22 July 2015
Independent Resources plc ("Independent Resources" or the "Company")
Significant equity subscription by directors and management
Directors and senior management of Independent Resources have subscribed for £174,480 worth of new ordinary shares in the Company in conversion of salaries and fees due.
The subscription price of 1p represents a premium of 33.33% to the closing price pf 0.75 pence on 20 July 2015. The Directors' and senior managements' willingness to apply their fees in subscribing for Ordinary Shares is further evidence of their commitment to creating value for all shareholders.
Background
In the Company's regulatory news announcement of 8 May 2015 related to the placing of ordinary shares executed through Brandon Hill Capital (the "Placing") and the associated shareholder circular of 11 May 2015, it was explained that in order to preserve the cash reserves of the Group, certain Directors and members of the senior management team had indicated their willingness to convert historical salaries and consultancy fees due of approximately £170,000 on the terms of the Placing, with the Company settling any related personal income tax and National Insurance that falls due.
However, and in accordance with the AIM Rules, the Directors and members of the Company's senior management were not permitted to make the necessary subscription until after the publication of the results for the financial year ended 31 December 2014.
Allotment of shares
On 21 July 2015, prior to the Annual General Meeting, 17,448,038 ordinary shares of 1p each in the Company were issued at a subscription price of 1p per Ordinary Share to certain directors, consultants, senior management and associated companies.
Application has been made for these Shares to be admitted to trading on AIM on Tuesday 28 July 2015.
Issue of Warrants
The Company has also issued warrants over 8,724,019 ordinary shares to directors and senior management of the Company on the basis of 1 warrant for each 2 new ordinary shares subscribed, such warrants having an exercise price of 1.50p and an expiry date of 28 May 2017.
Revised interests in the Company
The revised interests in the Company of the directors and senior management are set out below:
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Name
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Existing Shareholding
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Number of New Ordinary Shares
|
Number of Ordinary Shares held following Admission
|
Percentage of Ordinary Shares held following Admission
|
Warrants over Ordinary Shares
|
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Directors
|
|
|
|
|
|
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G Nash
|
13,393,205
|
9,312,576
|
22,705,781
|
11.21%
|
4,656,288
|
|
G Coleman
|
333,333
|
1,712,744
|
2.046,077
|
1.01%
|
856,372
|
|
O Franks
|
333,333
|
2,000,000
|
2,333,333
|
1.15%
|
1,000,000
|
|
A Thomas
|
500,000
|
500,000
|
1,000,000
|
0.49%
|
250,000
|
|
|
|
|
|
|
|
|
Senior Management
|
|
|
|
|
|
|
B Hepp1
|
333,333
|
2,700,000
|
3.033,333
|
1.50%
|
1,350,000
|
|
F McCole
|
333,333
|
1,222,718
|
1,556,052
|
0.77%
|
611,359
|
1 - Issued to Rocky Mountain Limited, a company controlled by Brian Hepp
Enlarged Share Capital
For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following this allotment consists of 202,591,368 Ordinary Shares with voting rights attached (one vote per Ordinary Share). There are no Ordinary Shares held in treasury.
This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Independent Resources under the DTRs.
For more information, please visit www.ir-plc.com or contact:
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Greg Coleman
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Independent Resources plc
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020 3367 1134
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|
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Mark Taylor
|
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Charles Stanley Securities
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020 7149 6000
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|
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(Nominated Adviser & Joint Broker)
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Oliver Stansfield
|
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Brandon Hill Capital
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020 3463 5000
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Jonathan Evans
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(Joint Broker)
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Simon Hudson
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Tavistock Communications
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020 7920 3150
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