Sign In
23 Jul 2008 07:00
ο»Ώ
Avocet MiningΒ PLC ("Avocet" or the "Company")
Directors'Β Shareholding
Notification of interest - Employee Benefit Trust
Maitland Trustees Limited asΒ trusteeΒ of the Avocet Mining Employee Benefit Trust ("EBT") informed the Company onΒ 22Β JulyΒ 2008Β that it had releasedΒ 265,980Β ordinary shares of 5p each in the CompanyΒ ("Shares")Β to the beneficial ownership ofΒ 14Β of theΒ plan members of the EBT. These EBT shares were allocated toΒ directors andΒ employees of the CompanyΒ for performanceΒ during the last year andΒ in prior years asΒ bonus shares andΒ deferred share bonus awards. As aΒ result of the releases Maitland Trustees Limited asΒ trusteeΒ of theΒ EBTΒ now holds a total ofΒ 1,040,020Β Shares, representingΒ 0.86Β per cent of the Company's issued share capital.
Maitland Trustees Limited acts as the trustee for the Company's EBT, a plan set up in order to rewardΒ directors andΒ employees for the performance of the Company on a long term basis and to enable the Company to continue to attract a high calibre of management and operational personnel. The directors of the Company are potential beneficiaries under the EBT and are deemed to be interested in thoseΒ Shares held or dealt in by the EBT for the purposes of section 324 of the Companies Act 1985. Of theΒ 265,980Β Shares released from the EBTΒ JonathanΒ Henry, the Company's Chief Executive Officer,Β receivedΒ 75,789Β Shares. These were fromΒ bonus awards andΒ deferred share bonus awards given inΒ theΒ 2005,Β 2006Β and 2008Β financial years.Β Nigel McNair Scott, the Company's Chairman, received 33,452Β Shares from a bonus award given for the 2005 financial year, Non-Executive Directors,Β John NewmanΒ and Robert PilkingtonΒ eachΒ received 10,293Β Shares and Sir Richard Brooke Bt. receivedΒ 12,866Β SharesΒ fromΒ bonusesΒ given for the 2005 financial year.
As a result of theseΒ issuesΒ theΒ directors have increased their interests in the CompanyΒ as follows:Β Jonathan HenryΒ now holdsΒ 877,259Β SharesΒ representingΒ 0.73Β per centΒ of theΒ issued share capital,Β Nigel McNair ScottΒ now holdsΒ 6,133,452Β SharesΒ representingΒ 5.07Β per cent of the issued share capital,Β John NewmanΒ now holdsΒ 69,607Β Shares representingΒ 0.06Β per cent of the issued share capital, Robert Pilkington now holdsΒ 214,507Β Shares representingΒ 0.18Β per cent of the issued share capital and Sir Richard Brooke Bt.Β now holdsΒ 81,080Β Shares representingΒ 0.07Β per cent of the issued share capital.
Contacts:
Alan McFarlane, Company Secretary, Avocet Mining PLC, 020 7907 9000
Richard Brown,Β Richard Greenfield, Ambrian Partners Limited, 020 7634 4700
Follow the stocks
