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21 Jul 2014 10:02
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21 July 2014
Clontarf Energy plc
("Clontarf" or "the Company")
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Conversion of Directors Loans
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Directors Shareholdings
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Clontarf announced this morning the intended conversion of directors loans, in order to strengthen the Company's balance sheet. Conditional upon admission the Board has issued 70,302,632 new ordinary shares in repayment of these directors loans and accrued remuneration totalling Β£409,382 and Β£117,888 respectively ("the Directors Loan Shares") at a price of 0.75p per Directors Loan Share.
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The Directors Loan Shares will be issued as shown in the table below.
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Director | Directors Loan Shares |
John Teeling | 31,906,122 |
David Horgan | 11,108,655 |
James Finn | 27,287,855 |
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Related Party Transaction
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The issue of the Directors Loan Shares is a related party transaction under the AIM Rules for Companies. There are no independent directors for the purposes of providing the fair and reasonable opinion under Rule 13 of the AIM Rules for Companies. Northland Capital Partners Limited, the Company's Nominated Adviser, considers that the terms of the issue of the Directors Loan Shares are fair and reasonable so far as the shareholders of the Company are concerned.
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Enlarged Share Capital
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Application will be made for the Directors Loan Shares to be admitted to trading on AIM ("Admission"). Admission is expected to be effective on 28 July 2014. Following Admission of the Directors Loan Shares together with the Placing Shares and Creditor Shares as announced earlier this morning, the Company's issued share capital will consist of 382,797,210 ordinary shares, with each ordinary share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. This figure of 382,797,210 may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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Furthermore, the Company confirms that John Teeling, Executive Chairman, has today disposed of 16,000,000 ordinary shares to family members at a price of 0.75p per share (the "Disposal").
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Following the issue of the Directors Loan Shares and the Disposal the resultant shareholdings of the Board of the Company are as follows.
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Director | Existing shareholding | Directors Loan Shares | Disposal | Resultant shareholding | % of enlarged share capital |
John Teeling | 22,286,633 | 31,906,122 | 16,000,000 | 38,192,755 | 9.98 |
David Horgan | 10,842,233 | 11,108,655 | 21,950,888 | 5.73 | |
James Finn | 11,024,867 | 27,287,855 | 38,312,722 | 10.01 |
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South American Investors
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Further to the announcement made by the Company on 17 July 2014, the Company confirms that the 79,767,067 ordinary shares issued to its South American lenders and due for admission to trading on AIM on 24 July 2014 are the subject of lock-ins for a period of twelve months expiring 17 July 2015.
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ENDS
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For further information please visit http://clontarfenergy.comΒ or contact:
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Clontarf Energy plc
John Teeling, Chairman +353 (0) 1 833 2833
James Finn, Director
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Nominated Adviser and Broker
Northland Capital Partners Limited
Gavin Burnell / Lauren Kettle +44 (0)20 7382 1100
Alice Lane / John Howes (Broking)
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Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Halimah Hussain +44 (0) 7725 978 141
Camilla Horsfall +44 (0) 7871 841 793
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Pembroke Communications
Natalie Tennyson +353 (0) 1 649 6486
Alan Tyrrell +353 (0) 1 649 6486
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