30 Sep 2013 16:50
30 September 2013
Avocet Mining PLC
Share Transaction by PDMR
Release of Deferred Bonus Shares from EBT
Avocet Mining PLC ('Avocet' or 'the Company) announces that, following its request, Maitland Trustees Limited, Trustee of the Company's Employee Benefit Trust ('EBT'), released 91,500 ordinary shares of 5p each in the Company to Russell Edey, a Person Discharging Managerial Responsibility ('PDMR'), on 27 September 2013.
These shares represent 2010 deferred share bonus awards, which vested after a period of three years.
Of these, Russell Edey sold 41,175 shares at a price of 15.56 pence on 27 September 2013, in order to settle income tax and other liabilities associated with the award.
EBT shareholding
Following the above release, the EBT holds a total of 334,300 ordinary shares in Avocet, representing 0.17 per cent of the share capital in issue of the Company.
PDMR interests
As a result of the above transaction, interests in shares held by the following Directors and senior managers (primary insiders), either directly, through connected persons (e.g. family members), or within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be as follows:
Shares owned | Restricted shares held in EBT/SIP | PSP shares | Share options | |||
EBT | SIP | Total | ||||
D Cather | 50,000 | 14,925 | - | 14,925 | 1,000,000 | 1,000,000 |
M Norris | 525,695 | 16,788 | 1,951 | 18,739 | 525,000 | 1,670,000 |
R Edey | 150,325 | - | - | - | - | - |
R Pilkington | 222,763 | - | - | - | - | - |
M Donoghue | 38,029 | - | - | - | - | - |
P Flindell | 562,151 | - | - | - | 130,000 | 865,000 |
J Wynn | 31,894 | - | 2,367 | 2,367 | 195,000 | 625,000 |
J Lee | 61,397 | - | - | - | - | 275,000 |
R Demblon | - | - | - | - | 195,000 | 485,000 |
R Simmons | 2,324 | - | - | - | - | 505,000 |
M Platts | - | - | - | - | - | 180,000 |
Total | 1,644,578 | 31,713 | 4,318 | 36,031 | 2,045,000 | 5,605,000 |
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC | Pelham Bell PottingerFinancial PR Consultants | J.P. Morgan CazenoveCorporate Broker | Arctic SecuritiesFinancial Adviser | SEB EnskildaFinancial Adviser |
David Cather, CEOMike Norris, FDRob Simmons, IR | Daniel Thöle | Michael Wentworth-Stanley | Arne WengerPetter Bakken | Fredrik Cappelen |
+44 20 7766 7676 | +44 20 7861 3232 | +44 20 7742 4000
| +47 2101 3100 | +47 2100 8500 |
NOTES TO EDITORS
Avocet Mining PLC is a gold mining and exploration company listed on the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The Company's principal activities are gold mining and exploration in West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The deposit at Inata currently comprises a Mineral Resource of 4.7 million ounces and an Ore Reserve of 1.0 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 135,189 ounces of gold in 2012.
Other assets in Burkina Faso include eight exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometres from the Inata Gold Mine, where there is a Mineral Resource estimate of 0.8 million ounces.
In Guinea, Avocet owns exploration licences in the north east of the country. Mineral Resource development has been ongoing since 2005 and the Tri-K project is the most advanced, which currently has a Mineral Resource estimate of 3.2 million ounces and where a feasibility study is underway.