Europa Metals Shakes Up Market: Directors Score Big with 3.5 Million Share Boost

  • Equity Issuance: Europa Metals Ltd issues 3.5 million new shares to directors, marking a strategic move post-performance milestones.
  • Admission to Trading: The company applies for shares to be admitted to AIM and AltX, expecting trading by mid-December.
  • Director Shareholdings: Following admission, directors Myles Campion and Daniel Smith receive shares, impacting voting rights and reflecting performance alignment.
By Lethabo Ntsoane

In a significant move, Europa Metals Ltd, the Australian-incorporated and South Africa-registered company, has announced the issuance of 3.5 million new Ordinary Shares in a transaction involving two of its directors. The issuance follows the successful conversion of performance rights, with the corresponding performance milestones achieved earlier in the year.

Performance Milestones Met

The company revealed that the conditions for the performance rights conversion were met during the course of the year, as detailed in the Regulatory News Service (RNS) announcement on 24 January 2023. As a result, 3.5 million new Ordinary Shares, referred to as “Conversion Shares,” are being issued in aggregate to the two directors.

Admission to Trading

Europa Metals Ltd has applied for the admission of these 3.5 million Conversion Shares to trading on AIM and for quotation on AltX, with expectations that the admission will be effective by 8:00 a.m. on Friday, 15 December 2023, on AIM and Monday, 18 December 2023, on the JSE.

Here are the key details for the admission:

ExchangeAdmission DateCommencement of Dealings
AIM15 December 2023 (Friday)8:00 a.m.
JSE (AltX)18 December 2023 (Monday)To be determined

Impact on Share Capital

Post-admission, Europa Metals Ltd’s total issued ordinary share capital will stand at 97,671,790 Ordinary Shares with voting rights. Shareholders can use this figure for calculations related to notifications of interest or changes in share capital.

Director Shareholdings Post-Issuance

Following the admission, the beneficial shareholdings of the directors receiving Conversion Shares will be as follows:

DirectorPositionConversion Shares to be ReceivedTotal Ordinary Shares Held on Admission% of Voting Rights Held on Admission
Myles CampionExecutive Chairman and acting CEO3,000,0005,108,1825.23
Daniel SmithNon-Executive Director500,000500,0000.51

PDMR Notification Forms

In accordance with the Market Abuse Regulation (MAR), notifications have been made, and the details of the persons discharging managerial responsibilities (PDMRs) are provided. Here are the key details for Myles Campion and Daniel Smith:

1. Myles Campion

  • Position/status: Executive Chairman and acting CEO
  • Initial notification/amendment: Initial notification
  • Date of the transaction: 11 December 2023
  • Nature of the Transaction: Conversion of performance rights
  • Price(s) and volume(s): Nil pence, 3,000,000 shares
  • Place of the transaction: Outside of a trading venue

2. Daniel Smith

  • Position/status: Non-Executive Director
  • Initial notification/amendment: Initial notification
  • Date of the transaction: 11 December 2023
  • Nature of the Transaction: Conversion of performance rights
  • Price(s) and volume(s): Nil pence, 500,000 shares
  • Place of the transaction: Outside of a trading venue

Conclusion

The issuance of 3.5 million new Ordinary Shares marks a strategic move for Europa Metals Ltd, aligning with the achievement of performance milestones. As the company anticipates admission to trading on AIM and AltX, shareholders and investors will be closely watching the impact on share capital and the subsequent changes in voting rights among the company’s leadership. The move reflects the company’s commitment to rewarding performance and aligning interests with key executives.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo