TIDMGFM
RNS Number : 8359Y
Griffin Mining Limited
05 January 2024
8(th) Floor, Royal Trust House, 54 Jermyn Street, London. SW1Y
6LX. United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629
7773
E mail: griffin@griffinmining.com
TRANSACTION IN OWN SHARES
&
EXERCISE OF OPTIONS / DIRECTOR/PDMR SHAREHOLDINGS
5 January 2024
On 12 September 2023, the Company announced that in light of the
severely undervalued nature of the Company's share price, the cash
generated by operations in conjunction with the available funds
available outside of China to Griffin and the current depressed
nature of base metals prices and the share prices of those
producers, the Directors had resolved to renew efforts to
successfully effect the share buy-back programme announced on 25
February 2021 (the "Buy-Back Programme") to return excess monies
not required to meet financial and working capital requirements to
shareholders. Furthermore, the Directors had determined that,
provided sufficient funds are available, they may seek to extend
the buy-back programme in the same terms once the current Buy-Back
Programme expires on 25 February 2024.
In addition to the Buy-Back Programme, the directors reserved
the right (subject to compliance with applicable law) to:
1. purchase large blocks of shares from individual shareholders
where the large number of such shares offered in the market may
cause instability in the Company's share price; and
2. purchase a larger number of shares via a tender offer which
would be the subject of further documentation being sent to non-US
resident shareholders.
In view of the market price of the Company's shares, the lack of
shares capable of being offered daily to the Company for repurchase
under the Buy-Back Programme and the desire of certain large
individual shareholders wishing to possibly sell a large number of
such shares which could cause instability in the Company's share
price, the Company announced on 19 December 2023 that it has
increased the funds available for the purchase of its own shares
from up to US$5m to up to US$10 million and an unlimited number of
shares in addition to that already expended under the Buy-Back
Programme.
Today, Griffin announces that it has entered into trades
committing to purchase, through its joint broker Joh. Berenberg,
Gossler & Co. KG, 8,886,128 of the Company's own ordinary
shares ("Ordinary Shares"), representing 4.6% of the Company's
issued share capital (excluding shares already held in treasury),
at a price of 88 pence per Ordinary Share, for a total
consideration of GBP7,819,792, excluding brokers fees, (the
"Transaction"). On settlement of these trades the Ordinary Shares
purchased will be held in treasury for the time being.
The Transaction is being conducted separately from the Company's
latest share buyback programme as announced on 25 February 2021,
which will continue as planned.
Following completion of the purchase of these Ordinary Shares
there are 194,828,420 Ordinary Shares in issue, of which 10,177,977
Ordinary Shares will be held in treasury.
Related Party Transactions under the AIM Rules for Companies
Roger Goodwin, a current director of the Company and a related
party of the Company for the purposes of the AIM Rules, has sold
1,350,000 shares to the Company ("Goodwin Share Sale"). This
constitutes a related party transaction under Rule 13 of the AIM
Rules for Companies. The Directors (excluding Roger Goodwin)
consider, having consulted with the Company's nominated adviser,
Panmure Gordon, that the terms of the Goodwin Share Sale are fair
and reasonable insofar as its shareholders are concerned.
On 1 March 2021 the Company was advised that Richard Griffiths
and controlled undertakings, which held an interest in 24,313,224
ordinary shares in the company representing approximately 12.7% of
the Existing Share Capital) and is therefore a related party of the
Company, has sold 7,423,628 shares to the Company as part of the
Transaction. This constitutes a related party transaction under
Rule 13 of the AIM Rules for Companies. The Directors (excluding
Roger Goodwin) consider, having consulted with the Company's
nominated adviser, Panmure Gordon, that the terms of this share
sale and purchase are fair and reasonable insofar as the Company's
shareholders are concerned.
On 21 January 2021 the Company was advised that Andrew Goffe and
controlled undertakings, which held an interest in 26,513,657
ordinary shares in the Company representing approximately 13.8% of
the Existing Share Capital) and is therefore a related party of the
Company, has sold 112,500 shares to the Company as part of the
Transaction. This constitutes a related party transaction under
Rule 13 of the AIM Rules for Companies. The Directors (excluding
Roger Goodwin) consider, having consulted with the Company's
nominated adviser, Panmure Gordon, that the terms of this share
sale and purchase are fair and reasonable insofar as the Company's
shareholders are concerned.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities
On 31 December 2023, Roger Goodwin, Finance Director, exercised
options over 2,000,000 Ordinary Shares in Griffin. Application has
been made to AIM for the shares issued pursuant to the option
exercise, which will rank pari passu with existing Ordinary Shares,
to be admitted to trading on AIM ("Admission"). Dealings are
expected to commence on 8 January 2024 at 8.00 a.m.
On 5 January 2024, Roger Goodwin, Finance Director, sold
1,350,000 Ordinary Shares in Griffin at a price of 88 pence per
Ordinary Share as part of the Transaction.
Following the above exercises and sale, Roger Goodwin holds
1,527,830 Ordinary Shares representing 0.8% of the issued share
capital of the Company.
Following the option exercise and Transaction, shareholders
should use 184,650,443 as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in the Company.
1 Details of the person discharging managerial responsibilities / person
closely associated
a) Name Roger Goodwin
---------------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Finance Director
---------------------------------- -------------------------------------
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 Ordinary Shares of one US cent each
instrument, type of instrument
Identification code ISIN: BMG4122J 10 62.6
---------------------------------- -------------------------------------
b) Nature of the transaction Exercise of Options
---------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
30 pence 1,500,000
----------
---------------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume 1,500,000
- Price 30 pence per share
---------------------------------- -------------------------------------
e) Date of the transaction 2 January 2024
---------------------------------- -------------------------------------
f) Place of the transaction Jersey
---------------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities / person
closely associated
a) Name Roger Goodwin
---------------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Finance Director
---------------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------------- -------------------------------------
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 Ordinary Shares one US cent each
instrument, type of
instrument
ISIN: BMG4122J 10 62.6
Identification code
---------------------------------- -------------------------------------
b) Nature of the transaction S ale of Ordinary Shares
---------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
88 pence 1,350,000
----------
---------------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume 1,350,000
- Price 88 pence
---------------------------------- -------------------------------------
e) Date of the transaction 5 January 2024
---------------------------------- -------------------------------------
f) Place of the transaction London
---------------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities / person
closely associated
a) Name Roger Goodwin
---------------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Finance Director
---------------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------------- -------------------------------------
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 Ordinary Shares one US cent each
instrument, type of
instrument
ISIN: BMG4122J 10 62.6
Identification code
---------------------------------- -------------------------------------
b) Nature of the transaction Exercise of Options
---------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
40 pence 500,000
----------
---------------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume 500,000
- Price 40 pence
---------------------------------- -------------------------------------
e) Date of the transaction 2 January 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 in China, through its
88.8% owned Joint Venture stock company, 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 www.griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Clive Whiley - Senior Independent Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
Dougie McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Lee
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
Griffin Mining Limited's shares are quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange (symbol
GFM).
The Company's news releases are available on the Company's web
site: www.griffinmining.com
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END
MSCFLFLSLTIEIIS
(END) Dow Jones Newswires
January 05, 2024 09:24 ET (14:24 GMT)
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