2 Oct 2020 07:00
Metal Tiger plc(“Metal Tiger” or the “Company”)
Adoption of New Option SchemeGrant of OptionsExtension of Existing Options
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, announces that the Board has approved the adoption of a new share option incentive scheme (the “New Option Scheme”), pursuant to which new options will be issued to key staff and management. In addition, the Company has extended the exercise period in respect of certain existing options.
The Company considers that the award of options linked to the performance of the Company are critical to the incentivisation of its key staff and management and to ensure that there is alignment between management and shareholders.
Terms of the New Option Scheme
Tranche A Options
Pursuant to the New Option Scheme, 3,000,000 new options will be issued on the terms summarised below (the “Tranche A Options”) to certain Directors and a PDMR:
The exercise price will be 27.5p and an expiry date of 30 June 2028.40% of the Tranche A Options will vest over four years in equal tranches.30% of the Tranche A Options will vest when Metal Tiger’s shares have traded at or in excess of 45 pence per share on a rolling 10 day VWAP basis.30% of the Tranche A Options will vest when Metal Tiger’s shares have traded at or in excess of 60 pence per share on a rolling 10 day VWAP basis.The issue of any new options will be restricted if the total number of options outstanding would represent in excess of 10% of the Company’s issued share capital.In the event that a holder of Tranche A Options leaves the Company on good leaver status after the performance options vest, then the holder of Tranche A Options will be entitled to retain their Tranche A Options.The following Directors and PDMR will be issued with Tranche A Options:
Director and PDMR | Number of Tranche A Options |
Michael McNeilly | 1,000,000 |
Mark Potter | 600,000 |
Adrian Bock | 800,000 |
In addition, 600,000 Tranche A Options will be allocated to an option pool, which the Board can grant on a discretionary basis.
Tranche B Options
Pursuant to the New Option Scheme, 2,300,000 new options will be issued on the terms summarised below (the “Tranche B Options”):
The Tranche B Options will vest on issue, have an exercise price of 27.5p and an expiry date of 30 June 2023.The issue of any new options will be restricted if the total number of options outstanding would represent in excess of 10% of the Company’s issued share capital.In the event that a holder of Tranche B Options leaves the Company on good leaver status after the performance options vest, then the holder of Tranche B Options will be entitled to retain their Tranche B Options.The following Directors and PDMR will be issued with Tranche B Options:
Director and PDMR | Number of Tranche B Options |
Charles Hall | 200,000 |
Neville Bergin | 200,000 |
David Wargo | 200,000 |
Adrian Bock | 400,000 |
In addition, 800,000 Tranche B Options have been allocated to certain employees and 500,000 Tranche B Options have been allocated to an option pool, which the Board can grant on a discretionary basis.
Extension of Existing Options
In order to continue to appropriately incentivise certain key staff and management, the Board has resolved to extend expiry dates of the following options (the “Option Extension”) alongside the adoption of the New Option Scheme:
The outstanding 2,100,000 options with an exercise price of 60 pence granted on 11 May 2017, from 11 May 2022 to 22 May 2025.The outstanding 4,500,000 options with an exercise price of 45 pence granted on 21 July 2018 and 1 October 2018, from 20 July 2023 to 20 July 2024.Following the issue of the Tranche A Options and the Tranche B Options pursuant to the New Option Scheme, the total number of options in issue will be 14,950,000 (including the unallocated pools), representing approximately 9.76% of the Company’s issued share capital, of which the following are held by the Board and PDMRs:
Director and PDMR | Number of Options | Exercise Price (p) | Expiry Date |
Charles Hall | 300,000 | 35.0 | 20 July 2023 |
| 450,000 | 45.0 | 20 July 2024 |
| 500,000 | 60.0 | 22 May 2025 |
| 200,000 | 27.5 | 30 June 2023 |
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Michael McNeilly | 1,000,000 | 35.0 | 20 July 2023 |
| 1,500,000 | 45.0 | 20 July 2024 |
| 1,000,000 | 60.0 | 22 May 2025 |
| 1,000,000 | 27.5 | 30 June 2028 |
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Mark Potter | 1,000,000 | 35.0 | 20 July 2023 |
| 1,500,000 | 45.0 | 20 July 2024 |
| 400,000 | 60.0 | 22 May 2025 |
| 600,000 | 27.5 | 30 June 2028 |
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Neville Bergin | 200,000 | 35.0 | 20 July 2023 |
| 300,000 | 45.0 | 20 July 2024 |
| 200,000 | 27.5 | 30 June 2023 |
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David Wargo | 200,000 | 27.5 | 30 June 2023 |
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Adrian Bock | 800,000 | 27.5 | 30 June 2028 |
| 400,000 | 27.5 | 30 June 2023 |
Following the issue of the Tranche A Options and the Tranche B Options pursuant to the New Option Scheme, the Directors and PDMRs will, in aggregate, hold options over approximately 7.54% of the Company’s issued share capital.
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014).
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Charles Hall |
2. | Reason for the Notification | |
a) | Position/status | Non-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 | METAL TIGER PLC |
b) | LEI | 213800K1IN6M1VCVPA93 |
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 | Options over ordinary shares of 0.1p each in the share capital of Metal Tiger plc |
Identification code | ISIN for Ordinary Shares: GB00BMQC0691 | |
b) | Nature of the Transaction | Issue of Options |
c) | Price(s) and volume(s) | Price(s) 27.5p Volume(s) 200,000 |
d) | Aggregated information Aggregated volumePrice | 200,00027.5p |
e) | Date of the transaction | 1 October 2020 |
f) | Place of the transaction | London Stock Exchange (AIM) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Michael McNeilly |
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 | METAL TIGER PLC |
b) | LEI | 213800K1IN6M1VCVPA93 |
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 | Options over ordinary shares of 0.1p each in the share capital of Metal Tiger plc |
Identification code | ISIN for Ordinary Shares: GB00BMQC0691 | |
b) | Nature of the Transaction | Issue of Options |
c) | Price(s) and volume(s) | Price(s) 27.5p Volume(s) 1,000,000 |
d) | Aggregated information Aggregated volumePrice | 1,000,00027.5p |
e) | Date of the transaction | 1 October 2020 |
f) | Place of the transaction | London Stock Exchange (AIM) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Mark Potter |
2. | Reason for the Notification | |
a) | Position/status | Chief Investment Officer |
b) | Initial notification/amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | METAL TIGER PLC |
b) | LEI | 213800K1IN6M1VCVPA93 |
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 | Options over ordinary shares of 0.1p each in the share capital of Metal Tiger plc |
Identification code | ISIN for Ordinary Shares: GB00BMQC0691 | |
b) | Nature of the Transaction | Issue of Options |
c) | Price(s) and volume(s) | Price(s) 27.5p Volume(s) 600,000 |
d) | Aggregated information Aggregated volumePrice | 600,00027.5p |
e) | Date of the transaction | 1 October 2020 |
f) | Place of the transaction | London Stock Exchange (AIM) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Neville Bergin |
2. | Reason for the 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 | METAL TIGER PLC |
b) | LEI | 213800K1IN6M1VCVPA93 |
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 | Options over ordinary shares of 0.1p each in the share capital of Metal Tiger plc |
Identification code | ISIN for Ordinary Shares: GB00BMQC0691 | |
b) | Nature of the Transaction | Issue of Options |
c) | Price(s) and volume(s) | Price(s) 27.5p Volume(s) 200,000 |
d) | Aggregated information Aggregated volumePrice | 200,00027.5p |
e) | Date of the transaction | 1 October 2020 |
f) | Place of the transaction | London Stock Exchange (AIM) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | David Wargo |
2. | Reason for the 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 | METAL TIGER PLC |
b) | LEI | 213800K1IN6M1VCVPA93 |
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 | Options over ordinary shares of 0.1p each in the share capital of Metal Tiger plc |
Identification code | ISIN for Ordinary Shares: GB00BMQC0691 | |
b) | Nature of the Transaction | Issue of Options |
c) | Price(s) and volume(s) | Price(s) 27.5p Volume(s) 200,000 |
d) | Aggregated information Aggregated volumePrice | 200,00027.5p |
e) | Date of the transaction | 1 October 2020 |
f) | Place of the transaction | London Stock Exchange (AIM) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Adrian Bock |
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 | METAL TIGER PLC |
b) | LEI | 213800K1IN6M1VCVPA93 |
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 | Options over ordinary shares of 0.1p each in the share capital of Metal Tiger plc |
Identification code | ISIN for Ordinary Shares: GB00BMQC0691 | |
b) | Nature of the Transaction | Issue of Options |
c) | Price(s) and volume(s) | Price(s) 27.5p Volume(s) 1,200,000 |
d) | Aggregated information Aggregated volumePrice | 1,200,00027.5p |
e) | Date of the transaction | 1 October 2020 |
f) | Place of the transaction | London Stock Exchange (AIM) |
For further information on the Company, visit: www.metaltigerplc.com
Enquiries:
Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 7099 0738 |
Mark Potter | (Chief Investment Officer) |
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Richard Tulloch James Dance Jack Botros | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
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Paul Shackleton Steve Douglas | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
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Gordon Poole James Crothers Hugo Liddy | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.
The Company’s target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Equity Investments and Project Investments.
Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.
Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.
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