Bushveld apologises for Aim rules breaches, pays £490 000 fine
The London Stock Exchange has determined a public censure of Aim-listed Bushveld Minerals and fined the company £700 000 relating to Aim rule breaches that occurred in April 2016.
Bushveld settled the fine early and it was, therefore, discounted to £490 000.
The breaches were the result of Bushveld failing to meet its regulatory obligations in relation to its undertaking to pay an exclusivity fee to the vendors of Vametco.
“The transaction in question has been at the heart of the company’s rapid transformation from a junior exploration company with a market capitalisation of under £20-million to a significant and growing integrated mining and processing company, with a market capitalisation of more than £450-million.
“This transition came with challenges in respect of both management and governance capacity of the company, which the company has addressed,” noted independent nonexecutive chairperson Ian Watson.
He added that the company’s actions were informed by an intent to protect the economics of its shareholders and avoid unnecessary dilution, in a transaction that it saw as transformational. However, Bushveld acknowledged that if it had engaged more fully with its adviser, it could have met its regulatory obligations, while meeting commercial objectives.
CEO Fortune Mojapelo said the company has put measures in place to ensure the events giving rise to these breaches are not repeated in future.
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