3Legs Resources plc Options Grant, Equity Issue, Director Resignation (6112L)
29 April 2015 - 4:01PM
UK Regulatory
TIDM3LEG
RNS Number : 6112L
3Legs Resources plc
29 April 2015
3Legs Resources plc
("3Legs" or "the Company")
Grant of Options, Issue of Equity and Directorate Change
Following the appointment of new members of the Board and
completion of the GBP800,000 placing on 16 February 2015, the Board
has resolved to grant options to subscribe for up to 43,115,259 new
ordinary shares (representing 10 per cent. of the Company's
ordinary share capital as at today's date). The options are
exercisable at 0.232p per share at any time up to 16 February 2021
subject to a condition that no option may be exercised if such
exercise would trigger a requirement to make an offer under Rule 9
of the City Code on Takeovers and Mergers. The Board has granted
25,869,153 of the 43,115,259 options available for grant.
Details of the options granted to Directors of the Company are
set out below.
Director Options granted
Richard Armstrong 8,623,051
Colin Weinberg 8,623,051
Up to 17,246,106 of the options are reserved for future grant
but no director has any interest in such options unless or until a
grant is made (which will be the subject of an announcement at the
relevant time).
Issue of Equity
The Company has issued and allotted 2,155,172 new ordinary
shares of 0.025p each at a price of 0.232p per share to its joint
broker, Peterhouse Corporate Finance Limited, pursuant to the terms
of its engagement letter.
Application has been made for the new shares to be admitted to
trading on AIM which is expected to occur on 5 May 2015
("Admission"). Following Admission, there will be 433,307,762
ordinary shares of 0.025p in issue with each share carrying the
right to one vote.
Directorate Change
The Company announces that Alexander Fraser has resigned from
the Board of Directors with immediate effect. As stated in the
Company's announcement dated 27 January 2015, Mr. Fraser had agreed
to remain with 3Legs for a transitional period following the return
of capital to shareholders to oversee the handover to the new
management team.
Richard Armstrong commented: "We would like to thank Alex for
all his help in ensuring a smooth handover and wish him well for
the future."
Enquiries
3Legs Resources plc
Richard Armstrong Tel: 07787 500221
Colin Weinberg Tel: 07836 588504
Northland Capital Partners Limited Tel: 0207 382 1100
(Nominated Adviser and Broker)
Matthew Johnson
Edward Hutton
Peterhouse Corporate Finance Limited Tel: 0207 469 0934
(Joint Broker)
Lucy Williams
Duncan Vasey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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