8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
Cancellation of Shares Pursuant to the Company's Share Incentive Plan & Issue of New Shares
31st December 2024
Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce, following the announcement of the 27th March 2023, the cancellation of the 6 million shares issued to Mladen Ninkov (or his beneficial nominee) under the Company's Share Incentive Plan and the issue of 7 million new shares (the "New Shares") to Keynes Capital (as Mr Ninkov's employer) under far more stringent, results based terms.
The New Shares issued will be subject to certain contractual terms including that the shares issued will not be sold or otherwise transferred or disposed except in the event of a transaction occurring with the Company or its subsidiaries, malus and return of the shares upon leaving the employ of the Company or its subsidiaries. The New Shares will be issued following the execution of agreements between Keynes Capital and the Company confirming the above terms and the formal subscription agreement for the New Shares.
Application will be made for the New Shares, which will rank pari passu with the existing ordinary shares of the Company, to be admitted to trading on AIM of the London Stock Exchange ("AIM"). It is expected that will occur approximately on 9th January 2025.
Following the issue and admission of the New Shares to trading on AIM there will be 185,530,477 Ordinary Shares in issue, of which 1,241,996 Ordinary Shares will be held in treasury. Consequently, shareholders should use 184,288,481 Ordinary Shares as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company, under the Financial Conduct Authorities Disclosure and Transparency Rules.
Following Admission of the New Shares to trading on AIM the following person holding management responsibility will be interested in the following Ordinary Shares in the Company.
| | Number of shares cancelled related to share incentive scheme | Number of New Shares issued
| Resulting total number of shares owned
| % of enlarged issued Share Capital |
|
Mladen Ninkov (Chairman ) |
6,000,000 |
7,000,000 | 7,033,001 |
3.8 |
Chairman of the Remuneration Committee, Dean Moore, commented, "With this new share issue the Board has adopted the recommendations of the Remuneration Committee to ensure an incentive structure is implemented which provides the greatest chance of retaining Mladen Ninkov to deliver the strategy which we believe the shareholders expect."
| 1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
| a)
| Name
| Mladen Ninkov | ||||
| 2
| Reason for the notification | |||||
| a)
| Position/status
| Chairman | ||||
| b)
| Initial notification /Amendment | Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a)
| Name
| Griffin Mining Limited | ||||
| b) | LEI | 213800VXEARSK4D5UG12 | ||||
| 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
Identification code
| Ordinary Shares of one US cent each
ISIN: BMG4122J 10 62.6 | ||||
| b)
| Nature of the transaction
| Cancellation of shares under share incentive scheme
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
6,000,000 Nil pence per share | ||||
| e)
| Date of the transaction | 31st December 2024 | ||||
| f) | Place of the transaction | Jersey | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
| a)
| Name
| Mladen Ninkov | ||||
| 2
| Reason for the notification | |||||
| a)
| Position/status
| Chairman | ||||
| b)
| Initial notification /Amendment | Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a)
| Name
| Griffin Mining Limited | ||||
| b) | LEI | 213800VXEARSK4D5UG12 | ||||
| 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
Identification code
| Ordinary Shares of one US cent each
ISIN: BMG4122J 10 62.6 | ||||
| b)
| Nature of the transaction
| Issue of shares under share incentive scheme
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
7,000,000 Nil pence per share | ||||
| e)
| Date of the transaction | 31st December 2024 | ||||
| f) | Place of the transaction | Jersey | ||||
About Griffin Mining Limited
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Liberum Limited Telephone: +44 (0)20 7886 2500
James Sinclair Ford
Kieron Hodgson
Dougie McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
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