24 May 2011 07:00
Avocet Mining PLC
("Avocet" or the "Company")
Employee Share options awards
The Company announces the award of a total of 670,838 options over ordinary shares of 5 pence in the Company ('Options') to employees. These awards are under the new Share Option Scheme ('Scheme'), which was approved by the Company's shareholders at the Annual General Meeting on 5 May 2011. As provided for under the Scheme, these options have an exercise price of 219.33 pence, and cannot normally be exercised prior to 21 February 2014.
Settlement of these options, when exercised, may either be through treasury shares acquired in the open market, or by using new allotments.
These awards were made to various senior employees of the Company, including the following directors and senior managers denoted as persons discharging managerial responsibilities ('PDMR').
Name | No of options |
Brett Richards | 184,838 |
Mike Norris | 100,000 |
Peter Flindell | 50,000 |
Richard Gray | 50,000 |
Hans-Arne L'orange | 50,000 |
Jim Wynn | 40,000 |
Other employees | 196,000 |
Total | 670,838 |
Satisfaction of historical deferred bonus awards
Maitland Trustees Limited ('Maitland') as trustee of the Avocet Employee Benefit Trust ("EBT"), has been instructed to release 140,894 ordinary shares of 5p each in the Company to the beneficial ownership of plan members of the EBT, in respect of deferred share bonus awards from previous years.
Included in these releases are 125,532 shares to be issued to Peter Flindell, a PDMR of the Company and a member of the Executive Committee ('Exco').
Subject to approval by Maitland of these releases, the EBT will hold a total of 673,456 shares, representing less than one per cent of the ordinary share capital in issue of the Company.
Directors' and Primary Insiders' share holdings
As a result of the above transactions, interests in shares and share options held by the following PDMRs, either directly, restricted, or within the Company Employee Benefit Trust (EBT) or Avocet Shareholder Incentive Plan (SIP) is as follows:
Shares owned | Restricted shares held in EBT/SIP | Options | |||||
Unrestricted | Restricted | Total | EBT Shares | SIP Shares | EBT/SIP Total | ||
Executive directors | |||||||
Brett Richards | 651,488 | 69,363 | 720,851 | - | - | - | 934,838 |
Mike Norris | 386,560 | 57,802 | 444,362 | 18,049 | 1,951 | 20,000 | 1,250,000 |
Non-executive directors | |||||||
R Edey | - | - | 91,500 | - | 91,500 | - | |
Harald Arnet | 74,495 | 74,495 | - | - | - | - | |
R A Pilkington | 220,013 | 220,013 | 2,750 | - | 2,750 | - | |
M J Donoghue | 35,279 | 35,279 | 2,750 | - | 2,750 | - | |
Senior Management | |||||||
Richard Gray | 571,109 | 571,109 | - | - | - | 300,000 | |
Peter Flindell | 528,442 | 39,835 | 568,277 | 20,000 | - | 20,000 | 700,000 |
Hans-Arne L'orange | 167,608 | 48,057 | 167,608 | - | - | - | 300,000 |
Other | |||||||
Jim Wynn | - | - | - | 31,346 | 2,367 | 33,713 | 165,000 |
Total | 2,634,994 | 215,057 | 2,801,994 | 166,395 | 4,318 | 170,713 | 3,649,838 |
Total Voting Rights
The total issued share capital of the Company will remain unchanged as a result of these transactions at 199,546,710 shares. As there are no shares held in treasury, all issued shares hold voting rights.
Contacts:
Jim Wynn, Company Secretary, Avocet Mining PLC, +44 20 7766 7676
Samantha Harrison, Ambrian Partners Limited, +44 20 7634 4700