Emmerson Plc, the Moroccan focused potash development company, has announced the additional issue of shares and rights to the Board and Management of the company and also provides an update on its position with respect to its assets and investments in Morocco.
Per the announcement dated 28 October 2024, in which the company notified that the Board and Management would be taking no, or reduced, cash remuneration to protect the balance sheet of the Company, the following awards have been proposed via consulting contracts to ensure continued engagement and alignment as we enter a very important period (the Awards).
The Awards being issued to each of the members of the Board and Management will take the form of an issue of ordinary shares of no-par value in the capital of the company in lieu of cash payments which have been waived (the Award Shares) and follows the successful closing of the funding announced on 6 December 2024 in which the company successfully raised £0.85 million to finance the ongoing strategic initiatives of the company which includes engagement with a number of potential litigation funders.
In addition to the above, the company has announced that a further issue of Award Shares will be made to those members of the Board and Management in the table above once the company has successfully secured litigation funding, as part of its ongoing dispute with the Moroccan Government (the Further Issue). As part of the Further Issue, these members of the Board and Management will receive the same allocation of Award Shares as have been made under the Initial Issue of Award Shares.
The company will make a further announcement in respect of the Further Issue of Award Shares once it is appropriate to do so.