TIDMTNZ
RNS Number : 7471Z
Tanzanite One Limited
28 September 2009
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28 September 2009
Tanzanite One Limited
employee share plan established;
Directors' Dealings; and
Additional Listing
TanzaniteOne Limited ("TanzaniteOne" or the "Company") (AIM:TNZ) today announces
that it has established the "TanzaniteOne Employee Share Plan" to allow key
employees of the Company to benefit from the long term performance of the
Company through equity participation.
The Company has established a trust solely for the purpose of acquiring and
holding shares in the Company for the benefit of Participants. The Company will
issue 7,275,000 common shares ("New Shares") at 16.0327 pence per share (being
the 10 day VWAP for the period of 9 September to 22 September 2009) to be held
in trust for 20 participating employees and two executive directors; namely Zane
Swanepoel (Managing Director) and Bernard Olivier (Executive Director - Head of
Development). The shares to be allotted under the TanzaniteOne Employee Share
Plan represent 6.92% of the current issued capital. The New Shares are subject
to a vesting period with one third of the shares vesting annually, commencing 31
December 2009. Accordingly, Zane Swanepoel and Bernard Olivier are expected to
receive 300,000 shares each on each of 31 December 2009, 2010 and 2011,
totalling 1,800,000 shares held in trust for executive directors.
Participating employees will be invited to apply for an interest free loan up to
the amount payable in respect of the shares acquired by the eligible employee in
accordance with the terms of the share plan. Shares issued under the plan will
rank equally in all respects (other than with respect to any restrictions on
transfer for the term of the loan).
Key terms of the loan:
* An Eligible Employee must repay the loan in full prior to expiry of the loan
term but may elect to repay the loan amount in respect of any or all of the
shares (in multiples representing not less than 1,000 shares) at any time prior
to expiry of the loan term.
* Cash dividends which are paid in respect of loan shares will be applied by the
Company on behalf of the eligible employee to repayment of the amount
outstanding under the loan and any surplus of the cash dividend will be paid to
the eligible employee.
* Any fees, charges and stamp duty payable in respect of a loan will be payable by
the eligible employee.
* The Company shall have a lien over the loan shares in respect of which the loan
amount is outstanding and the Company shall be entitled to sell those loan
shares in accordance with the terms of the share plan.
* The amount repayable in respect of a loan share is the lesser of the issue price
of the share (less any cash dividend applied in repayment of the loan share) and
the market price of the Company's shares on the date on which the loan is
repaid.
* An eligible employee may not transfer or otherwise deal with a loan share until
the loan amount in respect of that share has been repaid.
In addition, the Board of Directors have also requested that their aggregate
directors' fees of $298,883 (which has accrued since October 2008) are taken in
shares, at the above VWAP calculation, to preserve the cash resources of the
company.
Following the issue of shares in the Directors and Employee Share Plan and
settlement of outstanding directors fees in shares, the shareholdings of each
director of TanzaniteOne comprises:
+--------------+--------------+---------------+--------------+-----------------------+
| | Current |Shares issued | Total | Percentage of the |
| |shareholding |in settlement |shareholding |enlarged issued share |
| | | of accrued | | capital immediately |
| | | fees | | following Admission |
+--------------+--------------+---------------+--------------+-----------------------+
| Ami Mpungwe | 2,972,045 | 312,328 | 3,284,373 | 3.09% |
+--------------+--------------+---------------+--------------+-----------------------+
| Ed Nealon | 2,779,855 | 315,890 | 3,095,745 | 2.91% |
+--------------+--------------+---------------+--------------+-----------------------+
| Bernard | 301,087 | 151,961 | 453,048 | 0.43% |
| Olivier | | | | |
+--------------+--------------+---------------+--------------+-----------------------+
| Nick Sibley | 4,402,243 | 190,664 | 4,592,907 | 4.32% |
+--------------+--------------+---------------+--------------+-----------------------+
| Zane | 66,050 | 164,625 | 230,675 | 0.22% |
| Swanepoel | | | | |
+--------------+--------------+---------------+--------------+-----------------------+
| Total | 10,521,280 | 1,135,468 | 11,656,748 | 10.96% |
+--------------+--------------+---------------+--------------+-----------------------+
Application has been made for 1,135,468 common shares of US$0.0003 each in the
Company to be admitted to trading on the London Stock Exchange's AIM market for
listed securities. Admission is expected to become effective on 2 October 2009.
The New Shares will rank pari passu with the Company's existing common shares.
Following admission of the New Shares, the total issued share capital of the
Company will be 106,332,628 common shares, all of which have voting rights.
Chairman of TanzaniteOne, Ami Mpungwe, said, "We have a very talented team now
established at TanzaniteOne and this share plan ensures that they are rewarded
for success by being able to hold an equity stake in the Company. As the world's
most efficient and technically advanced coloured gemstone miner I hope our
employees benefit from the continued recovery in the Tanzanite price, our new JV
and from plans to develop the Tsavorite project just 20km away from existing
operations."
For more information please contact:
Willi Boehm
Company Secretary
+61 409 969 955
Threadneedle Communications
Laurence Read/Beth Harris
Telephone: +44 (0)20 7653 9855
This information is provided by RNS
The company news service from the London Stock Exchange
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