Monthly Archives :

February 2015

Holding(s) in company
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii Griffin Mining Limited
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached  
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments  
An event changing the breakdown of voting rights  
Other (please specify):  
3. Full name of person(s) subject to the notification obligation: iii BlackRock, Inc.
4. Full name of shareholder(s) (if different from 3.):iv  
5. Date of the transaction and date on which the threshold is crossed or reached:v 13th February 2015
6. Date on which issuer notified: 16th February 2015
7. Threshold(s) that is/are crossed or reached: vi, vii Total Holding has gone below 5%

Voting rights attached to shares holding has gone below 5%

 

8. Notified details:
A: Voting rights attached to shares viii, ix
Class/type of shares

if possible using the ISIN CODE

 Situation previous to the triggering transaction Resulting situation after the triggering transaction
Number of Shares Number of Voting Rights Number of shares Number of voting rights % of voting rights x
Direct Directxi Indirectxii Direct Indirect
 

BMG319201049

  

10,182,021

  

10,182,021

  

N/A

  

N/A

  

N/A

  

N/A

  

Below 5%

 

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument Expiration date xiii Exercise/Conversion Period xiv Number of voting rights that may be acquired if the instrument is exercised/converted. % of voting rights
         

 

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial instrument Exercise price Expiration date xvii Exercise/Conversion period xviii Number of voting rights instrument refers to

 

 % of voting rights xix, xx

 
         

 

 Nominal Delta
   

 

Total (A+B+C)
Number of voting rights Percentage of voting rights
 

N/A

  

Below 5%

 

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi
 

 

 

 

Proxy Voting:
10. Name of the proxy holder:  
11. Number of voting rights proxy holder will cease to hold:  
12. Date on which proxy holder will cease to hold voting rights:  

 

13. Additional information: BlackRock Regulatory Threshold Reporting Team
14. Contact name: Gareth Slade
15. Contact telephone number: 020 7743 2536

Directors Share dealings

Griffin Mining Limited (“Griffin”) has today been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, has purchased a further 500,000 ordinary shares in Griffin at a price of 26.5 pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 30,544,113 shares in Griffin, representing 17.1% of the Company’s issued share capital.

Transaction in Own shares

Griffin Mining Ltd (“the Company”) announces that on 13th February 2015 it purchased 4,203,103 of the Company’s own ordinary shares (“Ordinary Shares”) at a price of 26.5p per share. The Ordinary Shares have been purchased to be held in treasury. The purchase represented 2.3% of the Company’s issued share capital and was pursuant to the bye-laws of the Company and a resolution passed by the directors.

Following completion of the purchase of these shares there will be a total of 7,203,103 ordinary shares held in treasury representing 4% of the Company’s issued share capital.

Transaction in Own shares

Griffin Mining Ltd (“the Company”) announces that on 11th February 2015 it purchased 3,000,000 of the Company’s own ordinary shares (“Ordinary Shares”) at a price of 26.5p per share. The Ordinary Shares have been purchased to be held in treasury. There are currently no other shares held in treasury.

The purchase represented 1.7% of the Company’s issued share capital and was pursuant to the bye-laws of the Company and a resolution passed by the directors.

 

Directors Share dealings

Griffin Mining Limited (“Griffin”) has today been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, has purchased a further 250,000 ordinary shares in Griffin at a price of 26.5 pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 30,044,113 shares in Griffin, representing 16.8% of the Company’s issued share capital.

New Share Option Scheme

Options granted by Griffin Mining Limited (“the Company”) in March 2011 exercisable into 10,000,000 new ordinary shares in the Company at an exercise price of 45 pence expire on 28th February 2015 (“the 45p options”).  As the expiry date for the 45p options approaches, the Board has resolved to adopt a new share option scheme over a total of 20,000,000 new ordinary shares in the Company in order to retain and incentivise the Company’s directors and management.

Each new option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per new ordinary share on or before 31st December 2020. The new options will vest with each option holder in installments triggered by the following events:

  • i. One third of each holder’s options will vest immediately upon being granted;
  • ii. A further third of each holder’s options will vest on 31st December 2016; and
  • iii. A further third of each holder’s options will vest on the granting of a new mining licence over Zone II at the Caijiaying mine.

The new options will not vest if an employee or a director resigns or leaves the Company for cause prior to the vesting event taking place.

All the new options will vest immediately upon a takeover offer being made; or a substantial change in the business of the Company or its subsidiaries; or the sale of a substantial asset of the Company or by its subsidiaries; or a change in substantial control of the Company taking place prior to the options expiring.

Directors Share dealings

Griffin Mining Limited (“Griffin”) has today been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, has purchased a further 250,000 ordinary shares in Griffin at a price of 26.5 pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 29,794,113 shares in Griffin, representing 16.6% of the Company’s issued share capital.

Directors Share dealings

Griffin Mining Limited (“Griffin”) has today been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, has purchased 250,000 ordinary shares in Griffin at a price of 26.5 pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 29,544,113 shares in Griffin, representing 16.5% of the Company’s issued share capital.

Production and Licensing Update

Griffin Mining Limited (the “Company”) is pleased to report that the newly commissioned processing facilities at the Caijiaying Zinc-Gold Mine (“Caijiaying”) have now reached the equivalent of approximately 900,000 tonnes per annum throughput.  The processing of the expanded name plate capacity throughput of 1,500,000 tonnes of ore per annum will not be achieved until the delivery of the new 750,000 tonne per annum ball mill and the connection of additional grid power.  These events are expected to be completed by June 2015.

Production, and consequently the financial results, in 2014 have been significantly impacted by the suspension in processing to allow for the upgrade of the processing facilities at the Caijiaying mine from 11th August to 17th November and the subsequent re-commissioning of the plant, a process which took 6 weeks longer to complete than originally envisioned.

Griffin continues to experience bureaucratic delays in the granting of a new mining licence and permit for the Zone III deeps and Zone II areas at Caijiaying and continues to actively manage the administrative process involved in the granting of these licences.

Mladen Ninkov, Griffin’s Chairman, commented: “The additional time taken to complete the expansion of the processing facilities at Caijiaying will inevitably cause disappointing financial results in 2014. However, the price has been worth paying to position the Company to be a globally significant zinc producer with substantial precious metal credits with the expected and much discussed global shortfall in zinc supply expected in 2015 and beyond.  It is with this expectation that shareholders should reap the benefits of their patience.”