The Company is pleased to announce that on the 19th and 20th July 2012 John Cronin, Executive Chairman, purchased a total of 5,625,000 ordinary shares at a price of 0.375 pence per share.
As an extension to his joining arrangements that were announced on 21 March 2012, the Company has agreed to match his investment by issuing a further 0.25% of the Company's share capital (including the shares to be issued as part of the Placings). This brings the matching total to 0.5%. Therefore, in addition to this purchase, the Company will issue a further 5,625,000 shares to Mr Cronin.
This brings John Cronin's interest in the Company's current issued share capital to 20,830,096 being 1.25% of the current issued share capital. Following the proposed Placings to be approved at the Company's EGM on 2 August 2012, and including his participation in the Placings, John Cronin's interest in the Company's enlarged share capital of 2,274,120,095 will be 35,487,239 being 1.56% of the enlarged share capital.
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