Last checked at 22 May 2023 14:12
22 May 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Grant of Share Options
Rainbow Rare Earths announces that pursuant to its Long Term Incentive Plan ("LTIP") approved in January 2021 its Board of Directors, on the recommendation of the Remuneration Committee, has approved the grant of 3.15 million nil priced share options to Directors and Persons Discharging Managerial Responsibility of the Company as follows:
Director | Number of share options |
George Bennett | 900,000 |
Pete Gardner | 500,000 |
Adonis Pouroulis | 500,000 |
Alex Lowrie | 250,000 |
Atul Bali | 250,000 |
Peter Pham | 250,000 |
Shawn McCormick | 500,000 |
The options will vest in equal tranches over three years: one third after 12 months, one third after 24 months and one third after 36 months; there are no other vesting conditions.
In aggregate the share options granted above represent 0.53% of the existing issued share capital of the Company. Following this award the Company has 18,399,400 share options in issue under the existing share option schemes, representing 3.1% of the existing issued share capital of the Company, including 6,858,000 nil priced options issued under the LTIP and 11,541,400 options with a weighted average exercise price of 13.33 pence per share under the unapproved share option plan.
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 | George Bennett | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Bennett holds 3,958,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
900,000
Nil | ||||
e) | Date of the transaction
| 19 May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 | Pete Gardner | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Gardner holds 2,400,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
Nil | ||||
e) | Date of the transaction
| [22] May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 | Adonis Pouroulis | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Pouroulis holds 1,902,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
Nil | ||||
e) | Date of the transaction
| 19 May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 | Alex Lowrie | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Lowrie holds 1,250,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
250,000
Nil | ||||
e) | Date of the transaction
| 19 May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 | Atul Bali | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Bali holds 1,250,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
250,000
Nil | ||||
e) | Date of the transaction
| 19 May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 | Peter Pham | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Pham holds 750,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
250,000
Nil | ||||
e) | Date of the transaction
| 19 May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 | Shawn McCormick | ||||
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 | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
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 | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. McCormick holds 1,850,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
Nil | ||||
e) | Date of the transaction
| 19 May 2023 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
Rainbow Rare Earths Ltd | Company | George Bennett | +27 82 652 8526 |
|
| Pete Gardner |
|
|
| Cathy Malins (IR) | +44 7876 796 629 |
|
| cathym@rainbowrareearths.com | |
|
| ||
Berenberg | Broker | Matthew Armitt | +44 20 3207 7800 |
| Jennifer Lee |
| |
|
| ||
Tavistock Communications | PR/IR | Charles Vivian | +44 (0) 20 7920 3150 |
| Tara Vivian-Neal | rainbowrareearths@tavistock.co.uk |
Notes to Editors:
Rainbow Rare Earths aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the magnet rare earth elements neodymium and praseodymium ("NdPr"), dysprosium and terbium.
The Phalaborwa Rare Earths Project, located in South Africa, comprises a total Mineral Resource Estimate of 30.4 Mt at 0.44% TREO contained within unconsolidated gypsum stacks derived from historic phosphate hard rock mining. High value NdPr oxide represents 29.0% of the total contained rare earth oxides, with economic Dysprosium and Terbium oxide credits enhancing the overall value of the rare earth basket in the stacks. Rainbow will use a proprietary separation technique developed by its partner K-Technologies, Inc. for the plant at Phalaborwa, which simplifies the process of producing separated rare earth oxides (versus traditional solvent extraction), leading to cost benefits, as well as being more environmentally friendly.
The Phalaborwa Preliminary Economic Assessment has confirmed strong base line economics for the project, which has a base case NPV10 of US$627 million[1], an average EBITDA operating margin of 75% and a payback period of < two years. Pilot plant operations will commence in 2023, with the project expected to reach commercial production in 2026, just five years after work began on the project by Rainbow.
[1] Net present value using a 10% forward discount rate