Equity Issue, PDMR Dealing & Total Voting Rights

RNS Number : 4549N

Bushveld Minerals Limited

01 February 2021

 

 Market Abuse Regulation ("MAR") Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

1 February 2021

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Issue of Equity, PDMR Dealing and Total Voting Rights

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, ("Bushveld"), has issued 1,473,651 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") in respect of the Bonus Awards announced on 21 July 2020. It was noted in the Q3 2020 Operational Update that following the implementation of the Company's incentive schemes in 2019, the Remuneration Committee had reviewed the effectiveness of the deferred portion of the short-term incentive scheme, to which the Bonus Awards relate, and revised the vesting period so that 50 per cent of the Bonus Awards would vest 12 months after the award period and 50 per cent 18 months after the award period. Accordingly, on 31 December 2020, the below Bonus Awards vested for PDMRs:

PDMR	Position	Total Bonus Awards	Vested Bonus Awards
Fortune Mojapelo	Group Chief Executive Officer	880,745	440,373
Mikhail Nikomarov	Bushveld Energy Chief Executive Officer	238,779	119,390
Prince Nyati	Lemur Resources Chief Executive Officer	199,277	99,639
Kenneth Greve	Director - Corporate Development	312,828	156,414
Sihle Mdluli	Director - Strategy and Corporate Services	169,038	84,519
Lyndon Williams	Director - Sales and Marketing	244,961	122,481
Bertina Symonds	General Manager - Bushveld Vametco	231,249	115,625

The remaining Bonus Awards were granted to senior employees who are not deemed PDMRs.

Admission to AIM and Total Voting Rights

Application will be made for admission of these 1,473,651 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 4 February 2021.

Following Admission, there will be a total of 1,192,231,543 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,191,561,543 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 voting rights of the Company, under the FCA's Disclosure and Transparency Rules.

PDMR Shareholdings

Following the issue of Ordinary Shares related to the Bonus Awards which have vested, PDMRs'  shareholdings in the Company are as follows:

Director	Current Shareholding	Number of Ordinary Shares issued	Resultant Shareholding	% of Enlarged Issued Share Capital
Fortune Mojapelo*	12,580,000	440,373	13,020,373	1.09
Mikhail Nikomarov	244	119,390	119,634	0.01
Prince Nyati	35,375	99,639	135,014	0.01
Kenneth Greve	Nil	156,414	156,414	0.01
Sihle Mdluli	Nil	84,519	84,519	0.01
Lyndon Williams	Nil	122,481	122,481	0.01
Bertina Symonds	Nil	115,625	115,625	0.01

*Fortune Mojapelo holds 8,500,000 shares in Bushveld directly and has a beneficial interest in a further 8,160,000 shares held through VM Investment Company (Pty) Ltd, a company in which he has a 50 per cent interest.

PDMR Dealing

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

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.  Fortune Mojapelo 2.  Mikhail Nikomarov 3.  Prince Nyati 4.  Kenneth Greve 5.  Sihle Mdluli 6.  Lyndon Williams 7.  Bertina Symonds
2	Reason for the notification
a)	Position/status	1.  Chief Executive Officer 2.  Bushveld Energy Chief Executive Officer 3.  Lemur Resources Chief Executive Officer 4.  Director - Corporate Development 5.  Director - Strategy and Corporate Services 6.  Director - Sales and Marketing 7.  General Manager - Bushveld Vametco
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
b)	Identification code	ISIN: GG00B4TM3943
c)	Nature of the transaction	Issue of Ordinary Shares as part of a company Share Incentive Scheme
d)	Price(s) and volume(s)	Price(s) Volume(s) 1. Nil 440,373 2. Nil   119,390 3. Nil  99,639 4. Nil 156,414 5. Nil 84,519 6. Nil 122,481 7. Nil 115,625
e)	Aggregated information - Aggregated volume - Price	N/A (Single transaction)
f)	Date of the transaction	29 January 2021
g)	Place of the transaction	Outside of a trading venue

ENDS

Inquiries: [e-mail]

Bushveld Minerals		[phone]
Fortune Mojapelo, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP	Nominated Adviser & Broker	[phone]
Richard Morrison / Soltan Tagiev
Abigail Wayne / Richard Parlons
Peel Hunt LLP	Joint Broker	[phone]
Ross Allister / Alexander Allen
BMO Capital Markets Limited	Joint Broker	[phone]
Tom Rider / Michael Rechsteiner  Neil Elliot
Tavistock	Financial PR	[phone]
Charles Vivian / Gareth Tredway  Edward Lee
Brunswick	Financial PR (South Africa)	[phone]
Miyelani Shikwambana

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets. 

The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.

Bushveld's vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company's energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.

The Company's approach to project development recognises that, whilst attractive project economics are imperative, they may be insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.

Detailed information on the Company and progress to date can be accessed on the website   www.bushveldminerals.com .

 

END

 

 

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