Notice of agreements to issue shares to directo...

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining

24 October 2012

African Consolidated Resources plc ("ACR" or the "Company")

Notice of agreements to issue shares to directors, staff and consultants

ACR, the AIM listed southern African focused resource development company announces that pursuant to resolution of the remuneration committee on 22 October 2012, the executive directors and Lloyd Manokore (Non-executive Director) have entered into a binding agreement with the Company, pursuant to which each director has agreed that a fixed proportion of their monthly basic remuneration in respect of their services for the year from 1 September 2012 to 31 August 2013 will be applied in the subscription for new ordinary shares of 1p each in the Company ("Shares") at a price of 2p per Share. Such subscriptions shall be effected on a quarterly basis.

The proportion of remuneration that will be applied towards subscription for Shares under this arrangement is larger than the proportion paid in Shares under the previous arrangement that was announced on 30 September 2011.

The Company has also entered broadly similar arrangements in respect of a fixed proportion of monthly salary or fees with senior management and a majority of other employees and consultants.

On 22 October 2012, the directors, or companies having the benefit of their services, also agreed to subscribe a proportion of their total remuneration  for the year ended 31 August 2012 for the following shares ("2012 Remuneration Shares"), subject to Admission (as defined below):

	Amount	Issue Price	Number of Shares
	(£)	(pence)
Andrew Cranswick	52,500	2.5	2,100,000
Mike Kellow	41,250	2.5	1,650,000
Roy Tucker	37,500	2.5	1,500,000
Total	131,2500		5,250,000

The proceeds of the subscriptions shall be used by the Company for general working capital purposes.

Application will be made in due course to the London Stock Exchange for the 2012 Remuneration Shares to be admitted to trading on AIM ("Admission") in addition to the new Shares incurred but not yet issued in respect of director's monthly basic remuneration for the period from 1 April 2012 to 31 August 2012, as announced on 30 September 2011.   ACR Executive Chairman, Roy Tucker, said, "We are delighted that all our executive directors and nearly all our other employees  and consultants have agreed to apply a proportion - in many cases a significant proportion - of their salaries or fees in subscriptions for shares in the Company.  This demonstrates their confidence in the Company's future, aligns their interests with those of the Company and at the same time reduces the Company's cash expenditure."

Grant of options

The Company has agreed to grant options to subscribe for Shares at an exercise price of 5p per Share ("Options") to the following directors:

Director	Number of Options
Andrew Cranswick	7,000,000
Mike Kellow	3,500,000
Roy Tucker	3,500,000
Lloyd Manokore	1,000,000

The Options expire on 31 August 2015 and are conditional on continued satisfactory service with or provision of services to the Company by the individuals up to 31 August 2013.

**ENDS**
For further information visit www.acrplc.com or please contact:

Roy Tucker	African Consolidated Resources plc	[phone]
Andrew Cranswick	African Consolidated Resources plc	[phone]
Andrew Godber	Panmure Gordon (UK) Limited	[phone]
Callum Stewart	Panmure Gordon (UK) Limited	[phone]
Adam James	Panmure Gordon (UK) Limited	[phone]
Hannah Woodley	Panmure Gordon (UK) Limited	[phone]
Susie Geliher	St Brides Media & Finance Ltd	[phone]

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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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