Last checked at 4 Mar 2022 07:00
BASE RESOURCES LIMITED - LTIP performance rights updateBASE RESOURCES LIMITED - LTIP performance rights update
PR Newswire
London, March 4
AIM and Media Release
4 March 2022
BASE RESOURCES LIMITEDLTIP performance rights update
African mineral sands producer and developer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that 6,638,312 vested performance rights issued pursuant to the Base Resources Long Term Incentive Plan (LTIP) have been exercised and 1,209,119 unvested performance rights have been forfeited.
For each performance right that was exercised, LTIP participants were allocated one fully paid ordinary share in Base Resources previously acquired on-market by the LTIP trustee. In accordance with the terms of the LTIP, the exercise price was nil and the shares were allocated for nil cash consideration.
The LTIP participants that exercised vested performance rights included senior management of the Company classified as “persons discharging managerial responsibilities” for the purposes of the United Kingdom’s Market Abuse Regulation. Their updated security holdings in the Company are set out below.
| Name | Vested performance rights exercised and shares allocated | Holding of performance rights* | Holding of shares (direct and indirect) |
| Tim Carstens (Managing Director) | 1,694,164 | 8,251,795 | 10,136,997 |
| Colin Bwye (Executive Director) | 1,694,164 | 5,604,456 | 8,893,402 |
| Kevin Balloch | 594,418 | 2,789,557 | 3,633,731 |
| Andre Greyling | 562,288 | 2,799,046 | 3,193,966** |
| Stephen Hay | 624,812 | 2,931,573 | 2,322,811 |
| Chadwick Poletti | 518,473 | 2,603,183 | 1,967,332 |
* Performance rights are unvested and therefore remain subject to vesting conditions.
** Mr Greyling’s holding reflects the sale of 1,562,288 ordinary shares on market on 1 March 2022 at an average price of A$0.345 per share for the purpose of funding future tax liabilities arising from his exercise of vested performance rights and to rebalance his investment portfolio.
The 6,638,312 performance rights that were exercised were from the 2018 LTIP cycle that vested following performance testing as at 30 September 2021. The 1,209,119 unvested performance rights that were forfeited followed cessation of employment other than for a “Qualifying Reason” (as that term is defined in the LTIP).
As a result of the exercise of the vested performance rights and forfeiture of unvested performance rights, the Company has the following securities on issue:
1,178,011,850 ordinary shares. 68,722,900 performance rights issued pursuant to the terms of the LTIP, comprising: 1,510,890 vested performance rights, which remain subject to exercise1. 67,212,010 unvested performance rights subject to performance testing in accordance with their terms of issue.[Note (1): Vested performance rights have a nil cash exercise price and, unless exercised beforehand, expire five years after vesting.]
ENDS.
For further information contact:
| James Fuller, Manager Communications and Investor Relations | UK Media Relations |
| Base Resources | Tavistock Communications |
| Tel: +61 (0) 8 9413 7426 | Jos Simson and Gareth Tredway |
| Mobile: +61 (0) 488 093 763 | Tel: +44 (0) 207 920 3150 |
| Email: jfuller@baseresources.com.au |
About Base Resources
Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance. The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar. Base Resources is an ASX and AIM listed company. Further details about Base Resources are available at www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICELevel 3, 46 Colin StreetWest Perth, Western Australia, 6005Email: info@baseresources.com.auPhone: +61 (0) 8 9413 7400Fax: +61 (0) 8 9322 8912
NOMINATED ADVISORRFC Ambrian LimitedStephen AllenPhone: +61 (0) 8 9480 2500
JOINT BROKERBerenbergMatthew Armitt / Detlir EleziPhone: +44 (0) 20 3207 7800
JOINT BROKERCanaccord GenuityRaj Khatri / James Asensio / Patrick DolaghanPhone: +44 (0) 20 7523 8000