by Shore Capital and to certain customary exceptions) (the \"Lock-in\"). Mr Bridgen was subject to a 12-month orderly marketing arrangement entered into in conjunction with the IPO of the Company, that was set to expire on 21 March 2020, the Lock-in replaces this orderly marketing arrangement.\n \n \n \n \n \n For further information, visit \n \n \n www.ferro-alloy.com\n \n \n or contact:\n \n \n \n \n \n Ferro-Alloy Resources Limited\n \n \n Nick Bridgen, Chief Executive Officer \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n Shore Capital (Broker)\n \n \n Corporate Advisory: Toby Gibbs / Mark Percy / John More Tel: +44 (0) 207 408 4090 \n \n \n Corporate Broking: Jerry Keen\n \n \n \n \n \n St Brides Partners Limited (Financial PR & IR Adviser)\n \n \n Catherine Leftley / Priit Piip&n...