Business
Conversion of Directors' fees into equity
Conversion of Directors' fees into equity.
About this update from Ironveld Plc
[{"type":"text","content":"\n \nRNS Number : 2107N Ironveld PLC 27 January 2016 \n\n27 January 2016\n \nIronveld plc (\"Ironveld\" or the \"Company\")\nConversion of Directors' fees into equity\n \n \nIronveld plc, the owner of a High Purity Iron (\"HPI\"), Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa (the \"Project\") announces that certain of its Directors (the \"Relevant Directors\") have accepted new ordinary shares of 1p in the Company (\"Ordinary Shares\") as payment for their services from 1 July 2015 to 31 December 2015 (the \"Relevant Period\"). As previously outlined in the announcement of 3 December 2014, the conversion of cash fees into Ordinary Shares is to manage the Company's cost base and minimise the cash outflows from the business prior to the planned commissioning of the 15MW smelter.\n \nThe Company has approved the conversion of £45,000, representing amounts of fees owed to the Relevant Directors covering the Relevant Period, into 891,090 new Ordinary Shares, which have been issued at 5.05p per Ordinary Share, the average share price between 1 July 2015 and 31 December 2015.\n \nApplication will be made for the 891,090 new Ordinary Shares to be admitted to AIM and dealings are expected to commence on 3 February 2016 (\"Admission\").\n \nThis results in the Relevant Directors' applicable shareholdings being as follows:\n \n\n\n\n\nDirectors' Holdings\n\n\nCurrent holding Number\n\n\nnew Ordinary Shares being issued\n\n\nHolding following Admission\n\n\n\n\n \n\n\n\n\n\nNumber\n\n\n%\n\n\n\n\nNick Harrison\n\n\n12,320,320*\n\n\n445,545\n\n\n12,765,865*\n\n\n3.90%\n\n\n\n\nGiles Clarke\n\n\n17,098,838*\n\n\n445,545\n\n\n17,544,383*\n\n\n5.36%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n* Giles Clarke and Nick Harrison are directors and shareholders of Westleigh Investments Holdings Limited (\"Westleigh\"). These numbers include Westleigh's holding of 9,173,581 Ordinary Shares.\n \nTotal voting rights\n \nFollowing the issue of the 891,090 new Ordinary Shares, Ironveld's total issued and voting share capital will comprise of 327,544,175 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are requir...