George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGCM Resources Regulatory News (GCM)

Share Price Information for GCM Resources (GCM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 7.75
Bid: 7.50
Ask: 8.00
Change: -1.65 (-17.55%)
Spread: 0.50 (6.667%)
Open: 9.00
High: 8.25
Low: 7.75
Prev. Close: 9.40
GCM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Extension of Share Options

1 Jun 2020 07:00

RNS Number : 4566O
GCM Resources PLC
01 June 2020
 

30 May 2020

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM) 

 

Extension of Share Options

 

GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, announces an extension of the Company's existing share options (the "Existing Share Options"). The Existing Share Options were originally awarded on 29 August 2013, 14 March 2014, and 29 May 2015 with expiration dates of 28 February 2019, 31 August 2019, and 31 Ma 2020, were then revised and/or issued on 29 May 2015 with co-terminus terms including an expiry date of 31 May 2020.

The 9,300,000 Existing Share Options currently in issue to existing directors, employees and a former director, were due to expire on 31 May 2020, and, accordingly, the Board of Directors resolved, on 29 May 2020, to extend these for a further 4 years, on the existing terms (the "Share Option Extension"). Accordingly, the Existing Share Options will continue to be exercisable at 11 pence per share, with a revised expiration date of 31 May 2024.

The extension to Dato' Md Wira Dani Bin Abdul Diam's Existing Share Options, a former director of the Company, who resigned on 19 August 2016 is, in the view of the Board, of value to the Company, given his continuing relationship with GCM and his continued contribution, in the form of advice and assistance on governmental relations in Bangladesh, when sought from time to time.

Related Party Transaction

Datuk Michael Tang, as a director of the Company, and Gary Lye, as a director of certain of GCM's subsidiary companies, are considered to be related parties to GCM, as defined in the AIM Rules. Datuk Tang and Mr Lye hold 7,250,000 and 825,000 of the Existing Share Options respectively and their participation in the Share Option Extension constitutes a related party transaction under Rule 13 of AIM Rules.

 

Accordingly, the Independent Directors, being, in this context, Mohd Najib Bin Abdul Aziz, Christian Taylor-Wilkinson and Keith Fulton, confirm, having consulted with the Company's nominated adviser, Strand Hanson Limited, that they consider that the terms of the Share Option Extension to be fair and reasonable insofar as its shareholders are concerned.

 

The Board is also in the process of reviewing the Company's senior management and Board incentivisation, with a view to putting in place an additional set of incentivisation awards. A further announcement will be made on this matter in due course.

 

 

For further information:

 

GCM Resources plc

Keith Fulton

Finance Director

 +44 (0) 20 7290 1630

 

Strand Hanson Limited

Nominated Adviser and Broker

Stuart Faulkner

Rory Murphy

James Dance

+44 (0) 20 7409 3494

 

GCM Resources plc

Tel: +44 (0) 20 7290 1630

info@gcmplc.com; www.gcmplc.com

 

    

 

 

About GCM Resources

GCM Resources plc (AIM:GCM), the AIM quoted mining and energy company, has identified a high quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the Project) in north-west Bangladesh.

 

Utilising the latest highly energy efficient power generating technology the Phulbari coal mine is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic partners. GCM aims to deliver a practical power solution to provide the cheapest electricity in the country, in a manner amenable to the Government of Bangladesh.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCSDUEFFESSELI
Date   Source Headline
28th Mar 20247:00 amRNSInterim Results for the 6 months ended 31 Dec 2023
25th Mar 20247:00 amRNSAppointment of Independent Non-executive Directors
11th Mar 20247:00 amRNSPhulbari Coal Mining Infrastructure Contract
7th Mar 20247:00 amRNSWarrants Exercised
29th Feb 202411:25 amRNSResult of AGM
28th Feb 20243:53 pmRNSBoard Constitution
2nd Feb 20242:20 pmRNSResignation of Director
2nd Feb 20247:30 amRNSRestoration - GCM Resurces plc
1st Feb 20243:39 pmRNSCompletion of Subscription & Lifting of Suspension
29th Jan 20243:11 pmRNSReplacement: Subscription to raise £500,000
29th Jan 20247:00 amRNSFinal Results for the year ended 30 June 2023
26th Jan 202410:19 amRNSSubscription to raise £500,000
24th Jan 20245:20 pmRNSRequisition Notice
19th Jan 20242:20 pmRNSSuspension & Financial Update
2nd Jan 20247:30 amRNSSuspension - GCM Resources PLC
28th Dec 202312:23 pmRNSSuspension & Financial Update
20th Dec 20239:11 amRNSFinancial Update
28th Nov 20235:03 pmRNSMOU Extension & Drawdown on Existing Polo Loan
15th Sep 20237:00 amRNSResignation of Director & Project Update
14th Jun 20238:28 amRNSResult of Placing
14th Jun 20237:49 amRNSProposed Placing
9th Jun 202310:57 amRNSStatement Regarding Share Price Increase
30th Mar 20234:44 pmRNSShare issue – Consultants & Director
22nd Mar 20237:00 amRNSInterim Results 6 months ended 31 December 2022
20th Mar 20237:00 amRNSAdvisor Update
18th Jan 202311:37 amRNSResults of AGM
9th Jan 20232:05 pmRNSSecond Price Monitoring Extn
9th Jan 20232:00 pmRNSPrice Monitoring Extension
9th Jan 20237:00 amRNSProposed Solar Project - JDA
19th Dec 20221:59 pmRNSFinal Results and Notice of AGM
12th Dec 20227:00 amRNSMOU Extension – Phulbari Coal Mine Development
4th Nov 202211:05 amRNSSecond Price Monitoring Extn
4th Nov 202211:00 amRNSPrice Monitoring Extension
4th Nov 20229:05 amRNSSecond Price Monitoring Extn
4th Nov 20229:00 amRNSPrice Monitoring Extension
9th Sep 20222:05 pmRNSSecond Price Monitoring Extn
9th Sep 20222:00 pmRNSPrice Monitoring Extension
8th Sep 20222:05 pmRNSSecond Price Monitoring Extn
8th Sep 20222:00 pmRNSPrice Monitoring Extension
22nd Aug 20224:40 pmRNSSecond Price Monitoring Extn
22nd Aug 20224:35 pmRNSPrice Monitoring Extension
22nd Aug 20221:21 pmRNSProject Update and Extended Consultancy Agreement
8th Aug 20224:40 pmRNSSecond Price Monitoring Extn
8th Aug 20224:35 pmRNSPrice Monitoring Extension
7th Apr 20225:25 pmRNSShare issue – Consultants & Director
25th Mar 20227:00 amRNSInterim Results 6 months ended 31 December 2021
18th Mar 20223:33 pmRNSHolding(s) in Company
18th Mar 20223:30 pmRNSHolding(s) in Company
17th Mar 20221:35 pmRNSHolding(s) in Company
15th Mar 20221:38 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.