Business
Convertible Bond Conversion & Options Cancellation
Convertible Bond Conversion & Options Cancellation.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5742M Red Rock Resources plc 27 August 2013 \n \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\nConvertible Bond Conversion and Cancellation of Options\n27 August 2013\nRed Rock announces that YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'), has converted £275,000 in unsecured Convertible Bonds 2014 into 44,212,219 ordinary shares of 0.1 pence each (\"Shares\") in the Company under the terms of the Convertible Bond Instrument (\"Convertible\") as announced on 8 August 2013, at a price of £0.006220 per Share. \n \nFollowing the Subscription, the Company's total issued ordinary share capital will be 1,378,116,097 ordinary shares of 0.1p. Application has been made to the London Stock Exchange for the Shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 2 September 2013.\n \nSimultaneously, the Company announces that it will not issue 17,000,000 in options, as announced on 29 January 2013, that were to be have granted at the Board's discretion to key staff and personnel. Additionally, 10,000,000 options that were granted to Company Chairman Andrew Bell on the same day at prices between £0.02 and £0.05 have also been waived by the grantee.\n \nCompany Chairman Andrew Bell comments:\n \n\"The Company has decided to put in place a tax efficient approved share option plan, and therefore not to grant the previously announced options to staff pending approval of this new structure. In addition, I believe that the use of the authorised issuance authority granted to the Board to issue convertible instruments for employee options could limit the Company's flexibility with regard to its authorities. These actions create room to manoeuvre as we appear to be entering more buoyant market conditions in our sector.\" \n \n \nFor further information contact: \n \n\n\n\n\nAndrew Bell 0207 747 9990 or 07766 474849\n\n\nChairman Red Rock Resources plc\n\n\n\n\nSandra Spencer 0207 747 9990 or 07757 660 798\n\n\nInvestor Relations Red Rock Resources plc\n\n\n\n\nColin Aaronson / David Hignell 020 7383 5100\n\n\nNOMAD Grant Thornto...