Business
Proposed Issue of Remuneration Shares
Proposed Issue of Remuneration Shares.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n9 June 2023\nKEFI Gold and Copper plc\n(\"KEFI\" or the \"Company\")\nProposed Issue of Remuneration Shares\n \nKEFI Gold and Copper plc (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that, following the end of its Close Period following release of the Company's Annual Report earlier today, and further to the announcement made on 30 May 2023, the Company has conditionally allotted 107,142,857 new ordinary shares of 0.1 pence each in the capital of the Company (\"Ordinary Shares\") at the 0.7 pence per Ordinary Share Placing Price for an aggregate value of £750,000 (\"Remuneration Shares\"). The allocations are as follows and subject to shareholder approval at the Company's Annual General Meeting on 30 June 2023: \n• 40,714,285 Ordinary Shares to Directors of the Company representing an aggregate value of £285,000, to extinguish accrued cash fees and salaries; and\n• 66,428,572 Ordinary Shares to Senior Management and Consultants to the Company, representing an aggregate value of £465,000 to extinguish accrued cash fees and salaries.\nThe number of Remuneration Shares intended to be granted to each KEFI Director and their resulting shareholdings are set out below:\n\n\n\n\nName\n\n\nNumber of existing ordinary shares in KEFI\n\n\nNumber of Conditional Remuneration Shares\n\n\nNumber of Ordinary Shares held on Second Admission\n\n\nValue of Remuneration Shares\n£\n\n\n\n\nHarry Anagnostaras-Adams¹ (Executive Chairman)\n\n\n54,731,312\n\n\n26,428,571\n\n\n81,159,883\n\n\n185,000\n\n\n\n\nJohn Leach (Finance Director)\n\n\n31,025,743\n\n\n14,285,714\n\n\n45,311,457\n\n\n100,000\n\n\n\n\nTotal Shares issued to Directors\n\n\n85,757,055\n\n\n40,714,285\n\n\n126,471,340\n\n\n285,000\n\n\n\n\n \nThe Directors will receive a portion of the remuneration shares through consultancy companies in which they have a stake. Additionally, some shares allocated to senior staff may be held in trust on their behalf.\n¹Harry Anagnostaras-Adams beneficially holds 54,731,312 Ordinary Shares in the Company, which are owned by Semarang Enterprises Ltd. Harry Anagnostaras-Adams is the sole director and shareholder of Semarang Enterprises Ltd, and the shares are also...