Cancellation And Issue Of New Shares
Cancelled 6m shares in Chairman Mladen Ninkov, issued 7m new shares to his employer Keynes Capital with stricter terms.
- Shares cancelled 6,000,000
- New shares issued 7,000,000
- Total ordinary shares in issue after admission 185,530,477
- Shares in treasury 1,241,996
- Chairman's resulting shareholding 3.8%
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Cancellation of Shares Pursuant to the Company's Share Incentive Plan & Issue of New Shares
31st December 2024
Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce, following the announcement of the 27th March 2023, the cancellation of the 6 million shares issued to Mladen Ninkov (or his beneficial nominee) under the Company's Share Incentive Plan and the issue of 7 million new shares (the "New Shares") to Keynes Capital (as Mr Ninkov's employer) under far more stringent, results based terms.
The New Shares issued will be subject to certain contractual terms including that the shares issued will not be sold or otherwise transferred or disposed except in the event of a transaction occurring with the Company or its subsidiaries, malus and return of the shares upon leaving the employ of the Company or its subsidiaries. The New Shares will be issued following the execution of agreements between Keynes Capital and the Company confirming the above terms and the formal subscription agreement for the New Shares.
Application will be made for the New Shares, which will rank pari passu with the existing ordinary shares of the Company, to be admitted to trading on AIM of the London Stock Exchange ("AIM"). It is expected that will occur approximately on 9th January 2025.
Following the issue and admission of the New Shares to trading on AIM there will be 185,530,477 Ordinary Shares in issue, of which 1,241,996 Ordinary Shares will be held in treasury. Consequently, shareholders should use 184,288,481 Ordinary Shares as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company, under the Financial Conduct Authorities Disclosure and Transparency Rules.
Following Admission of the New Shares to trading on AIM the following person holding management responsibility will be interested in the following Ordinary Shares in the Company.
| Number of shares cancelled related to share incentive scheme | Number of New Shares issued | Resulting total number of shares owned | % of enlarged issued Share Capital | |
|---|---|---|---|---|
| Mladen Ninkov (Chairman ) | 6,000,000 | 7,000,000 | 7,033,001 | 3.8 |
Chairman of the Remuneration Committee, Dean Moore, commented, "With this new share issue the Board has adopted the recommendations of the Remuneration Committee to ensure an incentive structure is implemented which provides the greatest chance of retaining Mladen Ninkov to deliver the strategy which we believe the shareholders expect."
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Mladen Ninkov |
| 2 | Reason for the notification | |
| a) | Position/status | Chairman |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Griffin Mining Limited |
| b) | LEI | 213800VXEARSK4D5UG12 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of one US cent each ISIN: BMG4122J 10 62.6 |
| b) | Nature of the transaction | Cancellation of shares under share incentive scheme |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil pence 6,000,000 |
| d) | Aggregated information - Aggregated volume - Price | 6,000,000 Nil pence per share |
| e) | Date of the transaction | 31 st December 2024 |
| f) | Place of the transaction | Jersey |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Mladen Ninkov |
| 2 | Reason for the notification | |
| a) | Position/status | Chairman |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Griffin Mining Limited |
| b) | LEI | 213800VXEARSK4D5UG12 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of one US cent each ISIN: BMG4122J 10 62.6 |
| b) | Nature of the transaction | Issue of shares under share incentive scheme |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil pence 7,000,000 |
| d) | Aggregated information - Aggregated volume - Price | 7,000,000 Nil pence per share |
| e) | Date of the transaction | 31 st December 2024 |
| f) | Place of the transaction | Jersey |
596/2014
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