Change of Directors29 Jun 2020 13:35
Director Appointment and Issue of Director Share Options
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce a new director appointment. In addition, POW announces the issue of share options to Directors.
New Non-executive Director Appointment
POW announces the appointment of Edmund (“Ed”) Charles Frederick Shaw as a Non-Executive Director, with immediate effect.
As part of the terms of his appointment and in line with the previous grant of share options to Directors in 2019, Mr Shaw will be awarded with options over 5 million ordinary shares of 0.1 pence each in the Company (“Ordinary Shares”) at an exercise price of 1.0p per Ordinary Share vesting immediately, however subject to the hurdle condition that the volume weighted average share price of POW must trade in excess of 1.5p for five consecutive trading days before the options become exercisable. The options will have a three year life to expiry and, in addition, Mr Shaw must complete twelve months service to the Company before the options become exercisable.
Further information on Ed Shaw:
Edmund Charles Frederick Shaw, aged 47, is or has been a Director of the following companies in the last five years:
Current Directorships Previous Directorships
NewPeak Capital LLP Dunton Capital LLP
Hutton Capital LLP Manders & Shaw Limited
ShawCap Limited
In addition to the share options outlined above Mr Shaw currently holds 5 million Ordinary Shares representing 0.905% of POW’s issued share capital and a warrant over 5 million Ordinary Shares with an exercise price 0.70p.
New Non-Executive Director Share Options
POW announces that Non-executive Directors Iain MacPherson and Scott Richardson Brown have each been awarded share options over 5 million Ordinary Shares vesting immediately and with a three year life to expiry. These options, commensurate with the options awarded to Ed Shaw above, have an exercise price of 1.0p, however these are subject to the hurdle condition that the volume weighted average share price of POW must trade in excess of 1.5p for five consecutive trading days before the options become exercisable.
Reissue of Executive Director Options under an EMI Scheme
Paul Johnson (POW CEO) and Andrew Bell (POW Chairman) were each awarded share options over 13,613,929 Ordinary Shares as part of the POW restructuring and refinancing in February 2019, approved by shareholders at General Meeting.
These options have been cancelled and the same number reissued on exactly the same terms as the original options awarded to Paul Johnson and Andrew Bell. This includes a 1.0p exercise price, a volume weighted average hurdle price of 1.5p for five consecutive trading days and an expiry date of 15 February 2022.
This cancellation and reissue has enabled the options to be issued within Enterprise Management Incentive tax efficient wrappers, which enables Directors to exercise options providing a
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