Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
07 August 2024
Bushveld Minerals Limited
("Bushveld" or the "Company")
Issue of Share Options and Director / PDMR Dealings
Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, announces the grant of an aggregate of 37,528,005 options to subscribe for new ordinary shares of 1p each in the Company (the "Options") to certain PDMRs and employees of the Company. These options have been recommended by the remuneration committee to retain the services of key executives who are critical to the future success of the business. No incentive bonus awards were made in FY 2022 and FY 2023.
Director Dealing
Of the Options, the Company has granted a total of 6,387,726 nil-cost options to Craig Coltman. 4,052,205 options have been granted to Craig pursuant to his contract of employment whereby a 1:1 share purchase matching scheme was agreed. Further, Craig has elected to receive shares in lieu of a 2024 cost of living salary adjustment that was due to him in July 2024 in order to ensure alignment with shareholders and reduce the cash operating costs of the business. To effect this, a further 2,335,521 options have been granted to Craig. These options will vest on 30 June 2025 and are subject to continued employment.
Retention Options
Of the Options, a total of 31,140,279 nil-cost options have been awarded to key executives, including 5,449,549 to a PDMR, who have been identified as critical to the success of the business (the "Retention Options). The Retention Options will vest in two tranches, 50% shall vest on 31 July 2025 and 50% on 31 January 2026. The vesting of the Retention Options are conditional on continued employment, but not subject to any other forward looking performance vesting conditions.
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. Craig Coltman 2. Viki Rapelas
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| 2 | Reason for the notification | ||||||||||
| a) | Position/status | 1. CEO 2. Group Executive: Legal Governance & Compliance
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| 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
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| b) | Identification code | ISIN: GG00B4TM3943 | |||||||||
| c) | Nature of the transaction | Grant of Ordinary Shares as part of employment contract | |||||||||
| d) | Price(s) and volume(s) |
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| e) | Aggregated information - Aggregated volume - Price | N/A | |||||||||
| f) | Date of the transaction | 6 August 2024
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ENDS
Enquiries : info@Bushveldminerals.com
| Bushveld Minerals Limited | | +27 (0) 11 268 6555 |
| Craig Coltman, Chief Executive Officer | | |
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| SP Angel Corporate Finance LLP | Nominated Adviser & Joint Broker | +44 (0) 20 3470 0470 |
| Richard Morrison / Charlie Bouverat |
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| Grant Barker / Abigail Wayne |
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| Hannam & Partners | Joint Broker | +44 (0) 20 7907 8500 |
| Andrew Chubb / Matt Hasson / Jay Ashfield |
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| Tavistock | Financial PR | +44 (0) 207 920 3150 |
| Gareth Tredway / Tara Vivian-Neal / James Whitaker | | |
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a primary vanadium producer. It is one of the world's three primary vanadium producers, offering compelling exposure to vanadium through its upstream asset.
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com
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