TIDMSTEL
RNS Number : 9268Z
Stellar Diamonds PLC
20 December 2017
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
20 December 2017
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Cancellation of existing Share Options
Grant of new Share Options
PDMR dealings
Stellar, the London Listed (AIM: STEL) diamond mining and
exploration company focused on Sierra Leone, announces the
cancellation of all 1,013,000 existing options over ordinary shares
("Existing Options") and the intended grant of new share options
over 5,250,000 ordinary shares of GBP0.01 each ("Ordinary Shares")
in aggregate to certain Directors and employees of the Company or
its subsidiaries ("New Options"). The New Options have an exercise
price of 3.25 pence per Ordinary Share. Further terms of the New
Options are described below.
Cancellation of Existing Options
The Directors and certain employees were awarded options during
the period 2012 to 2014 whose exercise price (following the
Company's share reorganisation in 2015) is 62.5p, 75p and 150p. The
Board considers that these Existing Options provide no realistic
incentive and, accordingly, it has been agreed to cancel these
options.
New Options
The New Options are exercisable for a period of 5 years from the
date of grant. One third of the New Options will vest immediately,
one third in six months and one third in twelve months. The
exercise price represents a premium of 30% to the closing share
price of 2.50p per share on 19 December 2017.
The New Options will be subject to the terms of the Company's
unapproved share option scheme.
The allocation of the New Options is detailed in the following
table:
Directors Position New Exercise Total
Options price number
granted (GBP) of share
options
held
----------------- ----------------- ---------- --------- ----------
Chief Executive
Karl Smithson Officer 1,850,000 0.0325 1,850,000
----------------- ----------------- ---------- --------- ----------
Non-Executive
Steven Poulton Director 750,000 0.0325 750,000
----------------- ----------------- ---------- --------- ----------
Hansjoerg Non-Executive
Plaggemars Director 750,000 0.0325 750,000
----------------- ----------------- ---------- --------- ----------
Chief Operating
Rowan Carr Officer 1,250,000 0.0325 1,250,000
----------------- ----------------- ---------- --------- ----------
Other Employees 650,000 0.0325 650,000
------------------------------------ ---------- --------- ----------
5,250,000 5,250,000
---------- ----------
Following the cancellation of the Existing Options and grant of
the New Options, the total number of Ordinary Shares under option
is 5,250,000 representing 8.47% of the Company's share capital of
62,007,748 ordinary shares.
The grant of the New Options to Karl Smithson, Steven Poulton,
Hansjoerg Plaggemars and Rowan Carr as outlined above, are related
party transactions for the purposes of Rule 13 of the AIM Rules for
Companies. The independent director of the Company, Peter
Daresbury, considers, having consulted with the Company's nominated
adviser, Cairn Financial Advisers LLP, that the terms of grant of
the New Options, as outlined above, are fair and reasonable insofar
as Shareholders are concerned.
For further information contact the following or visit the
Company's website at www.stellar-diamonds.com.
Karl Smithson, Stellar Diamonds plc Tel: +44 (0) 20
CEO 7010 7686
Emma Earl Cairn Financial Advisers Tel: +44 (0) 20
Sandy Jamieson (Nominated Adviser) 7213 0880
Jon Bellis Beaufort Securities Tel: +44 (0) 20
Limited (Joint Broker) 7382 8300
Martin Lampshire Peterhouse Corporate Tel: +44 (0) 20
Finance (Joint Broker) 7469 0930
Tim Blythe Blytheweigh Tel: +44 (0) 20
Nick Elwes (Financial PR) 7138 3204
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) diamond development company
focused on the 4.5 million carat high-grade and high value
Tongo-Tonguma kimberlite diamond project in the world famous
diamond fields of eastern Sierra Leone. An independently generated
mine plan, based on over 66,000m of drilling that has been
completed to date, envisages the production of over 4 million
carats, generating gross revenues of more than US$1.2 billion, over
a 21 year life of mine. Initial production at Tongo-Tonguma is
scheduled to occur in the first year of development, building up to
over 200,000 carats per annum, with a weighted average modelled
diamond value of $229 per carat. The Tongo-Tonguma mine is
estimated to give Stellar an attributable a Post-tax NPV(8) of
US$109 million and IRR of 31%.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The notifications set out below are provided in accordance with
the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------------
a. Name Nicholas Karl Smithson
------------------------------------------
2 Reason for
notification
----- ---------------------------- ------------------------------------------
a. Position/Status Director
----- ---------------------------- ------------------------------------------
b. Initial notification/ Initial notification
Amendment
----- ---------------------------- ------------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------
a. Name Stellar Diamonds Plc
----- ---------------------------- ------------------------------------------
b. LEI 213800BFLH23MYBBNC62
----- ---------------------------- ------------------------------------------
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 Ordinary Shares of 1 pence each
of the financial
instrument,
type of instrument
GB00BYZ5QT80
Identification
Code
----- ---------------------------- ------------------------------------------
b. Nature of the Grant of options over new Ordinary
transaction Shares
----- ---------------------------- ------------------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) per share
----- ---------------------------- --------------------- ---------------
3.25 pence 1,850,000
-------------------------------------------------------- ---------------
d. Aggregated
information Options over 1,850,000 ordinary
shares with an exercise price
- Aggregated of 3.25pence each
Volume
- Price
----- ---------------------------- ------------------------------------------
e. Date of the 19 December 2017
transaction
----- ---------------------------- ------------------------------------------
f. Place of the London AIM
transaction
----- ---------------------------- ------------------------------------------
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------------
a. Name Hansjoerg Plaggemars
------------------------------------------
2 Reason for
notification
----- ---------------------------- ------------------------------------------
a. Position/Status Director
----- ---------------------------- ------------------------------------------
b. Initial notification/ Initial notification
Amendment
----- ---------------------------- ------------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------
a. Name Stellar Diamonds Plc
----- ---------------------------- ------------------------------------------
b. LEI 213800BFLH23MYBBNC62
----- ---------------------------- ------------------------------------------
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 Ordinary Shares of 1 pence each
of the financial
instrument,
type of instrument
GB00BYZ5QT80
Identification
Code
----- ---------------------------- ------------------------------------------
b. Nature of the Grant of options over new Ordinary
transaction Shares
----- ---------------------------- ------------------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) per share
----- ---------------------------- --------------------- ---------------
3.25 pence 750,000
-------------------------------------------------------- ---------------
d. Aggregated
information
Options over 750,000 ordinary
- Aggregated shares with an exercise price
Volume of 3.25pence each
- Price
----- ---------------------------- ------------------------------------------
e. Date of the 19 December 2017
transaction
----- ---------------------------- ------------------------------------------
f. Place of the London AIM
transaction
----- ---------------------------- ------------------------------------------
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------------
a. Name Steven Poulton
------------------------------------------
2 Reason for
notification
----- ---------------------------- ------------------------------------------
a. Position/Status Director
----- ---------------------------- ------------------------------------------
b. Initial notification/ Initial notification
Amendment
----- ---------------------------- ------------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------
a. Name Stellar Diamonds Plc
----- ---------------------------- ------------------------------------------
b. LEI 213800BFLH23MYBBNC62
----- ---------------------------- ------------------------------------------
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 Ordinary Shares of 1 pence each
of the financial
instrument,
type of instrument
GB00BYZ5QT80
Identification
Code
----- ---------------------------- ------------------------------------------
b. Nature of the Grant of options over new Ordinary
transaction Shares
----- ---------------------------- ------------------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) per share
----- ---------------------------- --------------------- ---------------
3.25 pence 750,000
-------------------------------------------------------- ---------------
d. Aggregated
information
Options over 750,000 ordinary
- Aggregated shares with an exercise price
Volume of 3.25pence each
- Price
----- ---------------------------- ------------------------------------------
e. Date of the 19 December 2017
transaction
----- ---------------------------- ------------------------------------------
f. Place of the London AIM
transaction
----- ---------------------------- ------------------------------------------
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------------
a. Name Rowan Carr
------------------------------------------
2 Reason for
notification
----- ---------------------------- ------------------------------------------
a. Position/Status Senior Manager
----- ---------------------------- ------------------------------------------
b. Initial notification/ Initial notification
Amendment
----- ---------------------------- ------------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------
a. Name Stellar Diamonds Plc
----- ---------------------------- ------------------------------------------
b. LEI 213800BFLH23MYBBNC62
----- ---------------------------- ------------------------------------------
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 Ordinary Shares of 1 pence each
of the financial
instrument,
type of instrument
GB00BYZ5QT80
Identification
Code
----- ---------------------------- ------------------------------------------
b. Nature of the Grant of options over new Ordinary
transaction Shares
----- ---------------------------- ------------------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) per share
----- ---------------------------- --------------------- ---------------
3.25 pence 1,250,000
-------------------------------------------------------- ---------------
d. Aggregated
information
Options over 1,250,000 ordinary
- Aggregated shares with an exercise price
Volume of 3.25pence each
- Price
----- ---------------------------- ------------------------------------------
e. Date of the 19 December 2017
transaction
----- ---------------------------- ------------------------------------------
f. Place of the London AIM
transaction
----- ---------------------------- ------------------------------------------
** ENDS **
This information is provided by RNS
The company news service from the London Stock Exchange
END
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