8th Floor, Royal Trust House, 54-56 Jermyn
Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629
7772 Facsimile: + 44 (0)20 7629 7773
E mail:
griffin@griffinmining.com
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
|
|
3
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name
|
Griffin Mining Limited
|
|
b)
|
LEI
|
213800VXEARSK4D5UG12
|
|
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 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
|
31st 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
|
|
3
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name
|
Griffin Mining Limited
|
|
b)
|
LEI
|
213800VXEARSK4D5UG12
|
|
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 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
|
31st December
2024
|
|
f)
|
Place of the transaction
|
Jersey
|
About Griffin Mining
Limited
Griffin Mining Limited's shares are
quoted on the Alternative Investment Market (AIM) of the London
Stock Exchange (symbol GFM). Griffin Mining
Limited owns and operates through its 88.8% owned Joint Venture in
China the Caijiaying Zinc Gold Mine, a profitable mine producing
zinc, gold, silver, and lead metals in concentrates. For more
information, please visit the Company's website
griffinmining.com.
Further
information
Griffin Mining Limited
Mladen Ninkov - Chairman
Telephone: +44(0)20 7629
7772
Roger Goodwin - Finance
Director
Panmure Liberum
Limited
Telephone: +44 (0)20 7886 2500
James Sinclair Ford
Kieron Hodgson
Dougie McLeod
Berenberg
Telephone: +44(0)20
3207 7800
Matthew Armitt
Jennifer Wyllie
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No. 596/2014