Last checked at 12 Dec 2018 07:00
ANNOUNCEMENT 12 DECEMBER 2018
GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTORS
MC Mining Limited (the "Company") confirms the award of Performance Rights under the Company's Performance Rights Plan to executive directors, David Brown and Brenda Berlin, following the approval of shareholders at the Annual General Meeting of Shareholders ("AGM") on 23 November 2018.
Following the approval of shareholders, David Brown, Chief Executive Officer and Brenda Berlin, Chief Financial Officer, were granted a total of 878,287 Performance Rights and 635,347 Performance Rights respectively under the Company's Performance Rights Plan, being directly beneficial in nature. The Performance Rights were granted off-market.
As detailed in the notice of meeting for the AGM, the total Performance Rights issued have been determined by dividing ZAR5,183,900 and ZAR3,750,000 (representing the value of the Performance Rights granted for the 2018 financial year, respectively) by the volume weighted average price of the shares of the Company over the five trading days prior to the approval date of the Performance Rights (ZAR5.9023 per share).
The Performance Rights are granted as conditional awards over ordinary shares of no par value for no consideration. The awards will vest on 23 November 2021 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 ordinary shares in the Company which represents 0.03% of the Company's issued share capital. He also holds 562,747 and 625,612 Performance Rights issued in 2016 and 2017 which will vest on 13 December 2019 and 24 November 2020 respectively subject to the vesting conditions.
Other than the Performance Rights issued above, Ms Berlin holds no ordinary shares or Performance Rights.
AUTHORISED BY:
Tony Bevan
Company Secretary
For more information contact: |
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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: |
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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 |
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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 ZAR5,183,900 (representing the value of the performance rights granted for the 2018 financial year) 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 Performance Rights have a three-year vesting period.
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b. | Nature of the transaction | Share Grant according to Employee scheme
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c. | Price(s) and volume(s) |
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d. | Aggregated information · Aggregated volume · Price
| 878,287 at nil value. | ||||
e. | Date of the transaction | 12 December 2018 | ||||
f. | Place of the transaction | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Brenda Berlin | ||||
2. | Reason for the notification | |||||
a. | Position/status | Chief Financial 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 ZAR3,750,000 (representing the value of the performance rights granted for the 2018 financial year) 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 Performance Rights have a three-year vesting period.
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b. | Nature of the transaction | Share Grant according to Employee scheme
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c. | Price(s) and volume(s) |
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d. | Aggregated information · Aggregated volume · Price
| 637,347 at nil value. | ||||
e. | Date of the transaction | 12 December 2018 | ||||
f. | Place of the transaction | Outside of a trading venue | ||||