6 Jul 2009 09:56
6 July 2009
Avocet Mining PLC ("Avocet" or the "Company")
Directors' Dealings
The board of Avocet announces that 450,000 options over ordinary shares of 5p in the Company ("Options") have been granted to Jonathan Henry, the Company's Chief Executive officer, and 250,000 Options have been granted to Mike Norris, Finance Director. The Options have an exercise price of 81p and cannot be exercised prior to the third anniversary of the date of issue, 25 June 2012. Exercise is subject to the satisfaction of certain performance criteria by the Company as detailed in the Avocet Mining PLC Share Option Scheme (the "Scheme"). The Options have an expiry date of 25 June 2016.
Jonathan Henry has elected for the cancellation of 500,000 Options with an average exercise price of 175.75p as a result of the terms of the Scheme, which restrict the total market value of options held, relative to annual earnings.
Following these awards the following Options are outstanding to Jonathan Henry and Mike Norris.
Jonathan Henry:
| Number of options | Exercise price | Date from which exercisable | Expiry date |
| 215,000 | 35.5p | 5/2/06 | 5/2/10 |
| 110,000 | 72p | 27/11/06 | 27/11/10 |
| 263,415 | 82p | 14/7/08 | 14/7/12 |
| 36,585 | 82p | 14/7/08 | 14/7/10 |
| 500,000 | 103.25p | 15/11/09 | 15/11/13 |
| 200,000 | 153.75p | 9/7/11 | 9/7/15 |
| 450,000 | 81p | 25/6/12 | 25/6/16 |
Mike Norris:
| Number of options | Exercise price | Date from which exercisable | Expiry date |
| 500,000 | 103.25p | 15/11/09 | 15/11/13 |
| 19,512 | 153.75p | 9/7/11 | 9/7/13 |
| 130,488 | 153.75p | 9/7/11 | 9/7/15 |
| 250,000 | 81p | 25/6/12 | 25/6/16 |
Including the directors dealings described above, the Company announces a net increase of 570,000 Options granted to Directors and employees as a result of the cancellation and grant of Options.
Contacts:
Jim Wynn, Company Secretary, Avocet Mining PLC, 020 7907 9000
Richard Brown, Richard Greenfield, Ambrian Partners Limited, 020 7634 4700