7 Apr 2016 07:00
Regency Mines Plc
("Regency Mines" or the "Company")
Issue of Shares under Share Incentive Plan and Directors' Dealings
7 April 2016
Regency Mines Plc, the natural resource investment and development company, announces that on 1 April 2016 the Board of Directors approved the issuance of 4,323,524 ordinary shares in the Company ("Ordinary Shares") under the Company's Share Incentive Plan ("SIP") for the 2015/16 tax year as agreed in the Trustees meeting held on 1 April 2016.
Under the terms of the SIP, once employees have satisfactorily completed their probationary period, they may sign up to both the Free Share and Partnership Share Agreement however they may only begin active participation in the Partnership Agreement at the beginning of the tax year.
Free Share Agreement - Free Share Award
Under the Free Share Agreement, employees may be awarded up to £3,600 worth of Ordinary Shares in the Company in any one tax year. Ordinary Shares to the value of £600 per existing employee have been awarded in respect of the 2015/16 tax year, representing a total of 564,704 Ordinary Shares, with reference to the mid-market closing price of 0.425p on 31 March 2016.
Partnership Share Agreement - Share Award
In addition, employees may purchase up to £1,800 (or up to a maximum of 10% of their salary, whichever is the lower) worth of Shares (the "Partnership Shares") in any one tax year. The Company will match these shares on a 2:1 basis (the "Matching Shares"). The Partnership and the Matching Shares are awarded with reference to the lower of the mid-market closing price at the beginning or at the end of the accumulation period.
Therefore, 1,252,940 Partnership Shares and 2,505,880 Matching Shares (being 3,758,820 Shares in aggregate) have been awarded with reference to the mid-market closing price of 0.425p on 31 March 2016, which is the end of the accumulation period for the 2015/16 tax year.
The Directors have participated in both the Free Share award and the Partnership Share award and the above numbers include such participation, further details of which are set out below.
All shares awarded under the Free Share Agreement and the Partnership Share Agreement will be held by the SIP Trustees and such shares cannot be released to participants until five years after the date of the award, except in specific circumstances.
Directors' Participation
In respect of the 2015/2016 tax year, each Director has been awarded 141,176 Ordinary Shares under the Free Share Agreement and three Directors were eligible to participate in the Partnership and Matching Share schemes. These shares awarded to Directors have been included in the table below which sets out the total shareholding and interests of the Directors in the enlarged share capital of the Company:
Directors | New Ordinary Shares | Ordinary Shares post Issuance Direct | Ordinary Shares post Issuance Indirect | Total Shares | % of Issued Share Capital |
Warrants |
Options |
Andrew R M Bell | 1,411,763 | 2,302,435 | 3,535,590 | 5,838,025 | 2.31% | - | 2,960,000 |
Edmund Sr Bugnosen | 1,358,822 | 10,000 | 2,634,710 | 2,644,710 | 1.05% | - | 560,000 |
Scott Kaintz | 1,411,763 | 21,052 | 2,688,210 | 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 SIP Trustees whilst Mr E Bugnosen is a beneficiary of 2,634,710 shares held on his behalf by the SIP Trustees. In addition, Mr A Bell holds 847,380 shares in the account of Brewin 1762 Nominees Limited.
Admission to trading on AIM and Total Voting Rights
Application is being made to AIM for 4,323,524 new Ordinary Shares allotted in relation to the SIP for 2015/16 tax year to be admitted to trading on AIM. Admission of the 4,323,524 new Ordinary Shares is expected on or around 13 April 2016.
Following the issue of the 4,323,524 new Ordinary Shares the issued share capital of the Company consists of 252,384,571 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 252,384,571 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.
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.