Botswana Diamonds (BOD) says it has issued 15,009,381 ordinary shares of £0.01 pence each, to certain directors of the company in lieu of accrued professional fees.
According to the exploration company that is scouring for diamonds in the Orapa kimberlite area in Botswana, the shares have been issued at a price of 1.066p each, being the 10 day VWAP to 16 April 2015.
The directors include the charismatic Irishman, John Teeling who acts at the Chairman. Following this issue, the directors’ shareholdings in the company are as follows:
|Previous shareholding||New Shares being issued||Resultant shareholding||Percentage holding of enlarged issued share capital*|
BOD said the issue of the shares constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. It added that the independent directors of the Company, being Robert Bouquet and Anne McFarland, having consulted with the Company’s nominated adviser, Westhouse Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.
“Following the issue of the new Shares there will be a total of 239,487,648* ordinary shares of £0.01 each in issue with each share carrying the right to one vote,” BOD said.
“The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.”