Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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'The RSU's appear to have vested as if there is a change of control.'
The problem is we don't know if they can vest under other criteria.
Thank you. Some reassurance there.
They cannot consolidate to bring options into the money. If there is a 1/10 consolidation then the option price increases ten fold ie 48p becomes 480p.
Partridge, thanks for doing that.
Do you know what happens to the option price in the event of a share consolidation?
Brian salary : £322,000 last year (2018)
JJ salary. : £164,000 last year (2018) - part year as new member of board
Brian RSU : 863,682 (granted 26/04/18 and settlement 01/01/21)
JJ RSU : 961,194 ( ditto)
Both have options at 84p/ 67p for Brian and 48p for JJ.
The RSU's appear to have vested as if there is a change of control.
“I'm not an accountant, but if he is taxed in the UK, his tax rate plus NI could amount to around 50%, and to pay that he'll have to sell almost 3 million of those shares.“
It never rains, it pours. Hold on to your golden tickets while we run for the exit..
I'm not an accountant, but if he is taxed in the UK, his tax rate plus NI could amount to around 50%, and to pay that he'll have to sell almost 3 million of those shares.
Yes it appears his is based on some sort of reduced salary. Also do the loss of control provisions noted by Partridge apply? There has been no change of control. Yet. So are they are based on the normal termination criteria? JJ may still qualify in the future, but JP and Brian?
Numbers on the doors:
8 months (salary) for Brian
12 months for CFO
18 months for CEO
This Brian guy should have walked away in shame. Sat doing nothing for 7 months since May 2019. £1,000 a day. £200,000. Partook in that calamity of Te10 and the Balls Brothers fiasco. Has never said anything against management. Rode the gravy train. Takes his turn at the trough. As much to blame as anyone.
I’m sure they make the rules up as they go along.
RNS Number : 0455B
Sound Energy PLC
27 January 2020
27 January 2020
Sound Energy plc
("Sound Energy" or the "Company")
Issue of Equity, Director/PDMR Shareholding and Total Voting Rights
Sound Energy, the Moroccan focused upstream gas company, announces, further to the Company's announcement of 20 January 2020, that the Company has today issued 5,805,555 new ordinary shares in the Company (the "New Ordinary Shares") to Brian Mitchener, the Company's Exploration Director, at an effective issue price of 1.86 pence per New Ordinary Share in connection with the termination of his employment contract.
As previously announced on 20 January 2020, Mr. Mitchener will step down from the Board with effect from 31 March 2020.
Application has been made to the London Stock Exchange plc for the New Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 31 January 2020.
Following the issue of the New Ordinary Shares, Mr. Mitchener will be interested in 5,955,555 Ordinary Shares in the Company, representing 0.51 per cent. of the Company's issued ordinary share capital.
It is intended that a proportion of the New Ordinary Shares will be sold by Mr. Mitchener to cover tax and national insurance liabilities arising from their issue and a further announcement will be made in this regard as appropriate.
Following the issue of the New Ordinary Shares, the Company will have 1,161,842,819 Ordinary Shares in issue with no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.