RNS dilution23 May 2018 16:09
23 May 2018
Alexander Mining plc
("Alexander" or "the Company")
Grant of Share Options
In the best interests of Alexander and its shareholders, the Board has a policy of incentivising and retaining its valued employees, directors and consultants and, to this end, the Company has a share option plan in place. In order to assess whether the existing share options are consistent with their purpose of aligning stakeholders to the success of the business, the Company's Remuneration Committee (the "Committee") has recently conducted a review of the existing share options. As a result of this review, the Committee has recommended that in order to continue to provide incentivisation and reward for performance, there should be an additional grant of new share options.
Accordingly the Board has approved the grant of an additional 94,000,000 new share options ("New Share Options") at an exercise price of 0.15 pence ("Exercise Price") to directors, employees and consultants.
The Exercise Price of the New Share Options represents a 20 per cent. premium to the closing mid-market 90 day simple moving average on 22 May 2018, being the final business day prior to the Board approval. The New Share Options will vest from the date of the grant (being 23 May 2018) and will expire on 28 July 2026.
Details of the share options granted to directors of the Company are as follows:
Director
New Share Options granted at 0.15p
Martin Rosser, CEO
24,000,000
Alan Clegg, Non-executive Director
24,000,000
James Bunyan, Non-executive Director
20,000,000
As a result of the above grant, the Company has the following options in place for directors, employees and consultants.
Number of options
Exercise price
94,000,000
0.15p per share
43,300,000
0.22p per share
12,900,000
4.92p per share
ENDS
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