Last checked at 1 Feb 2021 07:00
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.
1 February 2021
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Issue of Equity, PDMR Dealing and Total Voting Rights
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, ("Bushveld"), has issued 1,473,651 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") in respect of the Bonus Awards announced on 21 July 2020. It was noted in the Q3 2020 Operational Update that following the implementation of the Company's incentive schemes in 2019, the Remuneration Committee had reviewed the effectiveness of the deferred portion of the short-term incentive scheme, to which the Bonus Awards relate, and revised the vesting period so that 50 per cent of the Bonus Awards would vest 12 months after the award period and 50 per cent 18 months after the award period. Accordingly, on 31 December 2020, the below Bonus Awards vested for PDMRs:
PDMR | Position | Total Bonus Awards | Vested Bonus Awards |
Fortune Mojapelo | Group Chief Executive Officer | 880,745 | 440,373 |
Mikhail Nikomarov | Bushveld Energy Chief Executive Officer | 238,779 | 119,390 |
Prince Nyati | Lemur Resources Chief Executive Officer | 199,277 | 99,639 |
Kenneth Greve | Director - Corporate Development | 312,828 | 156,414 |
Sihle Mdluli | Director - Strategy and Corporate Services | 169,038 | 84,519 |
Lyndon Williams | Director - Sales and Marketing | 244,961 | 122,481 |
Bertina Symonds | General Manager - Bushveld Vametco | 231,249 | 115,625 |
The remaining Bonus Awards were granted to senior employees who are not deemed PDMRs.
Admission to AIM and Total Voting Rights
Application will be made for admission of these 1,473,651 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 4 February 2021.
Following Admission, there will be a total of 1,192,231,543 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,191,561,543 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the voting rights of the Company, under the FCA's Disclosure and Transparency Rules.
PDMR Shareholdings
Following the issue of Ordinary Shares related to the Bonus Awards which have vested, PDMRs' shareholdings in the Company are as follows:
Director | Current Shareholding | Number of Ordinary Shares issued | Resultant Shareholding | % of Enlarged Issued Share Capital |
Fortune Mojapelo* | 12,580,000 | 440,373 | 13,020,373 | 1.09 |
Mikhail Nikomarov | 244 | 119,390 | 119,634 | 0.01 |
Prince Nyati | 35,375 | 99,639 | 135,014 | 0.01 |
Kenneth Greve | Nil | 156,414 | 156,414 | 0.01 |
Sihle Mdluli | Nil | 84,519 | 84,519 | 0.01 |
Lyndon Williams | Nil | 122,481 | 122,481 | 0.01 |
Bertina Symonds | Nil | 115,625 | 115,625 | 0.01 |
*Fortune Mojapelo holds 8,500,000 shares in Bushveld directly and has a beneficial interest in a further 8,160,000 shares held through VM Investment Company (Pty) Ltd, a company in which he has a 50 per cent interest.
PDMR Dealing
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.
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 | 1. Fortune Mojapelo 2. Mikhail Nikomarov 3. Prince Nyati 4. Kenneth Greve 5. Sihle Mdluli 6. Lyndon Williams 7. Bertina Symonds | ||||||||||||||||||||||||
2 | Reason for the notification | |||||||||||||||||||||||||
a) | Position/status | 1. Chief Executive Officer 2. Bushveld Energy Chief Executive Officer 3. Lemur Resources Chief Executive Officer 4. Director - Corporate Development 5. Director - Strategy and Corporate Services 6. Director - Sales and Marketing 7. General Manager - Bushveld Vametco | ||||||||||||||||||||||||
b)
| Initial notification /Amendment | Initial notification | ||||||||||||||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||
a) | Name | Bushveld Minerals Limited | ||||||||||||||||||||||||
b) | LEI | 213800GX3IGYRET8ZE57 | ||||||||||||||||||||||||
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 instrument, type of instrument
| Ordinary Shares of £0.01 each
| ||||||||||||||||||||||||
b) | Identification code | ISIN: GG00B4TM3943 | ||||||||||||||||||||||||
c) | Nature of the transaction | Issue of Ordinary Shares as part of a company Share Incentive Scheme | ||||||||||||||||||||||||
d) | Price(s) and volume(s) |
| ||||||||||||||||||||||||
e) | Aggregated information - Aggregated volume - Price | N/A (Single transaction) | ||||||||||||||||||||||||
f) | Date of the transaction | 29 January 2021 | ||||||||||||||||||||||||
g) | Place of the transaction | Outside of a trading venue | ||||||||||||||||||||||||
ENDS
Inquiries: info@bushveldminerals.com
Bushveld Minerals | +27 (0) 11 268 6555 | |
Fortune Mojapelo, Chief Executive Officer | ||
Chika Edeh, Head of Investor Relations | ||
SP Angel Corporate Finance LLP | Nominated Adviser & Broker | +44 (0) 20 3470 0470 |
Richard Morrison / Soltan Tagiev | ||
Abigail Wayne / Richard Parlons | ||
Peel Hunt LLP | Joint Broker | +44 (0) 20 7418 8900 |
Ross Allister / Alexander Allen | ||
BMO Capital Markets Limited | Joint Broker | +44 (0) 20 7236 1010 |
Tom Rider / Michael Rechsteiner Neil Elliot | ||
Tavistock | Financial PR | +44 (0) 20 7920 3150 |
Charles Vivian / Gareth Tredway Edward Lee | ||
Brunswick | Financial PR (South Africa) | +27 (0) 11 502 7300 |
Miyelani Shikwambana |
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets.
The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.
Bushveld's vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company's energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.
The Company's approach to project development recognises that, whilst attractive project economics are imperative, they may be insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com.