Last checked at 14 Nov 2016 12:13
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
14 November 2016
Anglo Asian Mining plc
Grant of Options
Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that the board of directors of the Company has agreed to issue options to a person discharging managerial responsibility, namely Stephen Westhead, Director of Geology, over a total of 120,000 Ordinary Shares of £0.01 in the capital of the Company at an exercise price of £0.098750 per share. These options will vest as follows:
a) 40,000 Ordinary Shares of £0.01 each on 31 December 2016;
b) 40,000 Ordinary Shares of £0.01 each on 31 March 2017;
c) 40,000 Ordinary Shares of £0.01 each on 30 June 2017.
The options represent in aggregate 0.1065 per cent. of the existing share capital of the Company and have been issued to Stephen Westhead in line with the Company's on-going incentive plans. The price of £0.098750 per share was the closing price of the Company's ordinary shares on 30 May 2016, the date on which Stephen Westhead joined the Company. As part of his remuneration package, Stephen Westhead was conditionally granted the options at the share price on his date of joining, subject to subsequent approval by the board of directors of the Company.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further details on the grant of options to Mr Westhead.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Stephen Westhead | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Director of Geology | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Anglo Asian Mining plc | ||||
b) | LEI: |
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4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of par value £0.01 GB00B0C18177 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-11-11 14:00 hours UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Bill Morgan | Anglo Asian Mining plc | Tel: +994 502 910 400 |
Stephen Westhead | Anglo Asian Mining plc | Tel: +994 502 916 894 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel: +44 (0) 20 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | Tel + 44 (0) 20 3470 0470 |
Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Susie Geliher | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009. Gedabek is an open cast mine with a series of interconnected pits. The Company also mines high grade ore from the Gadir underground mine which is co-located at the Gedabek site. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
Gold production for the year ended 31 December 2015 from Gedabek totalled 72,032 ounces with 969 tonnes of copper also produced. Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian also produces a copper and precious metal concentrate from its flotation plant, which commenced production in the last quarter of 2015. This is initially processing tailings from the agitation leach plant.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.