Alexander Mining PLC Grant of Options (6873F)
July 29 2016 - 6:38AM
UK Regulatory
TIDMAXM
RNS Number : 6873F
Alexander Mining PLC
29 July 2016
29 July 2016
Alexander Mining plc
("Alexander" or "the Company")
Grant of Share Options
In the best interests of Alexander and its shareholders, the
Board has a policy of incentivising and retaining its valued
employees, directors and consultants and, to this end, the Company
has a share option plan in place. In order to assess whether the
existing share options are consistent with their purpose, the
Company's Remuneration Committee (the "Committee") has recently
conducted a review of the existing share options, the large
majority of which were issued in June 2013. The exercise price of
these share options is 4.92 pence which is approximately 38 times
yesterday's closing mid share price of 0.13 pence. In its findings
and recommendations, the Committee has recommended that in order to
continue to provide incentivisation and reward for results, there
should be a grant of new share options.
Accordingly the Board has approved the grant of an additional
43,300,000 new share options ("New Share Options") at an exercise
price of 0.22p ("Exercise Price") to directors, employees and a
consultant.
The New Share Options Exercise Price represents a 20 per cent.
premium to the closing mid-market 90 trading day simple moving
average share price on 28 July 2016, being the final business day
prior to the Board approval. The New Share Options will vest in
three equal tranches on the first, second and third anniversary
from the date of the grant (being 29 July 2016) and will expire on
28 July 2026.
As a result of the above changes, the Company has a total of
43,300,000 New Share Options (with an exercise price of 0.22p per
share) and 12,900,000 pre-existing share options at an exercise
price of 4.92p in issue. The total number of share options granted
(56,200,000) represents 5.8 per cent. of the issued share capital
of the Company on a fully diluted basis.
Details of the share options granted to the directors are as
follows:
Director New Share
Existing Options
Share Options granted
at 4.92p at 0.22p
Matt Sutcliffe, Executive
Chairman 1,500,000 10,000,000
Martin Rosser, CEO 2,700,000 13,000,000
Alan Clegg, Non-executive
Director 800,000 6,500,000
James Bunyan, Non-executive
Director 800,000 6,500,000
ENDS
For further information, please contact:
Martin Rosser
Chief Executive
Mobile: +44 (0) 7770 865
341
Matt Sutcliffe
Executive Chairman
Mobile: +44 (0) 7887 930
758
Alexander Mining plc
Tel: +44 (0) 20 7078 9566
Email: mail@alexandermining.com
Website: www.alexandermining.com
Northland Capital Partners
Limited
Matthew Johnson / Gerry
Beaney
+44 (0) 20 3861 6625
(Corporate Finance)
John Howes / Abigail Wayne
(Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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