Last checked at 14 Dec 2012 07:00
14 December 2012
Ferrum Crescent Limited ("Ferrum Crescent", the "Company" or the "Group") (ASX: FCR, AIM: FCR, JSE: FCR) Issue of Shares
Ferrum Crescent announces that the Company has today issued 4,078,060 ordinary shares to Messrs Ed Nealon, Robert Hair and Andrew Nealon under the terms and conditions of the Ferrum Crescent Director and Senior Management Fee and Remuneration Sacrifice Share Plan (the "Plan"). The shares have been issued to Messrs Ed Nealon and Robert Hair in lieu of their salaries for the period from 1 April 2012 to 30 November 2012 and for Andrew Nealon for the period from 1 September 2012 to 30 November 2012 at an average weighted average price for the last 5 days prior to each month end.
On 8th August 2012, the Company's shareholders approved the Plan under which Directors and Senior Managers of the Company who are eligible to be offered shares without prospectus disclosure may elect to sacrifice part or all of their directors' fees or executive remuneration to acquire shares in the Company. The purpose of the Plan is to help align the interests of Directors and Senior Managers with those of shareholders by encouraging Director and Senior Manager share ownership and (where such shares are newly issued) preserve cash in the Company. Further detail on the Plan may be found in the Company's Notice of General Meeting of Shareholders dated 29 June 2012.
A breakdown of each Company officer's share issue is provided below:
Accordingly, application has been made for 4,078,060 Ferrum Crescent shares to be admitted to trading on the Australian Securities Exchange Limited, the AIM market of the London Stock Exchange and on the JSE Limited. Admission is expected to become effective at 09:00am (Australian Eastern Daylight Savings time), 8:00am (UK time) and 09:00am (SA time) on 14 December 2012.
Following admission the Company will have 328,201,385 fully paid ordinary shares in issue.
Additionally, the Company has today granted 400,000 options to Mr Vernon Harvey, Chief Operating Officer. The Options have been granted under the terms and conditions of the Ferrum Crescent Ltd Employee Option Plan. The Options will be unquoted, granted for no consideration but will be exercisable at AUD$0.10 on or before 14th December 2015.
For more information, please visit www.ferrumcrescent.com or contact:
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