Last checked at 30 Sep 2016 07:03
30 September 2016
Atlantis Resources Limited
Grant of awards to Director
Atlantis Resources Limited (AIM: ARL, "Atlantis", or the "Company") announces that today it has granted an award over 1,000,000 ordinary shares of no par value in the Company ("Ordinary Shares") under the Company 2013 Long-Term Incentive Plan ("the Plan"), as amended by the Board in January 2016, to the Company CEO, Tim Cornelius.
The vesting of the awards is normally subject to ongoing employment with the Company. Subject to the rules of the Plan, the award will vest one third on 11 December 2016, one third on 11 December 2017 and one third on 11 December 2018 and remain exercisable until the tenth anniversary of the grant date.
The award has been granted in the form of an option with an exercise price per Ordinary Share of £0.50.
The Remuneration Committee met in late 2015 to consider the exercise price of this option award when the share price had been trading well below 50p for the previous 12 months and was then trading at a discount of more than 25% to the exercise price. At that time the Remuneration Committee unanimously agreed to recommend to the board that the options be awarded and in January 2016 the board formally accepted this recommendation and agreed that it should be implemented at the earliest possible opportunity but due to a series of technical close periods the board were unable to authorise this award until now.
At the same time all outstanding options granted to Tim Cornelius on 11 December 2013, totalling 1,063,830 Ordinary Shares at an exercise price of £0.94 per share will be cancelled. A separate notification has been issued in respect of this cancellation.
PDMR notification - Tim Cornelius
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1. Details of the Restricted Person / person closely associated with him or her
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a) Name |
Tim Cornelius |
2. Reason for the notification | |
a) Position/status |
CEO |
b) Initial notification / Amendment |
Initial notification |
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |
a) Name |
Atlantis Resources Limited |
b) UEN |
Company number 200517551R |
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 |
Ordinary shares of no par value in the capital of Atlantis Resources Limited |
b) Identification code |
ISIN SG0000011118 |
c) Nature of the transaction |
Grant of options |
d) Price(s) and volume(s) | Volume(s) granted: 1,000,000 Exercise Price(s): £0.50 per share under option
|
e) Aggregated information: i. Aggregated volume ii. Price |
Aggregate volume granted: 1,000,000
Exercise Price: £0.50 per share under option |
f) Date of the transaction |
2016-09-30
|
g) Place of the transaction | Outside a trading venue
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Enquiries:
Atlantis Resources | +44 (0)20 3727 1000 |
John Neill, Chairman | |
Simon Counsell, Chief Financial Officer | |
Peel Hunt LLP (Nominated Adviser and Broker) | +44 (0)20 7418 8900 |
Adrian Trimmings Jock Maxwell Macdonald Euan Brown | |
FTI Consulting | +44 (0)20 3727 1000 |
Ben Brewerton Alex Beagley Stephanie Blott James Styles |