REG - Clontarf Energy PLC - Issue of Warrants and RPT

Clontarf EnergyAnnouncement

12/01/2022 16:40

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RNS Number : 2637Y  Clontarf Energy PLC  12 January 2022

 

12(th) January, 2022

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

Issue of Warrants to Directors

Related Party Transaction

 

 

Clontarf Energy plc (AIM:CLON), the energy company focused on Africa and
Bolivia, has been accruing, and therefore not paying in cash, salaries of the
current Directors since 2010. The aggregate accrued liability as at 31
December 2021 for the three longest serving directors (Dr Teeling, Mr Horgan
and Mr Finn) is £1,340,564. The Board remains cognisant of the need to
conserve cash resources in the current environment and therefore these three
Directors have agreed to continue deferring payment of this amount, in cash,
until the end of 2024.

 

In consideration for this past and continued deferral, these directors have
been issued 3.25 warrants over Ordinary Shares per each 1p of accrued salary
due until 31 December 2021 ("Warrants").  The Warrants are exercisable at
0.25p, being a 6% premium to the closing mid-market price yesterday, at any
time until 11 January 2025 and have been allocated as follows:

 

 Director                                                    Accrued salary (£)   Warrants exercisable at conversion price of 0.25p per share

 David Horgan                                                £569,037             184,937,025
 John Teeling                                                £395,704.            128,603,800
 James Finn                                                  £375,823             122,142,475

 

Accordingly, in aggregate, 435,683,300 Warrants have been issued to the above
Directors.  Any exercise of the Warrants is restricted to the extent that, if
by exercising, the Warrant holders in aggregate hold greater than 29.9% of the
total voting rights of the Company.

 

For the avoidance of doubt, the deferred salaries, unless otherwise settled,
will remain payable in cash after the end of 2024.

 

Related party transaction

 

The issue of the warrants to the three directors as set out above constitutes
a related party transaction under Rule 13 of AIM Rules. In this context, Peter
O'Toole, being the Director on the Board who is considered to be independent
of the awards, considers, having consulted with the Company's nominated
adviser, Strand Hanson Limited, that the terms of the issue of the warrants to
the three directors are fair and reasonable insofar as its shareholders are
concerned.

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 596/2014.

 

Ends

 

 

For further information please visit http://clontarfenergy.com
(http://clontarfenergy.com/)  or contact:

 

 Clontarf Energy                        +353 (0) 1 833 2833

 David Horgan, Executive Chairman

 John Teeling, Non-Executive Director

 Nominated & Financial Adviser          +44 (0) 20 7409 3494

 Strand Hanson Limited

 Rory Murphy

 Ritchie Balmer

 Abigail Wennington

 Broker                                         +44 (0) 207 399 9400

 Novum Securities Limited

 Colin Rowbury

 Blytheweigh - PR                       +44 (0) 207 138 3206

Megan Ray

Alice McLaren                         +44 (0) 207 138 3553

 Madeleine Gordon-Foxwell               +44 (0) 207 138 3206

                                        +44 (0) 207 138 3206

 Teneo                                  +353 (0) 1 661 4055

 Luke Hogg

 Alan Tyrrell

 Ciara Wylie

 

 

 

 

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