Last checked at 23 May 2018 08:00
ANNOUNCEMENT 23 MAY 2018
GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTOR
MC Mining Limited (the "Company") confirms the award of 625,612 Performance Rights under the Company's Performance Rights Plan to executive director, David Brown, following the approval of shareholders at the Annual General Meeting of Shareholders ("AGM") on 24 November 2017.
As detailed in the notice of meeting for the AGM, the total Performance Rights issued have been determined by dividing ZAR4,117,317 and ZAR1,212,750 (representing the value of the performance rights granted for the 2017 financial year and the value of compensation for reduced revenue over a four-year period without a salary increase, respectively) by the volume weighted average price of the Shares of the Company over the 5 trading days prior to the approval date of the Performance Rights (R0.43). The number of Performance Rights are then reduced in accordance with the 20 to 1 consolidation of securities that was also approved at the AGM.
The Performance Rights are granted as conditional awards over ordinary shares of no par value for no consideration. The awards will vest on 24 November 2020 subject to the vesting conditions.
Current Shares and Performance Rights Held by Executive Directors:
In addition to the above Performance Rights Mr Brown holds 41,250 (post consolidation) ordinary shares in the Company which represents 0.03% of the Company's issued share capital. He also holds 485,702 and 562,747 Performance Rights issued in 2015 and 2016 which will vest on 1 December 2018 and 13 December 2019 respectively subject to the vesting conditions.
AUTHORISED BY:
Tony Bevan
For more information contact: | |||
David Brown | Chief Executive Officer | MC Mining Limited | +27 10 003 8000 |
Brenda Berlin | Chief Financial Officer | MC Mining Limited | +27 10 003 8000 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 08 9316 9100 |
Company advisors: | |||
Jos Simson/ Gareth Tredway | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Ross Allister/Richard Crichton/James Bavister | Nominated Adviser and Broker | Peel Hunt LLP
| +44 20 7418 8900 |
Charmane Russell/Olwen Auret | Financial PR (South Africa) | R&A Strategic Communications | +27 11 880 3924 |
Investec Bank Limited is the nominated JSE Sponsor | |||
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. MCM's key projects include the Uitkomst Colliery (metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking and thermal coal), and the Greater Soutpansberg Projects (MbeuYashu).
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. | Name | David Hugh Brown | ||||
2. | Reason for the notification | |||||
a. | Position/status | Chief Executive Officer | ||||
b. | Initial notification /Amendment | Initial Notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | MC Mining Limited | ||||
b. | LEI | 213800G6YDVUTU9NEP37 | ||||
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 Identification code | Performance Rights issued have been determined by dividing ZAR4,117,317 and ZAR1,212,750 (representing the value of the performance rights granted for the 2017 financial year and the value of compensation for reduced revenue over a four-year period without a salary increase, respectively) by the volume weighted average price of the Shares of the Company over the 5 trading days prior to the date of approval of the Performance Rights. The number of Performance Rights are then reduced in accordance with the 20 to 1 consolidation of securities that was also approved at the AGM.
The Performance Rights have a three year vesting period.
| ||||
b. | Nature of the transaction | Share Grant according to Employee scheme
| ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information · Aggregated volume · Price
| 625,612 at nil value. | ||||
e. | Date of the transaction | 23 May 2018 | ||||
f. | Place of the transaction | Outside of a trading venue | ||||