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Issue of equity
The Company announces that the Phase Two Milestone has been reached in terms of the Performance Shares issued to management in accordance with the Executive Incentive Plan.
The Phase Two Milestone Performance Condition is satisfied upon completion of an independent technical study (Scoping Study Result was announced on 1 May 2008), commissioned by the Company, demonstrating to the satisfaction of the Board, that the mining and lifting of ore to the sea surface can be achieved.
As a result of the achievement of the Phase Two Milestone, a total of 653,750 performance shares for Directors, Simon McDonald and John Feenan and for Exploration Manager, Justin Baulch (individually 201,250 performance shares each) and Chandra Wijeratne (50,000 performance shares) have been converted to ordinary shares.
Following receipt of conversion notices on 24 July 2008, the Company has on 30 July 2008 issued and allotted 653,750 ordinary shares of 0.5p to the aforementioned recipients. Following the issue of these shares, the Company will have 66,767,863 ordinary shares in issue.
Application has been made for these new Ordinary Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective on 7 August 2008.
Following the conversion of the above performance shares, Simon McDonald and John Feenan will have the following interests in the Company:
| Director |
Ordinary Shares |
% of share capital |
Performance Shares |
Options |
| Simon McDonald |
8,310,000 Ordinary Shares (Held by Ismacate Pty Ltd) and 402,500 held directly. |
13.05% |
402,500 convertible performance shares |
700,000 Options are exercisable at 35 pence with a first exercise date of 17 October 2008 and an expiry date of 17 October 2012 |
| John Feenan |
4,362,751 Ordinary Shares (Held by JPF Energy Pty Limited) and 402,500 held directly. |
7.14% |
402,500 convertible performance shares |
609,000 Options are exercisable at 35 pence with a first exercise date of 17 October 2008 and an expiry date of 17 October 2012 |
For further information please contact:
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Simon McDonald (Neptune MD and CEO):
By email to the Company
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T: +61 (0) 2 9957 5244
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Richard Hail (Fox Davies Capital Limited, Broker):
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T: +44 (0) 20 7936 5230 |
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Fiona Owen (Grant Thornton UK LLP, Nomad):
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T: +44 (0) 20 7383 5100 |
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Rozanne Ichikowitz (Grant Thornton, Sydney):
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T: +61 (0) 2 8297 2522 |
| Nadja Vetter/Sofia Rehman/Matthew Law (Cardew Group, PR): |
T: +44 (0) 20 7930 0777
T: +44 (0) 7941 340 436 |
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