Block Commodities Ltd: Directors Dealings and Issue of Equity DGAP

Block Commodities Ltd (BLOC)
Block Commodities Ltd: Directors Dealings and Issue of Equity

29-March-2018 / 15:09 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.



29 March 2018



("Block Commodities" or the "Company")


Block Commodities Limited / Epic: BLCC / Sector: Mining


Directors Dealings and Issue of Equity



Incentive shares


Given that the Company's trading business is yet to generate profits, the directors recognise that conservative cash management continues to be of paramount importance.  Accordingly, in the context of these cash constraints and pursuant to the authority given to the directors by shareholders at the general meetings held on 16 June 2017 and 13 December 2017, the following awards of "equity incentives" have been made to directors of the Company and consultants to the Company:


  • Dr Chris Cleverly - 170,000,000 new ordinary shares;


  • Mr Elias Pungong - 25,000,000 new ordinary shares; and


  • Rt Hon Mark Simmonds - 25,000,000 new ordinary shares;


  • consultants to the Company - 25,000,000 new ordinary shares,


together the "Incentive Shares".


50% of the Incentive Shares will be issued immediately (the "Initial Incentive Shares") and the remaining 50% of the Incentive Shares will "vest" and be issued once the Company's share price exceeds 0.2p for a period of 30 days (the "Subsequent Incentive Shares"). Further announcements will be made when the Company's obligation to issue the Subsequent Incentive Shares arises.


Share Options


The following awards of share options have been made to directors of the Company.  All of these options "vest" and become exercisable after a holding period of one year from the date of this announcement:



Exercise Price





Dr Chris Cleverly




Mr Elias Pungong




Rt. Hon Mark Simmonds





Fee Shares


Block Commodities Limited announces that it has today entered into an agreement with Dr Chris Cleverly to immediately issue to him 90,909,909 new ordinary shares in settlement of outstanding director's fees amounting to £50,000 (the "Director's Fee Shares"). Dr Cleverly has declared his intention not to sell the shares in the foreseeable future.


In addition, the Company has agreed to immediately issue a further 85,801,087 new ordinary shares in settlement of outstanding fees payable to advisers to the Company, in an aggregate amount of £63,510 (the "Advisers' Fee Shares").


Total Voting rights


The Initial Incentive Shares, the Director's Fee Shares and the Advisers' Fee Shares (together the "New Shares") will rank pari passu with the existing ordinary shares and amount to 7.2% of the enlarged issued share capital of the Company upon issue, on or around the date of this announcement.


Following the issue of the New Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 4,146,434,579 ordinary shares of no par value in issue each with voting rights.  The Company does not hold any shares in treasury. 


The above figure of 4,146,434,579 may be used by shareholders 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 share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.


The Directors of the Company accept responsibility for the content of this announcement.




For further information, please contact:


Block Commodities Limited


Chris Cleverly

+44 (0) 20 7408 9200



NEX Exchange Corporate Adviser:


Alexander David Securities Limited


David Scott - Corporate Finance

+44 (0) 20 7448 9820

James Dewhurst - Corporate Broking

+44 (0) 20 7448 9820



Public and Investor Relations:


Cassiopeia Services - Stefania Barbaglio


Category Code: IOE
LSE Ticker: BLOC
Sequence No.: 5346

End of Announcement EQS News Service

670627  29-March-2018