15 Mar 2013 16:23
15 March 2013
Polo Resources Limited("Polo" or "the Company")
VARIATION OF TERMS OF DIRECTOR AND MANAGEMENT OPTIONS FOLLOWING CONSOLIDATION
The Directors of Polo Resources Limited (AIM, TSX: POL) announce that, following the recent consolidation of Polo's issued share capital on a 10-for-1 basis (the "Consolidation"), the outstanding Director and management options granted by the Company in January 2011 and March 2012 (the "Existing Options"), set out below, will be cancelled:
Name | Granted | Number | Exercise price (pence) (adjusted for dividend payment in 2012)
|
S Dattels | 14/01/2011 | 20,000,000 | 3.50 |
N Herbert | 14/01/2011 | 20,000,000 | 3.50 |
G Elliott | 14/01/2011 | 5,000,000 | 3.50 |
B Smith | 14/01/2011 | 5,000,000 | 3.50 |
J Mellon | 14/01/2011 | 5,000,000 | 3.50 |
I Stalker | 14/01/2011 | 5,000,000 | 3.50 |
Approved Grantees | 14/01/2011 | 6,500,000 | 3.50 |
TOTAL | 66,500,000 | ||
S Dattels | 23/03/2012 | 20,000,000 | 4.00 |
N Herbert | 23/03/2012 | 20,000,000 | 4.00 |
I Burns | 23/03/2012 | 10,000,000 | 4.00 |
G Elliott | 23/03/2012 | 5,000,000 | 4.00 |
B Smith | 23/03/2012 | 5,000,000 | 4.00 |
J Mellon | 23/03/2012 | 5,000,000 | 4.00 |
I Stalker | 23/03/2012 | 5,000,000 | 4.00 |
Approved Grantees | 23/03/2012 | 18,500,000 | 4.00 |
TOTAL | 88,500,000 |
Following the recommendation of the Remuneration Committee of the Board of Directors, upon cancellation of the Existing Options, the Company will grant the following new options to Directors and management for no consideration (the "New Options"):
Name | Granted | Number | Exercise Price (pence)
|
S Dattels | 25/01/2013 | 2,000,000 | 35 |
S Dattels | 25/01/2013 | 2,000,000 | 40 |
N Herbert* | 25/01/2013 | 2,000,000 | 35 |
N Herbert* | 25/01/2013 | 2,000,000 | 40 |
I Burns | 25/01/2013 | 1,000,000 | 40 |
G Elliott | 25/01/2013 | 500,000 | 35 |
G Elliott | 25/01/2013 | 500,000 | 40 |
B Smith | 25/01/2013 | 500,000 | 35 |
B Smith | 25/01/2013 | 500,000 | 40 |
J Mellon | 25/01/2013 | 500,000 | 35 |
J Mellon | 25/01/2013 | 500,000 | 40 |
I Stalker | 25/01/2013 | 500,000 | 35 |
I Stalker | 25/01/2013 | 500,000 | 40 |
Approved Grantees | 25/01/2013 | 650,000 | 35 |
Approved Grantees | 25/01/2013 | 1,850,000 | 40 |
TOTAL | 15,500,000 |
* the interest of Mr Herbert includes options granted to Exmin Consulting Limited, a consulting company engaged by Polo of which Mr Herbert is the sole shareholder.
Upon grant, all of the New Options shall vest immediately, and must be exercised by the holder within three years of the grant date (which will be deemed to be the date on which the Consolidation is completed). Save as provided above, the New Options have the same terms as the Existing Options.
Following grant of the New Options and cancellation of the Existing Options, Polo has 15,500,000 shares under option representing 5.75 per cent of its issued share capital.
For further information, please contact:
Polo Resources Limited Ian Burns, Finance Director | +27 787 312 919 |
Investec Neil Elliot, George Price, Mark Wellesley-Wood | +44 (0) 20 7597 5970 |
Liberum Capital Chris Bowman, Tim Graham | +44 (0) 20 3100 2228 |
Blythe Weigh Communications Tim Blythe, Robert Kellner, Kawthar Badda | +44 (0) 207 138 3204
|
Toronto Borden Ladner Gervais LLP Jeffery Barnes, Habeeb Syed | +1 416 367 6459 |
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo Resources: www.poloresources.com.