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22 Mar 2017 12:46
22 March 2017
KEFI Minerals plc
("KEFI" or the "Company")
GRANT OF SHARE OPTIONS
KEFI Minerals, the AIM-quoted gold and copper exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, announces that, in accordance with the share option scheme of the Company (the "Scheme"), the Directors have today approved the recommendation of the Remuneration and Nominations Committee to make a grant of share options over 9,535,122 new ordinary shares of 1.7p of the Company ("Ordinary Shares") to Certain Directors and senior managers (the "Options"). Following the grant of the Options, there will be options outstanding under the Scheme and pursuant to earlier arrangements over 6.4% of the issued Ordinary Share capital as compared with the Scheme limit of 10%.
The Options have an exercise price of 7.5 pence per Ordinary Share, representing a c. 67% premium to the closing market price Ordinary Shares on 20 March 2017 and 33% above the placing price of shares issued in the recent fundraising which completed on 2 March 2017. The Options expire after 6 years and, in normal circumstances, vest in two equal instalments, the first upon the achievement of practical completion of the planned processing plant at the Tulu Kapi Gold Project and the second upon the achievement of nameplate capacity for a twelve month period.
The Scheme is designed to align the interest of senior employees with those of shareholders and promote the retention of the Company's senior management team.
Details of the Options granted to the following persons who discharge managerial responsibilities ("PDMRs") today are set out below:
Name |
Title |
Number of new Options granted | Number of Ordinary Shares subject to Option following the grant of new Options
|
Harry Anagnostaras-Adams | Executive Chairman | 3,442,184 | 5,326,773
|
John Leach | Finance Director | 674,083 | 2,150,318
|
Ian Plimer | Non-executive Director | 441,176 | 1,221,353
|
Mark Wellesley-Wood | Non-executive Deputy Chairman | 882,353 | 1,470,588
|
Wayne Nicoletto | Chief Operating Officer | 1,389,817 | 2,911,660
|
|
| 6,829,613 |
13,080,692 |
A further 2,705,509 Options have today been granted to members of the Company's senior management team.
Following the above grant, there are a total of 21,262,475 incentive share options granted over unissued Ordinary Shares, representing 6.4% of the Company's current issued Ordinary Share capital of 332,702,973 Ordinary Shares. The Scheme maximum is 10%.
Harry Anagnostaras-Adams, John Leach, Ian Plimer and Mark Wellesley-Wood are all directors of the Company and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Options as described above is therefore a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Norman Ling, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction is fair and reasonable insofar as the shareholders of the Company are concerned.
Further details concerning the grant of share options to PDMRs are set out below:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Harry Anagnostaras-Adams | ||||
2. | Reason for notification | |||||
(a) | Position/status | Executive Chairman | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | KEFI Minerals Plc | ||||
(b) | LEI | 213800OO6ETVDGE3QY15 | ||||
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 | Share options over ordinary shares of 1.7 pence | ||||
(b) | Identification code | GB00BD8GP619 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 22 March 2017 12:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | John Leach | ||||
2. | Reason for 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 of entity | KEFI Minerals Plc | ||||
(b) | LEI | 213800OO6ETVDGE3QY15 | ||||
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 | Share options over ordinary shares of 1.7 pence | ||||
(b) | Identification code | GB00BD8GP619 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 22 March 2017 12:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Ian Plimer | ||||
2. | Reason for 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 of entity | KEFI Minerals Plc | ||||
(b) | LEI | 213800OO6ETVDGE3QY15 | ||||
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 | Share options over ordinary shares of 1.7 pence | ||||
(b) | Identification code | GB00BD8GP619 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 22 March 2017 12:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Mark Wellesley-Wood | ||||
2. | Reason for 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 of entity | KEFI Minerals Plc | ||||
(b) | LEI | 213800OO6ETVDGE3QY15 | ||||
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 | Share options over ordinary shares of 1.7 pence | ||||
(b) | Identification code | GB00BD8GP619 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price
| Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 22 March 2017 12:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Wayne Nicoletto | ||||
2. | Reason for notification | |||||
(a) | Position/status | Chief Operating Officer | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | KEFI Minerals Plc | ||||
(b) | LEI | 213800OO6ETVDGE3QY15 | ||||
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 | Share options over ordinary shares of 1.7 pence | ||||
(b) | Identification code | GB00BD8GP619 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price
| Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 22 March 2017 12:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
ENQUIRIES
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive Chairman) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated Adviser)
Ewan Leggat, Jeff Keating +44 20 3470 0470
Brandon Hill Capital Ltd (Joint Broker)
Oliver Stansfield, Alex Walker, Jonathan Evans +44 20 7936 5200
RFC Ambrian Ltd (Joint Broker)
Jonathan Williams +44 20 3440 6817
Beaufort Securities Ltd (Joint Broker)
Elliot Hance +44 20 7382 8300
Luther Pendragon Ltd (Financial PR)
Harry Chathli, Claire Norbury, Ana Ribeiro +44 20 7618 9100
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