HomeNewsEmployees acquire 1,4% of ACR

Employees acquire 1,4% of ACR


African Consolidated Resources (ACR) employees have acquired about 1,4% of the AIM-listed miner through the purchase of 5 million newly issued ordinary shares under the Employee Benefit Trust in a joint ownership agreement with management.

The miner is scheduled to apply to admit the new shares for trading on the AIM today at 8am.

The new shares, each of which carries the right to one vote, increased ACR’s ordinary shares in issue to 369 402 451.

“The shares were acquired jointly with a number of directors and executives of the group pursuant to certain conditions set out in Joint Ownership Agreements,” ACR said in a statement.

The joint ownership agreement was signed by ACR CEO Andrew Cranswick and three other directors; namely Micheal Kellow, Roy Tucker and Stuart Bottomley.

The statement said the purchase of the shares was initially funded in full through loan contributions by the miner andthe Trustee’s subsidiary and would be repaid at an interest rate of 5% per annum on the subscription price of 9 pence per share.

“Rights of joint ownership obtained by an individual, including rights to dividends and other distributions of capital, will vary over time and equate to any future increase in the value of the shares less an amount equal to interest at 5% per annum on the subscription price,” the statement stated.

ACR is a Zimbabwe-focused resources company and has interests in diamond, gold, nickel, platinum, chrome and coal.

The company is embroiled in a legal battle with the government over the cancellation of its diamond mining titles in Chiadzwa, which has since been declared a state reserve area.

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