TIDMHUM
RNS Number : 2933D
Hummingbird Resources PLC
02 March 2022
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
02 March 2022
Hummingbird Resources plc
("Hummingbird" or the "Company")
2022 LTIP & Deferred Share Awards
Hummingbird Resources plc (AIM: HUM) announces that under the
2022 Long Term Incentive Plan ("LTIP"), the Remuneration Committee
("RemCo") has approved the grant of 13,828,161 restricted share
units ("RSU") awards to employee participants. The Company has also
awarded an annual deferred share award to Hummingbird's
Non-executive Directors.
Annual Employee Long Term Incentive Plans
As announced in May 2021 in our 2020 Audited Annual Results, the
Company adopted a long term employee incentive scheme that
comprises an annual discretionary cash award, which is based on
both corporate and personal targets being met, and an equity based
LTIP, intended to better align Hummingbird employee participants
with shareholders, to create medium to long term shareholder
value.
The 2022 annual awards have been made in line with the LTIP
rules, with the Remuneration Committee removing the Absolute Total
Shareholder Return ("TSR") criteria for the 2022 LTIP in favour of
a relative TSR performance criteria over the S&P Commodity
Producer Gold Index (as detailed below) in order to reduce the
impact of the gold price in favour of relative outperformance.
LTIP award vesting is subject to the performance criteria being
met for each respective tranche and continuous employment with
positive performance. The RSUs are expected to vest on 4 February
2025 in two tranches as follows:
A. Retention Tranche: 1/3 of the RSUs will be based on
continuous employment, malice provisions and the employee meeting
personal and Company targets.
B. Relative TSR Tranche: 2/3 of the RSUs will be based on
Relative Total Shareholder Return against the S&P Commodity
Producers Gold Index, with 25% vesting for meeting the index rising
on a straight-line basis to 100% for 5% outperformance.
Under the 2022 LTIP, 13,828,161 RSU awards have been approved
and issued, which include 3,079,455 in respect of Daniel Betts and
1,979,649 in respect of Thomas Hill.
The RSUs under the 2022 LTIP consist of options granted over
ordinary shares in the Company of GBP0.01 each ("Shares"), which
have an exercise price of GBP0.01 per Share. Once vested, any RSUs
may be exercised by the holder during a set exercise period
determined by the Company and notified to the option holders. This
is intended to be a minimum of a one-week period per year when the
Company is in an "open period" under MAR. Unvested RSUs will
normally lapse on cessation of employment for any reason. The RSU
holders will normally retain vested RSUs following cessation of
employment and will have two years from the date of cessation of
employment to exercise, after which the RSUs shall lapse.
Non-executive Director Deferred Share Awards
In the same way as 2021, in recognition of the experience and
the ongoing level of commitment of the Non-executive Directors,
each Non-executive Director (including the Chairman) will receive
an annual deferred share award with a value of GBP25,000, vesting
one year from the award date, subject to remaining in office. These
awards must be retained and cannot normally be sold until the
individual ceases to hold office. For the year to 31 December 2022,
the awards are as follows:
Name Position Total number of Deferred
Share Awards
--------------------- ------------------------ -------------------------
Russell King Non-executive Chairman 214,495
Attie Roux Non-executive Director 214,495
Ernie Nutter Non-executive Director 214,495
Stephen Betts Non-executive Director 214,495
David Straker-Smith Non-executive Director 214,495
--------------------- ------------------------ -------------------------
Total 1,072,475
----------------------------------------------- -------------------------
**ENDS**
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a multi-asset,
multi-jurisdiction gold production, development and exploration
Company, member of the World Gold Council and founding member of
Single Mine Origin ( www.singlemineorigin.com ). The Company
currently has two core gold projects, the operational Yanfolila
Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which
will more than double current gold production when in production,
scheduled for first gold pour end of Q2 2023. Further, the Company
has a controlling interest in the Dugbe Gold Project in Liberia
that is being developed by Pasofino Gold Limited through an earn-in
agreement. Our vision is to continue to grow our asset base,
producing profitable ounces, while placing our Environmental,
Social & Governance ('ESG') policies and practices at the heart
of all we do.
For further information, please visit hummingbirdresources.co.uk
or subscribe to our investor releases via investor email alerts
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill,
FD
Anthony Köcken
, COO
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser 3494
-------------------------- ----------------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Thomas Diehl Broker 8000
-------------------------- ----------------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466
Ariadna Peretz Financial PR/IR 5000
James Husband Email: HUM@buchanan.uk.com
-------------------------- ----------------------------
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