Vast Resources plc Award Of Rights Under The Company's Share Appreciation Rights Scheme
March 01 2018 - 12:15PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
1 March 2018
Vast Resources plc
("Vast" or the "Company")
Award of rights under the Company's Share Appreciation Rights Scheme
Vast Resources plc, the AIM-listed mining company with operating mines
in Romania and Zimbabwe, announces the award of rights (the "Award"), as
set out below, under its Share Appreciation Rights Scheme (the "Scheme"),
which scheme was set up to incentivise directors and senior managers of
the Company.
The basis of the Scheme
The basis of the Scheme, which was originally announced on 1 June 2015
and for which new authorities were granted at the General Meeting of the
Company on 10 November 2017, is to grant a fixed number of "share
appreciation rights" ("SARs") to participants. Each SAR is credited
rights to receive at the discretion of the Company ordinary shares in
VAST (the "Shares") or cash to a value equal to the difference between
the six month VWAP of a Share immediately preceding the grant of the
SARs and the daily VWAP of a Share on the date of exercise of a SAR. A
SAR may be exercised at any time between a given vesting date ("Vesting
Date") and a final date (the "Vesting Period"). The Vesting Date is the
date on which the Company confirms that any performance or other
condition attaching to the SAR has been satisfied.
The Award
Aggregate SARs Vesting date Vesting
awarded quantities
Andrew Prelea 36,000,000 31 March 2019 18,000,000
Chief Executive Officer 31 March 2020 18,000,000
Roy Tucker 18,000,000 31 March 2019 9,000,000
Finance Director 31 March 2020 9,000,000
Craig Harvey 18,000,000 31 March 2019 9,000,000
Chief Operating Officer 31 March 2020 9,000,000
Eric Diack 10,000,000 31 March 2019 5,000,000
Non-Executive Director 31 March 2020 5,000,000
Senior Employees 19,000,000 31 March 2019 9,500,000
31 March 2020 9,500,000
The SARs are subject to continued employment by the Company or its
subsidiaries. All SARs issued in accordance with the Award have a
Vesting Period of three years.
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc www.vastresourcesplc.com
Andrew Prelea (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0) 20 3463 5016
SVS Securities Plc - Joint Broker www.svssecurities.com
Tom Curran +44 (0) 20 3700 0100
Ben Tadd
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
The information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 ("MAR").
Notes
Vast Resources plc is an AIM listed mining and resource development
company focussed on the rapid advancement of high quality brownfield
projects and recommencing production at previously producing mines in
Romania.
Vast Resources currently owns and operates the Manaila Polymetallic Mine
in Romania, which was commissioned in 2015 and is focussed on its
expansion through the development of a second open pit operation and new
metallurgical complex at the Carlibaba Extension Area. The Company's
portfolio also includes an 80% interest in the Baita Plai Polymetallic
Mine in Romania, where work is currently underway towards obtaining the
relevant permissions to start developing and ultimately commissioning
the mine.
The Company also has interests in a number of projects in Southern
Africa including a controlling 25% interest in the producing
Pickstone-Peerless Gold Mine in Zimbabwe.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Vast Resources plc via Globenewswire
http://www.acrplc.com/
(END) Dow Jones Newswires
March 01, 2018 12:15 ET (17:15 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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