Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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On 19 October RTN made the following announcement
The Restaurant Group plc today announces that it has issued, conditional on admission, 5,150,530 ordinary shares of 28.125 pence each in the Company ("Ordinary Shares") pursuant to a subscription by the Company's Employee Benefit Trust to satisfy share awards granted to employees under the Company's Restricted Share Plan.
"Application will be made for the admission to trading of the new Ordinary Shares on the Main Market of the London Stock Exchange and to listing on the Official List, with dealings expected to commence at 8 a.m. on or around 24 October 2023”
Following the issue of the new Ordinary Shares, which will rank pari passu with all existing Ordinary Shares, the Company will have a total of 770,212,928 Ordinary Shares with voting rights in issue. The Company currently holds no shares in treasury.
In the grand scheme of things 5.15 million shares might not sound a lot but if 25 shareholders own 79% of the shares (SimplyWallStreet.com) and i read institutions own in total 86%. There are 15000 staff.
If 25 own 79% of 770 million leaves 162 million shares owned by the rest. It's not unreasonable to assume say 100 shareholders own 85%, further reducing the count. Even if only half of the staff got shares there is potentially a large pool of holders motivated to vote in favour of the scheme. This could and probably will overwhelm the votes of long term holders
Upon checking the Scheme document
18.1 The fully diluted issued ordinary share capital of 778,379,613 TRG Shares is based on:
A) 770,212,928 TRG Shares in issue as at the Latest Practicable Date; plus
(B) 11,390,430 TRG Shares which may be issued on or after the date of this Document pursuant to the TRG Share Plans; plus
(C) 2,349,164 TRG Shares which may be issued on or after the date of this Document to satisfy the exercise of Awards already granted, calculated using the treasury stock method and in accordance with the intentions set out in Schedule 2 of the Cooperation Agreement; less
(D) 5,572,910 TRG Shares held by the TRG Employee Benefit Trust that can be used to satisfy the vesting and/or exercise of Awards granted under the TRG Share Plans as at the Latest Practicable Date..
Around 24 October there were hundreds (possibly thousands) of share trades on LSE in repeat sizes. (Shapes - 300,998,2068,2635,3000,3065,3276,4332,4586,5000,5210,7607,10000,11000,13085,13980,16764)
I am not sure what the process is for issuing shares to an EBT. Are these trades sales by the staff of their EBT entitlements or are they the awards being issued to the staff brokers? I have no idea what the terms of the awards are.
Anyway from what I can see this will get voted through but I do question the morality of issuing shares after the deal was announced. Is it even legal?