AVM.L Regulatory News (AVM)

17 Nov 2006 07:00

Avocet Mining PLC17 November 2006 For immediate release Avocet Mining PLC ("Avocet" or "The Company") 17 November 2006 Purchase of Shares and Issue of Options The Board of Avocet announces that, on 15 November 2006, the Company purchased712,000 Ordinary Shares of 5p on the market at an average price of 104.5p.These shares will be held in treasury by the Company until such time as they areused for: i) cancellation; ii) to satisfy the Company's obligations for employee share options of other share awards; or iii) issuance to third parties in order to complete one or more transactions or other corporate purposes. The Company now holds 712,000 Ordinary Shares in treasury representing 0.6 percent. of the total issued share capital. The total number of ordinary shares inissue (excluding those held in treasury) amounts to 120,864,530. Additionally, the Company has granted options over 2,350,000 Ordinary Shares of5p to 15 employees and a director. The exercise price for these options is103.25p, based on the closing price as at 15 November 2006. The options cannotbe exercised prior to the third anniversary of the date of issue, 15 November2009, and exercise is subject to certain performance criteria of the Company asdetailed in the Avocet Mining Share Option Plan. The options have an expirydate of 15 November 2013. Of these, 500,000 options have been granted to Jonathan Henry, the Company'sChief Executive. Jonathan Henry is interested in 500,010 ordinary shares of theCompany representing 0.4% and now holds 1,740,000 options over ordinary sharesin the Company. This information is provided by RNS The company news service from the London Stock Exchange