Last checked at 17 Mar 2021 07:00
17 March 2021
KEFI Gold and Copper plc
("KEFI" or the "Company")
GRANT OF SHARE OPTIONS
KEFI Gold and Copper, 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 it has allocated options to certain of the Company's directors and senior management in accordance with the Company's long-standing long-term incentive plan (the "Option Scheme"). This is the first such allocation since 1 February 2018.
Allocation of Options under the Shareholder-Approved Incentive Options Scheme
In accordance with the Option Scheme, the directors have approved the issue of 119,747,339 Options over new ordinary shares of the Company ("Ordinary Shares") to certain directors and senior managers (the "Options"). The Options have an exercise price of 2.55p per Ordinary Share, representing a c.27% premium to the VWAP during the week ending 12 March 2021. The Options expire after 4 years and, in normal circumstances, vest in three equal instalments, the first after one year, the second after two years and the third after three years from the date of grant.
Following this grant of Options, there will be 145,229,182 options outstanding under the Option Scheme over approximately 6.8% of the currently issued Ordinary Share capital of the Company. Under the terms of the Option Scheme options over a maximum of 10% of the Company's share capital may be issued.
Details of the Options granted today to the following persons who discharge managerial responsibilities ("PDMRs") are set out below, with further details contained in the appended tables 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 | 37,766,978 | 43,734,926 |
John Leach | Finance Director | 7,189,168 | 10,318,899 |
Mark Tyler | Non-executive Director | 2,735,688 | 2,735,688 |
Adam Taylor | Non-executive Director | 2,735,688 | 2,735,688 |
Richard Richardson | Non-executive Director | 2,735,688 | 2,735,688 |
David Munro | Head of Operations | 9,054,169 | 10,254,169 |
Eddy Solbrandt | Head of Systems | 9,054,169 | 10,254,169 |
Brian Hosking | Head of Exploration & Planning | 9,230,640 | 10,607,110 |
Wayne Nicoletto | Managing Director-Ethiopia | 5,311,660 | 10,623,320 |
A further 33,933,491 Options have also today been granted to other members of the Company's management team.
Following the grant of Options the allocations under the Company's Option Scheme are approximately 20% to the Executive Chairman, 39% to other management, 4% to Non-Executive Directors and 37% remain unallocated at this time.
The Company's practice over many years was to make an annual allocation of options at the end of each calendar year. However, allocations in recent years were deferred pending the announcement that the project financing was proceeding for the Company's Tulu Kapi Gold Project.
The Option Scheme and the Company's approach to remuneration generally is designed to align the interest of senior management with those of shareholders and to promote the retention of the Company's senior management team. The senior executive team of KEFI has indicated its intention to remain with KEFI for a minimum of three years so as to oversee the Tulu Kapi Gold Project's physical development, the organisational development in Ethiopia for the start-up of production at Tulu Kapi and the aggressive pursuit of the Company's pipeline of other projects at various stages of exploration, notably the exploration of satellite targets in the Tulu Kapi district, as well as the exploration in Saudi Arabia, in particular the discoveries at Hawiah (gold and copper) and Jibal Qutman (gold).
Related Party Transaction
As Harry Anagnostaras-Adams, John Leach, Mark Tyler, Richard Robinson and Adam Taylor are all directors of the Company, the grant of the Options is being treated as a related party transaction. Norman Ling, being the only director independent of the grant of Options, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries
KEFI Gold and Copper plc | |
Harry Anagnostaras-Adams (Executive Chairman) | +357 99457843 |
John Leach (Finance Director) | +357 99208130 |
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) | +44 (0) 20 3470 0470 |
Jeff Keating, Adam Cowl | |
Brandon Hill Capital Ltd (Joint Broker) | +44 (0) 20 7936 5200 |
Oliver Stansfield, Jonathan Evans | |
IFC Advisory Ltd (Financial PR and IR) | +44 (0) 20 3934 6630 |
Tim Metcalfe, Florence Chandler |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
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 Gold and Copper 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 0.1 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 | 16 March 2021 | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
h) | 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 Gold and Copper 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 0.1 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 | 16 March 2021 | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
h) | Full name of person Dealing | Mark Tyler | ||||
5. | Reason for notification | |||||
(i) | Position/status | Non Executive Director | ||||
j) | Initial notification/ Amendment | Initial notification | ||||
6. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(k) | Name of entity | KEFI Gold and Copper Plc | ||||
l) | LEI | 213800OO6ETVDGE3QY15 | ||||
7. | 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 | |||||
(m) | Description of the financial instrument, type of instrument | Share options over ordinary shares of 0.1 pence | ||||
n) | Identification code | GB00BD8GP619 | ||||
o) | Nature of the transaction | Grant of options over ordinary shares | ||||
p) | Price(s) and volume(s) |
| ||||
q) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
r) | Date of transaction | 16 March 2021 | ||||
s) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Full name of person Dealing | Adam Taylor | ||||
2. | Reason for notification | |||||
(b) | Position/status | Non Executive Director | ||||
c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(d) | Name of entity | KEFI Gold and Copper Plc | ||||
e) | 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 | |||||
(f) | Description of the financial instrument, type of instrument | Share options over ordinary shares of 0.1 pence | ||||
g) | Identification code | GB00BD8GP619 | ||||
h) | Nature of the transaction | Grant of options over ordinary shares | ||||
i) | Price(s) and volume(s) |
| ||||
j) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
k) | Date of transaction | 16 March 2021 | ||||
l) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Full name of person Dealing | Richard Robinson | ||||
2. | Reason for notification | |||||
(b) | Position/status | Non Executive Director | ||||
c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(d) | Name of entity | KEFI Gold and Copper Plc | ||||
e) | 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 | |||||
(f) | Description of the financial instrument, type of instrument | Share options over ordinary shares of 0.1 pence | ||||
g) | Identification code | GB00BD8GP619 | ||||
h) | Nature of the transaction | Grant of options over ordinary shares | ||||
i) | Price(s) and volume(s) |
| ||||
j) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
k) | Date of transaction | 16 March 2021 | ||||
l) | 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 | Managing Director - Ethiopia | ||||
(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 Gold and Copper 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 0.1 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 | 16 March 2021 | ||||
(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 | David Munro | ||||
2. | Reason for notification | |||||
(b) | Position/status | Head of Operations | ||||
(c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(d) | Name of entity | KEFI Gold and Copper Plc | ||||
(e) | 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 | |||||
(f) | Description of the financial instrument, type of instrument | Share options over ordinary shares of 0.1 pence | ||||
(g) | Identification code | GB00BD8GP619 | ||||
(h) | Nature of the transaction | Grant of options over ordinary shares | ||||
(i) | Price(s) and volume(s) |
| ||||
(j) | Aggregated information: - Aggregated volume - Price
| Single transaction as in 4(d) above
| ||||
(k) | Date of transaction | 16 March 20211 | ||||
(l) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Eddy Solbrandt | ||||
2. | Reason for notification | |||||
(b) | Position/status | Head of Systems | ||||
(c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(d) | Name of entity | KEFI Gold and Copper Plc | ||||
(e) | 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 | |||||
(f) | Description of the financial instrument, type of instrument | Share options over ordinary shares of 0.1 pence | ||||
(g) | Identification code | GB00BD8GP619 | ||||
(h) | Nature of the transaction | Grant of options over ordinary shares | ||||
(i) | Price(s) and volume(s) |
| ||||
(j) | Aggregated information: - Aggregated volume - Price
| Single transaction as in 4(d) above
| ||||
(k) | Date of transaction | 16 March 2021 | ||||
(l) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Brian Hosking | ||||
2. | Reason for notification | |||||
b) | Position/status | Head of Planning
| ||||
(c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
d) | Name of entity | KEFI Gold and Copper Plc | ||||
(e) | 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 | |||||
f) | Description of the financial instrument, type of instrument | Share options over ordinary shares of 0.1 pence | ||||
(g) | Identification code | GB00BD8GP619 | ||||
(h) | Nature of the transaction | Grant of options over ordinary shares | ||||
(i) | Price(s) and volume(s) |
| ||||
(j) | Aggregated information: - Aggregated volume - Price
| Single transaction as in 4(d) above
| ||||
(k) | Date of transaction | 16 March 2021 | ||||
(l) | Place of transaction | Outside a trading venue | ||||