LONDON (Alliance News) - Savannah Resources PLC on Wednesday said it has issued shares worth GBP21,192 to its senior employees alongside options over further shares to recognise their "exceptional performance in 2015".
The company said it has issued 999,642 shares at a price of 2.12 pence each to those employees, and granted options over a further 2.1 million shares that will have an exercise price of 2.76 pence each. Those options can be exercised over four years, after which they will vest automatically.
Chairman Matthew King is being granted options over 1.5 million of those shares, which if exercised would push up his current 0.18% stake in the company held through his current 627,838 shares.
Those shares being issued to staff are in addition to 27.4 million new shares that have been issued under the recently announced placing in February, which have now been issued following shareholder approval at the company's annual general meeting earlier Wednesday.
Savannah shares were down 1.7% to 2.09 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Savannah Resources (SAV)