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Pin to quick picksClontarf Regulatory News (CLON)

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Issue of Warrants and RPT

12 Jan 2022 16:40

RNS Number : 2637Y
Clontarf Energy PLC
12 January 2022
 

 

12th January, 2022

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

Issue of Warrants to Directors

Related Party Transaction

 

 

Clontarf Energy plc (AIM:CLON), the energy company focused on Africa and Bolivia, has been accruing, and therefore not paying in cash, salaries of the current Directors since 2010. The aggregate accrued liability as at 31 December 2021 for the three longest serving directors (Dr Teeling, Mr Horgan and Mr Finn) is £1,340,564. The Board remains cognisant of the need to conserve cash resources in the current environment and therefore these three Directors have agreed to continue deferring payment of this amount, in cash, until the end of 2024.

 

In consideration for this past and continued deferral, these directors have been issued 3.25 warrants over Ordinary Shares per each 1p of accrued salary due until 31 December 2021 ("Warrants"). The Warrants are exercisable at 0.25p, being a 6% premium to the closing mid-market price yesterday, at any time until 11 January 2025 and have been allocated as follows:

 

Director

Accrued salary (£)

Warrants exercisable at conversion price of 0.25p per share

David Horgan

£569,037

184,937,025

John Teeling

£395,704.

128,603,800

James Finn

£375,823

122,142,475

 

Accordingly, in aggregate, 435,683,300 Warrants have been issued to the above Directors. Any exercise of the Warrants is restricted to the extent that, if by exercising, the Warrant holders in aggregate hold greater than 29.9% of the total voting rights of the Company.

 

For the avoidance of doubt, the deferred salaries, unless otherwise settled, will remain payable in cash after the end of 2024.

 

Related party transaction

 

The issue of the warrants to the three directors as set out above constitutes a related party transaction under Rule 13 of AIM Rules. In this context, Peter O'Toole, being the Director on the Board who is considered to be independent of the awards, considers, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of the issue of the warrants to the three directors are fair and reasonable insofar as its shareholders are concerned.

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

 

Ends

 

 

For further information please visit http://clontarfenergy.com or contact:

 

Clontarf Energy

David Horgan, Executive Chairman

John Teeling, Non-Executive Director

+353 (0) 1 833 2833

Nominated & Financial Adviser

Strand Hanson Limited

Rory Murphy

Ritchie Balmer

Abigail Wennington

+44 (0) 20 7409 3494

Broker

Novum Securities Limited

Colin Rowbury

+44 (0) 207 399 9400

Blytheweigh - PRMegan RayAlice McLaren

Madeleine Gordon-Foxwell

 

+44 (0) 207 138 3206

+44 (0) 207 138 3553

+44 (0) 207 138 3206

+44 (0) 207 138 3206

 

Teneo

Luke Hogg

Alan Tyrrell

Ciara Wylie

+353 (0) 1 661 4055

 

 

 

 

 

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MSCFLFVRLEIFLIF
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