Last checked at 23 Dec 2015 09:15
23 December 2015
AIM: CHL
CHURCHILL MINING PLC
("the Company")
Result of AGM /Grant of Options
Churchill Mining plc (AIM: CHL), ("Churchill" or the "Company") announces that at the Annual General Meeting of the Company, which was held today, all resolutions proposed at the meeting were passed.
In addition to the resolutions approved, the Annual General Meeting also considered pursuant to Section 656 of the Companies Act 2006 whether, and if so what, steps should be taken to deal with the Company's net assets forming less than half its called-up share capital. The Directors consider that this situation be dealt with by continuing with their previously announced strategy to actively pursue the Company's claim - currently quantified at US$1.315 billion plus interest - against the Republic of Indonesia for unlawful measures taken by Indonesia against Churchill's interests in the East Kutai Coal Project.
Director's fees have been paid by the issue of ordinary shares of 1p each in the Company with no option to receive payment in cash since 1 April 2012. The change to the directors' terms of engagement was one of a number of measures agreed to by the Directors and subsequently enacted by the Company at the time to preserve its cash reserves. Following the approval of Resolution 6 at today's Annual General Meeting, in early January 2016 the Company will be issuing shares to all Directors for their respective Director's fees in lieu of cash for the 2015 calendar year.
Churchill has also granted 4,600,000 incentive share options to directors, consultants and management ("New Options"). The New Options are exercisable at a price of 35p per share which is a 71.29% premium to the 5 Day VWAP, will expire 5 years from the date of issue and will notionally vest after 12 months of service. As part of the New Options, 3,200,000 have been granted to the following Directors of the Company.
Name | Existing Options held | ExistingWarrants held | New Options granted | Total Options and warrants now held (Director or nominee) | |
David Quinlivan | 4,150,000 | 697,170 | 1,000,000 | 5,847,170 | |
Nicholas Smith | 2,975,000 | 223,586 | 1,000,000 | 4,198,586 | |
Gregory Radke | 2,575,000 | - | 300,000 | 2,875,000 | |
Fara Luwia | 1,350,000 | 575,000 | 300,000 | 2,225,000 | |
Nikita Rossinsky | 400,000 | - | 300,000 | 700,000 | |
Kiran Vadlamani | - | 1,008,230 | 300,000 | 1,308,230 | |
Total | 11,450,000 | 2,503,986 | 3,200,000 | 17,153,986 |
END
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