1 Apr 2010 16:51
Avocet Mining PLC ("Avocet" or the "Company")
Directors' Dealings
Issue of Shares from Treasury
Annual Incentive Awards - Unrestricted and Restricted Share Bonuses
Under the terms of the Company's Share Bonus Plan, and following the satisfaction of performance criteria, the following directors have been granted an award of restricted and unrestricted ordinary shares of 5p each in the Company ('Shares'). The incentive plan provides for 50% of the Shares to be unrestricted for sale at the date of award, and 50% of the Shares to be restricted for sale for a period of 12 months:
| Director
| Number of shares granted | Total number of unrestricted shares awarded
| Total number of restricted shares awarded |
|
|
|
|
|
| J G Henry | 494,505 | 247,253 | 247,252 |
| A M Norris | 271,978 | 135,989 | 135,989 |
The awards above have been settled through the issue of 758,195 Shares from the Company's treasury shares on 1 April 2010, with the balance of 8,288 Shares to be issued to Jonathan Henry from the Company's Employee Benefit Trust ("EBT"). Following this transaction, the Company holds no treasury shares.
Exercise of Options - Director's Shareholding
The Company was informed today that Jonathan Henry had on 31 March 2010 exercised options over 110,000 Shares ('Options') with an exercise price of 72p.
Application has been made for the 110,000 Shares issued pursuant to the exercise of these Options to be admitted to trading on AIM, and admission is expected on 9 April 2010.
Following the exercise of these Options announced today, Jonathan Henry holds the following Options:
| Number of options | Exercise price | Date from which exercisable
| Expiry date |
|
|
|
|
|
|
|
|
|
|
| 263,415 | 82p | 14/7/2008 | 14/7/2012 |
| 36,585 | 82p | 14/7/2008 | 14/7/2010 |
| 450,000 | 81p | 25/6/2012 | 25/6/2016 |
| 500,000 | 103.25p | 15/11/2009 | 15/11/2013 |
| 200,000 | 153.75p | 9/7/2011 | 9/7/2015 |
| 250,000 | 105p | 18/3/2013 | 18/3/2017 |
As a result of the grant of bonus Shares and the exercise of Options, Jonathan Henry holds 1,646,136 Shares (including 247,252 restricted Shares), while Mike Norris holds 382,362 Shares (including 135,989 restricted Shares).
Contacts:
Jim Wynn, Company Secretary, Avocet Mining PLC, 020 7766 7676
Richard Brown, Richard Greenfield, Ambrian Partners Limited, 020 7634 4700