Last checked at 10 Nov 2020 13:45
10 November 2020
Bezant Resources Plc
("Bezant" or the "Company")
Issue of Options
Bezant (AIM: BZT), the copper-gold exploration and development company, announces that, in aggregate, 220 million options over ordinary shares of 0.002 pence each in the capital of the Company ("Ordinary Shares") have today been granted pursuant to the Executive Share Option Scheme approved at the Company's Annual General Meeting ("AGM") held on 22 June 2018 (the "Options"). Of the 220,000,000 Options, 158,000,000 have been awarded to directors of the Company, 30,000,000 to a non-director PDMR as detailed further below and the balance of 32,000,000 to other eligible participants.
Summary of the Options awarded:
Total number of options: | A total of 220,000,000 Options have been awarded. | |||||||||||||||||||||||||||||||
Exercise prices & award date: | 110,000,000 Options have an exercise price of 0.425 pence per Ordinary Share and vest on 9 November 2020 and the balance of 110,000,000 Options have an exercise price of 0.565 pence per Ordinary Share and vest on the earlier of i) 31 March 2021 or ii) an offer for a change of control of the Company.
| |||||||||||||||||||||||||||||||
Purpose of options:
| To Incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company and note the significant premium of the respective exercise prices relative to the share price and 30 day VWAP.
| |||||||||||||||||||||||||||||||
30 day VWAP when Options approved: | The 30 day volume weighted average share price ("VWAP") to 5 November 2020, being the latest practicable date prior to the approval of the Options by the Company's Remuneration Committee and Board, was 0.281 pence per share.
| |||||||||||||||||||||||||||||||
Prevailing share price: | The Company's mid-market closing share price on 5 November 2018, being the latest practicable date prior to the approval of the Option awards, was 0.28 pence.
| |||||||||||||||||||||||||||||||
Exercise prices versus abovementioned VWAP and prevailing share price:
| Premium to: |
| ||||||||||||||||||||||||||||||
Prevailing share price
| 30 day VWAP |
| ||||||||||||||||||||||||||||||
Exercise price of 0.425 pence | 52% | 51% |
| |||||||||||||||||||||||||||||
Exercise price of 0.565 pence
| 102% | 101%
|
| |||||||||||||||||||||||||||||
Life of Options: | The options expire on 21 June 2028 being the date one day prior to the tenth anniversary of the passing of the resolution at the Company's AGM held on 22 June 2018 to approve the Executive Share Option Scheme.
| |||||||||||||||||||||||||||||||
Exercise period: | The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder.
| |||||||||||||||||||||||||||||||
Options awarded to the Directors (No. of options in millions) |
| |||||||||||||||||||||||||||||||
Options awarded to PDMRs (No. of options in millions) |
| |||||||||||||||||||||||||||||||
Following the vesting of the above options the Company will have 307,500,000 options in issue and the directors will hold the following options over Ordinary Shares all of which expire 21 June 2028
Options in millions | Exercise Price | ||||
Director | 0.425 pence | 0.565 pence | 0.500 pence | 1.000 pence | Total No. of Options |
Colin Bird | 24.0 | 24.0 | 15.0 | 12.5 | 75.5 |
Raju Samtani | 20.0 | 20.0 | - | - | 40.0 |
Edward Patrick Slowey | 20.0 | 20.0 | - | - | 40.0 |
Dr. Evan Kirby | 10.0 | 10.0 | 5.0 | 2.5 | 27.5 |
Ronnie Siapno | 5.0 | 5.0 | 7.5 | 5.0 | 22.5 |
79.0 | 79.0 | 27.5 | 20.0 | 205.5 | |
For further information, please contact:
Bezant Resources PlcColin Bird Executive Chairman |
+27 726 118 724
|
Beaumont Cornish (Nominated Adviser) Roland Cornish
| +44 (0) 020 7628 3396 |
Novum Securities Limited (Broker) Jon Belliss
| +44 (0) 20 7399 9400
|
or visit http://www.bezantresources.com
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
PDMR Notification Forms:
The notifications below are made in accordance with the requirements of MAR.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Colin Bird | ||||||
2. | Reason for the Notification | |||||||
a) | Position/status | Executive Chairman & Director | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Bezant Resources PLC | ||||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 0.002 pence each | ||||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||||
b) | Nature of the Transaction | Award of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume | A total of 48,000,000 options | ||||||
e) | Date of the transaction | 2020/11/09 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Raju Samtani | ||||||
2. | Reason for the Notification | |||||||
a) | Position/status | Finance Director | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Bezant Resources PLC | ||||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 0.002 pence each | ||||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||||
b) | Nature of the Transaction | Award of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume | A total of 40,000,000 options | ||||||
e) | Date of the transaction | 2020/11/09 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Edward Patrick Slowey | ||||||
2. | Reason for the Notification | |||||||
a) | Position/status | Technical Director | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Bezant Resources PLC | ||||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 0.002 pence each | ||||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||||
b) | Nature of the Transaction | Award of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume | A total of 40,000,000 options | ||||||
e) | Date of the transaction | 2020/11/09 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Dr. Evan Kirby | ||||||
2. | Reason for the Notification | |||||||
a) | Position/status | Non-Executive Director | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Bezant Resources PLC | ||||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 0.002 pence each | ||||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||||
b) | Nature of the Transaction | Award of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume | A total of 20,000,000 options | ||||||
e) | Date of the transaction | 2020/11/09 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Ronnie Siapno | ||||||
2. | Reason for the Notification | |||||||
a) | Position/status | Non-Executive Director | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Bezant Resources PLC | ||||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 0.002 pence each | ||||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||||
b) | Nature of the Transaction | Award of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume | A total of 10,000,000 options | ||||||
e) | Date of the transaction | 2020/11/09 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Michael Graham Allardice / Quantum Capital and Consulting Limited | ||||||
2. | Reason for the Notification | |||||||
a) | Position/status | Group Company Secretary / Consulting company of Michael Graham Allardice | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Bezant Resources PLC | ||||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 0.002 pence each | ||||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||||
b) | Nature of the Transaction | Award of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume | A total of 30,000,000 options | ||||||
e) | Date of the transaction | 2020/11/09 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||