14 Jun 2016 12:59
Regency Mines Plc
("Regency" or the "Company")
Cancellation and Re-issue of Options
Directors' Shareholdings
14 June 2016
Regency Mines Plc ("Regency" or the "Company"), on 1 February 2016 announced the grant of 7,060,000 options to directors and key staff. The grants other than those to Edmund Bugnosen were made under an EMI (Enterprise Management Incentive) scheme ("EMI Grants").
For administrative reasons, it has become necessary to cancel and reissue the EMI options on the same terms and conditions (including exercise price), as described below.
The Company announces the immediate cancellation of the EMI Grants and the reissue with immediate effect of the same number of EMI options to the same grantees and upon the same conditions, with the designation "Series 1".
Tranche 1 | Tranche 2 | Tranche 3 | Tranche 4 | |
Andrew Bell | 740,000 | 740,000 | 740,000 | 740,000 |
Scott Kaintz | 740,000 | 740,000 | 670,000 | 670,000 |
Other personnel | 180,000 | 180,000 | 180,000 | 180,000 |
Vesting (from Date): | Immediate | 29 June 2016 | 29 January 2017 | 29 June 2017 |
Performance condition: | N/A | Share price close 3 days over 0.7p | Share price close 3 days over 1p | Share price close 3 days over 1.3p |
All options have an exercise price of 0.45p and lapse on 29 January 2022.
The vesting in respect of tranches not yet vested will be accelerated, though the performance condition will be retained, in the event of a takeover event.
Following the cancellation and reissue, the resultant total directors' shareholdings are as follows:
Directors | Ordinary Shares | Total Shares | % of Issued Share Capital | Warrants | Options | |
Direct | Indirect | |||||
Andrew R M Bell | 2,302,435 | 3,535,590 | 5,838,025 | 2.31% | - | 2,960,000 |
Edward Sr Bugnosen | 10,000 | 2,634,710 | 2,644,710 | 1.05% | - | 560,000 |
Scott Kaintz | - | 2,709,262 | 2,709,262 | 1.07% | - | 2,820,000 |
*Mr A Bell and Mr S Kaintz are each beneficiaries of 2,688,210 shares held on their behalf by the Share Incentive Plan Trustees whilst Mr E Bugnosen is a beneficiary of 2,634,710 shares held on his behalf by the Share Incentive Plan Trustees. In addition, Mr A Bell holds 847,380 shares in the account of Brewin 1762 Nominees Limited and Mr. Kaintz holds 21,052 in the account of HSBC Client Holdings Nominee UK Ltd.
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.