Sirius Minerals Plc Employee incentive awards & director shareholding (1400Y)
May 13 2016 - 2:00AM
UK Regulatory
TIDMSXX
RNS Number : 1400Y
Sirius Minerals Plc
13 May 2016
13 May 2016
Sirius Minerals Plc
Employee incentive awards & director shareholding
Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the
"Company") announces the creation of two share award schemes, as
recommended by the Remuneration Committee ("the Committee").
In recognition of the milestones achieved on approvals, sales
progress and the definitive feasibility study completion, the
Committee has recommended the granting of short term incentive
("STI") share awards to various employees. In addition to the award
of STIs, the Committee has also recommended, and the board of
directors ("the Board") has approved, the creation of an employee
benefit trust ("EBT") to manage new long term incentive ("LTI")
awards for key employees.
The LTIs will vest for relevant employees if the Company meets
significant milestones that increase shareholder value, linked to
the delivery of its North Yorkshire polyhalite project. The
majority of the Company's employees are set to benefit from these
schemes as Sirius is committed to ensuring that employee incentives
remain aligned to the interests of shareholders. The awards are
being made under the Sirius Minerals Plc Shares Based Incentive
Plan.
In addition to the newly created STIs and LTIs, the final
tranche of shares under the Company's existing long term incentive
plan have vested and shares are due to be issued to certain
employees ("Existing Awards"). These were the last employee
incentive awards issued and were previously announced on 21 March
2013.
The Board has accepted these recommendations and will award a
total of 12,649,417 ordinary shares of 0.25p each ("Ordinary
Shares") in relation to the STIs, the LTIs and the Existing Awards.
Of these shares 4,772,732 Ordinary Shares, representing 0.2 per
cent of the Company's new total voting rights, are being issued to
the EBT to satisfy potential LTI awards.
As a result of these STI and Existing Awards, Chris Fraser, the
Company's CEO and Managing Director will be issued 833,340 Ordinary
Shares. Following the issue, Chris Fraser will have a total direct
and indirect beneficial interest in 123,747,368 ordinary shares in
the Company, representing 5.36 per cent of the Company's new total
voting rights. As a result of the proposed LTI awards, Chris Fraser
has the potential to have a beneficial interest in a further
1,239,006 ordinary shares if the significant milestones are
met.
An application has been made for the 12,649,417 Ordinary Shares,
which will rank pari passu with the Company's existing ordinary
shares, to be admitted to trading on AIM and trading in such shares
is expected to commence at 8am on 16 May 2016.
Following the issue of the Ordinary Shares, the total number of
shares in issue and the total number of ordinary shares in the
Company with voting rights will be 2,307,394,115. This figure may
be used by shareholders in the Company as the denominator for the
calculation by which they will determine if they are required to
notify their interest in, or a change of interest in, the share
capital of the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules.
For further information, please contact:
Sirius Minerals Plc
Investor Relations Email: ir@siriusminerals.com Tel: +44 845
524 0247
------------------------- ------------------------------- ---------------
Joint Brokers
Liberum Capital Limited Neil Elliot, Tel: +44 20
(NOMAD) Clayton Bush, 3100 2222
Jill Li
J.P. Morgan Cazenove Ben Davies, Jamie Tel: +44 20
Riddell 7742 4000
WH Ireland Adrian Hadden Tel: +44 20
7220 1666
------------------------- ------------------------------- ---------------
Media Enquiries Jos Simson, Mike Tel: +44 20
Tavistock Bartlett, 7920 3150
Emily Fenton
------------------------- ------------------------------- ---------------
About Sirius Minerals Plc
Sirius Minerals is the fertilizer development company focused on
the development of its North Yorkshire polyhalite project, the
United Kingdom. It has the world's largest and highest grade
deposit of polyhalite, a multi-nutrient form of potash containing
potassium, sulphur, magnesium and calcium. Incorporated in 2003,
Sirius Minerals' shares are traded on the London Stock Exchange's
AIM market. Its shares are also traded in the United States on the
OTCQX through a sponsored ADR facility. Further information on the
Company can be found at: www.siriusminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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