BlueRock Diamonds PLC Early repayment of loans (5975U)
25 October 2017 - 9:45PM
UK Regulatory
TIDMBRD
RNS Number : 5975U
BlueRock Diamonds PLC
25 October 2017
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
25 October 2017
BlueRock Diamonds PLC
("BlueRock" or the "Company" or "BRD")
Early repayment of loans
BlueRock Diamonds plc (AIM: BRD), a diamond mining company with
activities in the Kimberley region of South Africa, announces the
repayment of short term working capital loans due to Tim Leslie
(non-executive Director), Segar Properties (Hyde Park) Limited (a
company wholly owned by Paul Beck, non-executive Chairman) and Mark
Poole (formerly a significant shareholder) (together the
"Loans").
The Loans total GBP190,000, carry an annual interest rate of 10%
payable on repayment and have a maturity date of 31 December 2017.
The Loans were issued as follows:
Individual Issue date and loan amount Total
----------- ----------------------------- -----------
15 March 2017 20 July 2017
----------- -------------- ------------- -----------
Tim Leslie GBP62,500 GBP20,000 GBP82,500
----------- -------------- ------------- -----------
Paul Beck GBP25,000 GBP20,000 GBP45,000
----------- -------------- ------------- -----------
Mark Poole GBP62,500 - GBP62,500
----------- -------------- ------------- -----------
Total GBP150,000 GBP40,000 GBP190,000
----------- -------------- ------------- -----------
In order to reduce the interest payable on these loans, the
Board has decided to repay the Loans in cash together with the
accrued interest to date prior to their maturity.
It has been agreed with Paul Beck that 597,015 shares ("Loan
Shares") equal to GBP10,000 at the closing mid price on 24 October
will be issued to him in part satisfaction of the repayment of his
loan. The remaining GBP35,000 capital balance and accrued interest
will be paid in cash. Following the issue of the Loan Shares, Paul
Beck will hold 4,277,658 shares representing 3.06% of the Company's
total issued share capital.
Application will be made for the Loan Shares, which will rank
pari passu with the existing Ordinary Shares, to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings will commence on or around 27 October
2017.
Total Voting Rights
Following the issue of the Loan Shares, the issued share capital
of the Company will consist of 139,824,242 Ordinary Shares. No
shares were held in treasury at the date of this announcement. The
total current voting rights in the Company are therefore
139,824,242.
The above total current voting rights number is the figure which
may be used by shareholders as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company.
Related party transactions
Tim Leslie and Paul Beck, as directors of the Company, and Mark
Poole as a substantial shareholder within the last twelve months,
are "related parties" as defined under the AIM Rules and
accordingly the repayment of loans prior to their full term is
deemed to be a related party transaction.
Adam Waugh, the Director independent of the Loans repayment and
the issue of the Loan Shares considers, having consulted with the
Company's nominated adviser, SP Angel, that the terms of the
transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
For further information, please contact:
BlueRock Diamonds
plc awaugh@bluerockdiamonds.co.uk
Adam Waugh, CEO
SP Angel (NOMAD
and Broker)
Stuart Gledhill
Lindsay Mair
Caroline Rowe +44 (0)20 3470 0470
Yellow Jersey (PR
and IR)
Felicity Winkles
Joe Burgess
Katie Bairsto +44 (0) 7769 325254
About BlueRock Diamonds plc (AIM: BRD)
BlueRock is a diamond mining company with activities in the
Kimberley region of South Africa. BlueRock own a diamond processing
plant and the mining right over the Kareevlei Tenements in South
Africa.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1. Details of the person discharging managerial
responsibilities/person closely associated
--- --------------------------------------------------------------------------
a) Name: Paul Beck
--- --------------------------------- ---------------------------------------
2. Reason for the notification
--- --------------------------------------------------------------------------
a) Position/status: Non-executive
Chairman
--- --------------------------------- ---------------------------------------
b) Initial notification/Amendment: Initial notification
--- --------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------------------------
a) Name: BlueRock Diamonds
plc
--- --------------------------------- ---------------------------------------
b) LEI: 213800LVSJ2RNI3SSN92
--- --------------------------------- ---------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- --------------------------------------------------------------------------
a) Description of the financial Ordinary shares
instrument, type of instrument: of 1 pence each
Identification code: GB00B84H1764
--- --------------------------------- ---------------------------------------
b) Nature of the transaction: Partial loan repayment
--- --------------------------------- ---------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
--------- ----------
1.675p 597,015
--------- ----------
--- --------------------------------- ---------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: --------- ----------
1.675p 597,015
--------- ----------
--- --------------------------------- ---------------------------------------
e) Date of the transaction: 25 October 2017
--- --------------------------------- ---------------------------------------
f) Place of the transaction: Outside a trading
venue
--- --------------------------------- ---------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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