Emmerson Regulatory News (EML)

Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining

16 August 2022

Emmerson PLC ("Emmerson" or the "Company")

Exercise of Share Options and Allotment of Shares to Director/PDMR

Emmerson PLC announces that it has received notice of the exercise of 13,100,000 share options, including 12,000,000 share options held by Benson Capital Limited, a consulting company controlled by Hayden Locke, a Director of the Company.

These exercises were settled through a cashless exercise mechanism, as a result of which 7,509,673 shares are to be allotted, and no exercise price paid (including 6,879,090 to Hayden Locke). 

Following the allotment, Hayden Locke will hold a beneficial interest in 8,909,660 shares in the Company (0.96% of the issued share capital), and 10,000,000 share options at an average exercise price of 8 pence.

Application has been made to the London Stock Exchange for the admission of the 7,509,673 new Ordinary Shares to trading on AIM. Admission is expected to take place on or around 8.00 a.m. on Monday 22 August 2022.

Following Admission, the Company's issued share capital will consist of 923,590,444 Ordinary Shares with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The Company does not hold any Ordinary Shares in treasury.

**ENDS**

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Notes to Editors

Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent. With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation and a plethora of ancillary benefits. As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine.

Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics, including a post-tax NPV8 of approximately US$1.4 billion using industry expert Argus' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.