Conversion of Director Loans

RNS Number : 8415M

Clontarf Energy PLC

21 July 2014

 



21 July 2014

Clontarf Energy plc

("Clontarf" or "the Company")

Conversion of Directors Loans

Directors Shareholdings

Clontarf announced this morning the intended conversion of directors loans, in order to strengthen the Company's balance sheet. Conditional upon admission the Board has issued 70,302,632 new ordinary shares in repayment of these directors loans and accrued remuneration totalling £409,382 and £117,888 respectively ("the Directors Loan Shares") at a price of 0.75p per Directors Loan Share.

The Directors Loan Shares will be issued as shown in the table below.

Director	Directors Loan Shares
John Teeling	31,906,122
David Horgan	11,108,655
James Finn	27,287,855

Related Party Transaction

The issue of the Directors Loan Shares is a related party transaction under the AIM Rules for Companies. There are no independent directors for the purposes of providing the fair and reasonable opinion under Rule 13 of the AIM Rules for Companies. Northland Capital Partners Limited, the Company's Nominated Adviser, considers that the terms of the issue of the Directors Loan Shares are fair and reasonable so far as the shareholders of the Company are concerned.

Enlarged Share Capital

Application will be made for the Directors Loan Shares to be admitted to trading on AIM ("Admission"). Admission is expected to be effective on 28 July 2014. Following Admission of the Directors Loan Shares together with the Placing Shares and Creditor Shares as announced earlier this morning, the Company's issued share capital will consist of 382,797,210 ordinary shares, with each ordinary share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. This figure of 382,797,210 may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Furthermore, the Company confirms that John Teeling, Executive Chairman, has today disposed of 16,000,000 ordinary shares to family members at a price of 0.75p per share (the "Disposal").

Following the issue of the Directors Loan Shares and the Disposal the resultant shareholdings of the Board of the Company are as follows.

Director	Existing shareholding	Directors Loan Shares	Disposal	Resultant shareholding	% of enlarged share capital
John Teeling	22,286,633	31,906,122	16,000,000	38,192,755	9.98
David Horgan	10,842,233	11,108,655		21,950,888	5.73
James Finn	11,024,867	27,287,855		38,312,722	10.01

South American Investors

Further to the announcement made by the Company on 17 July 2014, the Company confirms that the 79,767,067 ordinary shares issued to its South American lenders and due for admission to trading on AIM on 24 July 2014 are the subject of lock-ins for a period of twelve months expiring 17 July 2015.

ENDS

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy plc

John Teeling, Chairman                                                                                        [phone]

James Finn, Director

Nominated Adviser and Broker

Northland Capital Partners Limited

Gavin Burnell / Lauren Kettle                                                                            [phone]

Alice Lane / John Howes (Broking)

Public Relations

Blytheweigh                                                                                                             [phone]

Tim Blythe                                                                                                                 [phone]

Halimah Hussain                                                                                                     [phone]

Camilla Horsfall                                                                                                       [phone]

Pembroke Communications

Natalie Tennyson                                                                                                   [phone]

Alan Tyrrell                                                                                                                [phone]

 

END

 

 

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