Shearwater Group (SWG)

 

LSE:SWG: Conversion of loan note and issue of equity

Shearwater Group

13 Jan 2017 16:30:01

Shearwater Group PLC

RNS Number : 1777U
Shearwater Group PLC
13 January 2017
 

13 January 2017

 

SHEARWATER GROUP PLC

(the "Company")

 

Conversion of loan note

Issue of equity

Director/PDMR Shareholdings

 

Shearwater Group plc (AIM: SWG), announces that it has received notice of the following transactions.

 

David Williams, Chairman, has today transferred his interest of £50,000 in the convertible loan note issued to him on 17 June 2016, to Giles Willits, Non-executive Director.  The transfer does not include the warrant attached to the loan note.

 

Subsequent to the above transfer, Giles Willits and the other loan note holder have each converted the loan notes into equity at a price of 1 pence per share, in accordance with the terms of the loan note.  In addition, David Williams and the other loan note holder have each exercised the warrants attaching to the loan note issue, each at a price of 2 pence per share.

 

Application will be made for the 20,000,000 new ordinary shares to be admitted to trading on AIM, which is expected to take place on 20 January 2016.  The new ordinary shares will rank pari passu with the existing ordinary shares in issue.

 

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the FCA, the Company confirms that, following this issue, its issued share capital will comprise 503,750,286 Ordinary Shares of 1 pence each. All Ordinary Shares shall have equal voting rights and none of the Ordinary Shares are held in treasury. The total number of voting rights in the Company immediately following Admission will therefore be 503,750,286.

 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

David Williams

2

Reason for the notification

a)

Position/status

Chairman

b)

Initial notification/ Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Shearwater Group plc

b)

LEI

N/A

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

 

Identification code

Ordinary shares of 1p each

 

 

GB00B00T3528

b)

Nature of the transaction

Transfer of loan note

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

5,000,000

 

d)

Aggregated information

-      Aggregated volume

-      Price

 

5,000,000

£n/a

e)

Date of the transaction

13 January 2017

f)

Place of the transaction

London Stock Exchange, AIM

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

David Williams

2

Reason for the notification

a)

Position/status

Chairman

b)

Initial notification/ Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Shearwater Group plc

b)

LEI

N/A

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

 

Identification code

Ordinary shares of 1p each

 

 

GB00B00T3528

b)

Nature of the transaction

Exercise of warrants

c)

Price(s) and volume(s)

Price(s)

Volume(s)

2p

5,000,000

 

d)

Aggregated information

-      Aggregated volume

-      Price

 

5,000,000

£100,000

e)

Date of the transaction

13 January 2017

f)

Place of the transaction

London Stock Exchange, AIM

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Giles Willits

2

Reason for the notification

a)

Position/status

Non-executive Director

b)

Initial notification/ Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Shearwater Group plc

b)

LEI

N/A

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

 

Identification code

Ordinary shares of 1p each

 

 

GB00B00T3528

b)

Nature of the transaction

Exercise of loan notes

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 1p

5,000,000

 

d)

Aggregated information

-      Aggregated volume

-      Price

 

5,000,000

£n/a

e)

Date of the transaction

13 January 2017

f)

Place of the transaction

London Stock Exchange, AIM

 

 

 

Contacts:




Shearwater Group plc

www.aurummining.net

David Williams

Mo Stevens

+44 (0) 797 014 8016

+44 (0) 780 171 2582



WH Ireland Limited

Nominated Adviser & Broker

Mike Coe, Ed Allsopp

+44 (0) 117 945 3470



Powerscourt

[email protected]

Ben Griffiths, Andy Jones

+44 (0)20 7250 1446

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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