Last checked at 18 Oct 2019 10:15
18 October 2019
Kore Potash Plc
("Kore Potash" or the "Company")
Issue of Equity and Performance Rights
Kore Potash plc advises that certain Non-Executive Directors of the Company have been issued new ordinary shares in the Company in lieu of cash payments ("Remuneration Shares"), as part of a cost reduction strategy announced on 27 June 2019 and approved at the 2019 General Meeting of the Company held on 17 July 2019 (the "General Meeting").
Separately, the Company also confirms the issue of shares due under the Company performance rights plans as previously disclosed on 15 April 2019.
Non-Executive Director shares in lieu of cash fees
Further to the announcement dated 27 June 2019 and the approval at the General Meeting, it has been confirmed that, for the period approved at the General Meeting (being four quarterly periods ending 30 June 2020), directors Tim Keating and Jose Antonio Merino have elected to have their fees paid in cash while David Hathorn, David Netherway and Jonathan Trollip have irrevocably elected to receive a proportion of their fees in shares over this period. The proportion of the fees to be settled in shares shall remain fixed each quarter as set below.
The number of ordinary shares issued to each director in lieu of remuneration for the quarter ended 30 September 2019 was calculated as follows:
Annual fee | Quarterly fee | Percentage of Remuneration | GBP/USD | 7 day VWAP | Number of shares | |
David Hathorn | US$156,000.00 | US$39,000.00 | 100% | 1.2304 | 1.1238 | 2,820,520 |
David Netherway | US$80,500.00 | US$20,125.00 | 55% | 1.2304 | 1.1238 | 800,503 |
Jonathan Trollip | US$63,000.00 | US$15,750.00 | 53% | 1.2304 | 1.1238 | 603,700 |
Total | 4,224,723 |
Performance rights
The Company also confirms that, further to the unconditional vesting of the Performance Rights issued to certain Non-Executive Directors and Mr Leonard Math, a former Non-Executive Director, on 29 March 2019, being the first anniversary of admission to trading on AIM and as announced on 15 April 2019, it has today issued the requisite 1,562,500 ordinary shares to satisfy the Performance Rights.
As set out in the announcement of 15 April 2019, the following is the breakdown of the ordinary shares issued under the Performance Rights:
Number of Shares | |
David Hathorn | 500,000 |
David Netherway | 250,000 |
Jonathan Trollip | 250,000 |
Timothy Keating | 250,000 |
Leonard Math | 312,500 |
Total | 1,562,500 |
Accordingly, a total of 5,787,223 ordinary shares of US$0.001 each (being 4,224,723 ordinary shares in respect of Directors Remuneration Shares and 1,562,500 ordinary shares in respect of Performance Rights as detailed above) have today been issued. Application has been made for the admission of 5,787,223 ordinary shares of US$0.001 each on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on Thursday 24 October 2019.
Following this issue, the Company's issued share capital consists of 1,515,441,166 ordinary shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 1,515,441,166.
The above figure may be used by shareholders 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
ENDS
For further information, please visit www.korepotash.com or contact:
Kore Potash Brad Sampson - CEO | Tel: +27 11 469 9140 | |
Tavistock Communications Jos Simson Edward Lee | Tel: +44 (0) 20 7920 3150 | |
Canaccord Genuity - Nomad and Broker James Asensio Henry Fitzgerald-O'Connor | Tel: +44 (0) 20 7523 4600 | |
Shore Capital - Joint Broker Jerry Keen Toby Gibbs James Thomas | Tel: +44 (0) 20 7408 4050 |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of Renumeration Shares. For the avoidance of doubt the ordinary shares being issued under the Performance Rights was reported on 15 April 2019
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | David Hathorn |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Issue of new shares |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 2,820,520 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | David Netherway |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Issue of new shares |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 800,503 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Jonathan Trollip |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Issue of new shares |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 603,700 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | David Hathorn |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Conversion of Performance Rights |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 500,000 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | David Netherway |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Conversion of Performance Rights |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 250,000 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Jonathan Trollip |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Conversion of Performance Rights |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 250,000 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Timothy Keating |
2 | Reason for the notification | |
a) | Position/status | PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
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
| Ordinary Shares of US$0.001 each |
Identification code | GB00BYP2QJ94 | |
b) | Nature of the transaction | Conversion of Performance Rights |
c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 250,000 |
d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
e) | Date of the transaction | 18 October 2019 |
f) | Place of the transaction | Outside a trading venue |