Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Director Share Purchases & American Depository Receipt ("ADR") Programme Update
As announced in December 2017 the Directors all entered into a Defined Director Purchase Programme ("DDPP") in which they will each purchase £1,000 of ordinary shares per month for 12 months. These shares will be purchased from the market on the first Friday of each month starting on 2nd February 2018 and ending the 4th January 2019. The market will be notified of the purchases on the next trading day via a PDMR; Directors dealing notification.
The Directors have entered into a DDPP in an open period and under this programme are therefore committed to the purchase of shares in what otherwise may be a close period. Entering into the DDPP does not preclude the directors from buying additional shares in the Company during open periods.
Details of the Director purchases are contained in the table below:
Director |
Position |
Number of ordinary shares acquired |
Price paid per share (pence) |
Andrew Suckling |
Non-Executive Chairman |
365,497* |
0.27* |
Kiran Morzaria |
Director & CEO |
677,966 |
0.15 |
Donald Strang |
Finance Director |
650,000 |
0.15 |
Adrian Fairbourn |
Non-Executive Director |
542,005 |
0.18 |
*Andrew Suckling purchased his DDPP obligation through the ADR listing in the OTC market (KDNCY:OTC) in the United States, in which 500 KDNC shares is equivalent to 1 ADR share, the purchase price was US$1.80 per ADR or approximately 0.27 pence per shares.
After these acquisitions, the total notifiable share interest in the Company for the directors is as follows
Director |
Position |
Total Notifiable Interests (shares) |
Andrew Suckling |
Non-Executive Chairman |
4,855,497 |
Kiran Morzaria |
Director & CEO |
13,948,456 |
Donald Strang |
Finance Director |
11,597,011 |
Adrian Fairbourn |
Non-Executive Director |
11,933,872 |
Total |
|
42,334,836 |
ADR Programme Update
Cadences announces that it will close its ADR programme which will become effective on 14th January 2019 at 5:00pm (Eastern Time) (the "Termination Date").
The Company has decided to take this action due to trading volumes of the ADRs being insufficient to justify the maintenance costs of the additional listing.
Under the terms of the Deposit Agreement, holders of American Depositary Shares ("ADSs") have until the Termination Date to surrender their ADSs for cancellation and to take delivery of the underlying shares. Holders are reminded that any time after the Termination Date, Deutsche Bank ("the Depositary") may sell the securities represented by then outstanding ADSs and may thereafter hold uninvested the net proceeds of any such sale, without liability for interest. If ADS holders surrender their ADSs for delivery of the underlying shares, they must pay a cable fee of $15.00 and a cancellation fee of $0.05 per ADS surrendered and any applicable U.S. or local taxes or governmental charges. For more details and for official instructions on how to surrender ADSs please contact [email protected].
The Company would like to note that holders of Cadence's ordinary shares will remain unaffected by the termination of the ADRs.
For further information:
Cadence Minerals plc |
+44 (0) 207 440 0647 |
Andrew Suckling |
|
Kiran Morzaria |
|
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
James Joyce |
|
James Sinclair-Ford |
|
|
|
Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
Neil Passmore |
|
Ingo Hofmaier |
|
|
|
|
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
Kiran Morzaria |
2 |
Reason for the notification |
a) |
Position/status |
Director & CEO |
b) |
Initial notification/ Amendment |
Initial notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Cadence Minerals PLC |
b) |
LEI |
213800TUZWG9C2GRNO58 |
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 Share GB00B067JC96 |
b) |
Nature of the transaction |
Defined Directors Share Purchase Programme |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
0.0015 |
677,966 |
|
d) |
Aggregated information - Aggregated volume - Price |
677,966 0.0015 |
e) |
Date of the transaction |
02/11/2018 |
f) |
Place of the transaction |
XLON, AIM |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
Andrew Suckling |
2 |
Reason for the notification |
a) |
Position/status |
Non-Executive Chairman |
b) |
Initial notification/ Amendment |
Initial notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Cadence Minerals PLC |
b) |
LEI |
213800TUZWG9C2GRNO58 |
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 |
Level 1 ADR DR ISIN: US12738Y1091- CUSIP: 12738Y109 |
b) |
Nature of the transaction |
Defined Directors Share Purchase Programme |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
0.0027 |
365,497 |
|
d) |
Aggregated information - Aggregated volume - Price |
365,497 0.0027 |
e) |
Date of the transaction |
02/11/2018 |
f) |
Place of the transaction |
OTC US |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
Donald Strang |
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 |
Cadence Minerals PLC |
b) |
LEI |
213800TUZWG9C2GRNO58 |
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 Share GB00B067JC96 |
b) |
Nature of the transaction |
Defined Directors Share Purchase Programme |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
0.0015 |
650,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
650,000 0.0015 |
e) |
Date of the transaction |
02/11/2018 |
f) |
Place of the transaction |
XLON, AIM |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
Adrian Fairbourn |
2 |
Reason for the notification |
a) |
Position/status |
Non-Executive Director |
b) |
Initial notification/ Amendment |
Initial notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Cadence Minerals PLC |
b) |
LEI |
213800TUZWG9C2GRNO58 |
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 Share GB00B067JC96 |
b) |
Nature of the transaction |
Defined Directors Share Purchase Programme |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
0.0018 |
542,005 |
|
d) |
Aggregated information - Aggregated volume - Price |
542,005 0.0018 |
e) |
Date of the transaction |
05/11/2018 |
f) |
Place of the transaction |
XLON, AIM |
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
