Further subscription by Employee Share Trust

RNS Number : 4052Q

Obtala Resources Limited

19 October 2011

 



19 October 2011

Obtala Resources Limited ("the Company")

Further subscription by Obtala Resources Employee Share Trust

Obtala Resources Limited (AIM: OBT), the mining, exploration and development  company  announces that it has issued and allotted further shares to the Obtala Resources Employee Share Trust ("the Trust") which has Marlborough Trust Company Limited appointed as trustee ("the Trustee").

On 18 October 2011, the Trustee agreed to purchase by way of subscription 2,100,000 new ordinary shares of 1p each in the Company (representing 0.88% of the Company's enlarged issued share capital) at a market price of 32.75p per share. Accordingly, application has been made for these new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 25 October 2011.

All of these shares will be acquired jointly with a number of employees of the Group ("the Employees") pursuant to certain conditions set out in Joint Ownership Agreements ("JOA's"), further details of which can be found in the Company's annual report.

Notification of Director's Interest in shares in the Company

The following directors of the Company will acquire an interest in 1,900,000 ordinary shares of 1p each in the Company (representing 0.80% of the Company's enlarged issued share capital) which will be purchased by the Trustee as part of the arrangements set out above.

The Shares in which the Directors will purchase a joint interest together with the Earliest Realisation Date on which they can benefit from an increase in the value relating to each Shares Tranche is set out below: 

Director	Number of Shares	Earliest Realisation Date
James Ede-Golightly	300,000	18 October 2012
Nicholas Clarke	300,000	18 October 2012
Michael Bretherton	300,000	18 October 2012
Simon Rollason	500,000	18 October 2012
Lord St John	500,000	18 October 2012
Total	1,900,000

Director	New interest in  EBT shares	Existing interest in EBT shares	Interest in existing options	Interest in shares held directly	Total
James Ede-Golightly	300,000	-	-		300,000
Nicholas Clarke	300,000	500,000	150,000		950,000
Michael Bretherton	300,000	500,000	-	300,000	1,100,000
Simon Rollason	500,000	500,000	500,000	160,000	1,660,000
Lord St John	500,000	250,000	-		750,000
Total	1,900,000	1,750,000	650,000	460,000	4,760,000

The Company's Executive Chairman, Francesco Scolaro, does not have any interests in jointly-owned shares to be purchased by the Trust and holds no options over ordinary shares in the Company.

Following this subscription for new ordinary shares by the Trustee, the enlarged total issued share capital of the Company will increase to 238,179,974 ordinary shares.

Contact:

Obtala Resources Limited Simon Rollason - Managing Director Francesco Scolaro - Chairman www.obtalaresources.com	[phone]
Macquarie (Nomad and Broker)
Jonny Franklin-Adams Dan Iacopetti	[phone]
Threadneedle Communications
Laurence Read Richard Gotla	[phone]

 

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