TIDMORM
RNS Number : 9846M
Ormonde Mining PLC
15 May 2020
15 May 2020
Ormonde Mi n i ng p lc
("Or m onde" or "the C o m pany ")
Business Update, Reduction of Director and Management
Salaries
and Granting of Options
Ormonde advises that while the global COVID-19 pandemic
continues with non-essential travel having ceased, only desk-study
work will be ongoing on the Company's Spanish projects. The Company
continues to focus its efforts on review of new opportunities for
deployment of capital and enhancement of shareholder value, with
over eighty resource sector projects having been reviewed in the
short period since the disposal of the Company's interest in the
Barruecopardo Tungsten Mine. A small number of these opportunities
remain promising, being of an appropriate scale whereby the
Company's cash would aid meaningful development, and which the
directors believe could have the potential to add materially to
shareholder value. Work on advancing these opportunities towards a
successful conclusion will continue over the coming period.
In light of the ongoing COVID-19 situation, and with the goal of
retaining maximum cash reserves for allocation to opportunities in
the resource sector, Ormonde's directors and executive management
have agreed to a reduction in salaries representing an ongoing
reduction in remuneration costs of 25%, effective from 1 May
2020.
The Company also advises that it has granted conditional options
("Options") over 16,500,000 ordinary shares in the capital of the
Company ("Ordinary Shares") to certain employees and directors of
the Company, in accordance with the rules of the Company's Share
Option Plan, which was approved by shareholders on 27 September
2018.
The exercise price for each option is Euro 0.01, being 43% above
the closing share price of an Ordinary Share on the Euronext Growth
Market of the Euronext Dublin Exchange ("Euronext") on the day
prior to award of the options, being 14 May 2020, and 37% above the
average Euronext share price for the thirty day period prior to the
award date.
The Board considers that the holding of options helps align the
interests of the executives and directors with shareholders, with a
view to providing growth in the Company's share price. The
Company's long term success will be dependent upon the assessment
of value adding opportunities for investment; aligning the
interests of all directors and senior executives with shareholders
incentivises all concerned to achieve the best possible outcome and
to minimise undue dilution of interests.
The Options have a 10 year duration and will vest in three equal
instalments on issuance, and on the 12 and 24 month anniversaries
of that date.
Ormonde has 472,507,482 ordinary shares of Euro 0.01 in issue.
Details of the Options awarded to persons discharging managerial
responsibilities ("PDMR") are included below:
PDMR Options granted Total Options
on held following
14 May 2020 grant
Jonathan Henry 5,500,000 5,500,000
Richard Brown 2,500,000 2,500,000
Tim Livesey 2,500,000 2,500,000
Paul Carroll 3,000,000 8,100,000
Fraser Gardiner 3,000,000 5,000,000
PDMR Dealings
The notification of dealing forms for each PDMR can be found
below. This announcement is made in accordance with Article 19 of
the EU Market Abuse Regulation 596/2014.
Jonathan Henry, Ormonde's Executive Chairman, commented:
"I would like to thank the Ormonde Board and Executive Team for
its focus and resourcefulness supporting the Company over what has
been a difficult period for all. While travel restriction have had
a limiting effect, it is pleasing to note the substantial progress
made in reviewing over eighty resource sector opportunities, a
number of which the Company believes could make a high impact over
the short to medium term, with the potential to add materially to
shareholder value. We look forward to keeping shareholders informed
on developments in this regard, as progress is made."
Enqu iries t o:
Ormonde Mining plc
Jonathan Henry, Executive Chairman
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Email: info@ormondemining.com
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy
Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat
Tel: +44 (0)20 3 470 0470
Capital M Consultants
Simon Rothschild
Mob: +44 (0)7703 167065
Murray Consultants
Mark Brennock
Tel: +353 (0)1 4980300
Mob: +353 (0)87 2335923
For more information, visit www.ormondemining.com .
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =======================================================================
a) Name JONATHAN HENRY
====================== ===============================================
2 Reason for the notification
=======================================================================
a) Position/status EXECUTIVE CHAIRMAN
====================== ===============================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
====================== ===============================================
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
=======================================================================
a) Name ORMONDE MINING PLC.
====================== ===============================================
b) LEI 635400EA9DCKKQEWL348
====================== ===============================================
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
=======================================================================
a) Description OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN
of the financial THE SHARE CAPITAL OF ORMONDE MINING PLC
instrument,
type of ISIN: IE00BF0MZF04
instrument
Identification
code
====================== ===============================================
b) Nature of GRANT OF SHARE OPTIONS
the transaction
====================== ===============================================
c) Exercise Price(s) Price(s) Volume(s)
and volume(s) EUR0.01 5,500,000
==========
====================== ===============================================
d) Aggregated
information
- Aggregated
volume
- Price
====================== ===============================================
e) Date of the 14 May 2020
transaction
====================== ===============================================
f) Place of the DUBLIN
transaction
====================== ===============================================
g) Additional
Information
====================== ===============================================
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =======================================================================
a) Name RICHARD BROWN
====================== ===============================================
2 Reason for the notification
=======================================================================
a) Position/status NON-EXECUTIVE DIRECTOR
====================== ===============================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
====================== ===============================================
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
=======================================================================
a) Name ORMONDE MINING PLC.
====================== ===============================================
b) LEI 635400EA9DCKKQEWL348
====================== ===============================================
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
=======================================================================
a) Description OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN
of the financial THE SHARE CAPITAL OF ORMONDE MINING PLC
instrument,
type of ISIN: IE00BF0MZF04
instrument
Identification
code
====================== ===============================================
b) Nature of GRANT OF SHARE OPTIONS
the transaction
====================== ===============================================
c) Exercise Price(s) Price(s) Volume(s)
and volume(s) EUR0.01 2,500,000
==========
====================== ===============================================
d) Aggregated
information
- Aggregated
volume
- Price
====================== ===============================================
e) Date of the 14 May 2020
transaction
====================== ===============================================
f) Place of the DUBLIN
transaction
====================== ===============================================
g) Additional
Information
====================== ===============================================
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =======================================================================
a) Name TIM LIVESEY
====================== ===============================================
2 Reason for the notification
=======================================================================
a) Position/status NON-EXECUTIVE DIRECTOR
====================== ===============================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
====================== ===============================================
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
=======================================================================
a) Name ORMONDE MINING PLC.
====================== ===============================================
b) LEI 635400EA9DCKKQEWL348
====================== ===============================================
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
=======================================================================
a) Description OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN
of the financial THE SHARE CAPITAL OF ORMONDE MINING PLC
instrument,
type of ISIN: IE00BF0MZF04
instrument
Identification
code
====================== ===============================================
b) Nature of GRANT OF SHARE OPTIONS
the transaction
====================== ===============================================
c) Exercise Price(s) Price(s) Volume(s)
and volume(s) EUR0.01 2,500,000
==========
====================== ===============================================
d) Aggregated
information
- Aggregated
volume
- Price
====================== ===============================================
e) Date of the 14 May 2020
transaction
====================== ===============================================
f) Place of the DUBLIN
transaction
====================== ===============================================
g) Additional
Information
====================== ===============================================
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =======================================================================
a) Name PAUL CARROLL
====================== ===============================================
2 Reason for the notification
=======================================================================
a) Position/status CHIEF FINANCIAL OFFICER
====================== ===============================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
====================== ===============================================
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
=======================================================================
a) Name ORMONDE MINING PLC.
====================== ===============================================
b) LEI 635400EA9DCKKQEWL348
====================== ===============================================
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
=======================================================================
a) Description OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN
of the financial THE SHARE CAPITAL OF ORMONDE MINING PLC
instrument,
type of ISIN: IE00BF0MZF04
instrument
Identification
code
====================== ===============================================
b) Nature of GRANT OF SHARE OPTIONS
the transaction
====================== ===============================================
c) Exercise Price(s) Price(s) Volume(s)
and volume(s) EUR0.01 3,000,000
==========
====================== ===============================================
d) Aggregated
information
- Aggregated
volume
- Price
====================== ===============================================
e) Date of the 14 May 2020
transaction
====================== ===============================================
f) Place of the DUBLIN
transaction
====================== ===============================================
g) Additional
Information
====================== ===============================================
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =======================================================================
a) Name FRASER GARDINER
====================== ===============================================
2 Reason for the notification
=======================================================================
a) Position/status CHIEF OPERATING OFFICER
====================== ===============================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
====================== ===============================================
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
=======================================================================
a) Name ORMONDE MINING PLC.
====================== ===============================================
b) LEI 635400EA9DCKKQEWL348
====================== ===============================================
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
=======================================================================
a) Description OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN
of the financial THE SHARE CAPITAL OF ORMONDE MINING PLC
instrument,
type of ISIN: IE00BF0MZF04
instrument
Identification
code
====================== ===============================================
b) Nature of GRANT OF SHARE OPTIONS
the transaction
====================== ===============================================
c) Exercise Price(s) Price(s) Volume(s)
and volume(s) EUR0.01 3,000,000
==========
====================== ===============================================
d) Aggregated
information
- Aggregated
volume
- Price
====================== ===============================================
e) Date of the 14 May 2020
transaction
====================== ===============================================
f) Place of the DUBLIN
transaction
====================== ===============================================
g) Additional
Information
====================== ===============================================
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END
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