REG - Clontarf Energy PLC - Conversion of Director Loans <Origin Href="QuoteRef">CLON.L</Origin>

Clontarf EnergyAnnouncement

06/09/2014 18:37

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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                                                        
                               +353 (0) 1 833 2833 
 
James Finn, Director 
 
Nominated Adviser and Broker 
 
Northland Capital Partners Limited 
 
Gavin Burnell / Lauren Kettle                                                 
                          +44 (0)20 7382 1100 
 
Alice Lane / John Howes (Broking) 
 
Public Relations 
 
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