1 Jul 2020 16:17
Scotgold Resources Limited
1 July, 2020
Scotgold Resources Limited
("Scotgold" or the "Company)
Enterprise Management Incentive Scheme
Scotgold Resources Limited (AIM: SGZ) ("Scotgold" or the "Company") announces that it has introduced an Enterprise Management Incentive scheme (EMI Scheme). Pursuant to this scheme, and where restrictions apply, a similar "Unapproved Scheme", the following unlisted options have been awarded to the individuals below, all of whom constitute PDMRs for the purpose of the EU Market Abuse Regulation (the "Share Options") ( together, the "Share Option Grant").
The Share Options shall be exercisable for a period of 5 years from the date of grant (being todays date), at an exercise price of 71p per depositary interest of no par value each ("Ordinary Share") and shall vest subject to performance based conditions as detailed below.
· 60% of the Share Options awarded will vest upon cumulative gold equivalent production exceeding 500oz Au and 40% will vest upon exceeding 10,000oz Au.
· In the case of the CEO Richard Gray, 100% of the Share Options will vest upon cumulative gold equivalent production exceeding 500oz Au.
Individual | Position | Number of Share Options |
Richard Gray | CEO | 400,000 |
Marshall Badza | Mine Manager | 300,000 |
Nigel Smalley (NS) | Plant Manager | 225,000 |
Jeff Hogg | Financial Controller | 225,000 |
As a condition for the granting of the new Share Options to Nigel Smalley, the 120,000 options, exercisable at 34p, previously held by him have been relinquished and cancelled.
The Company currently has total issued capital of 51,351,733 shares and had 1,150,000 options on issue. On conclusion of the transactions described here, the Company will have a total of 2,180,000 options on issue which, if all options were exercised, would result in a fully diluted capital of 53,531,733 shares.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Richard Gray | ||||
2. | Reason for 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 of entity | Scotgold Resources Limited | ||||
(b) | LEI | 213800HL5A2K7LW2G360 | ||||
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 | Share Options | ||||
(b) | Identification code | AU000XINEAK5 | ||||
(c) | Nature of the transaction | Grant of Share Options | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price |
N/A | ||||
(f) | Date of transaction | 1 July 2020 | ||||
(g) | Place of transaction | Outside a Trading Venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Marshall Badza | ||||
2. | Reason for notification | |||||
(a) | Position/status | Mine Manager | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Scotgold Resources Limited | ||||
(b) | LEI | 213800HL5A2K7LW2G360 | ||||
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 | Share Options | ||||
(b) | Identification code | AU000XINEAK5 | ||||
(c) | Nature of the transaction | Grant of Share Options | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price |
N/A | ||||
(f) | Date of transaction | 1 July 2020 | ||||
(g) | Place of transaction | Outside a Trading Venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Nigel Smalley | ||||
2. | Reason for notification | |||||
(a) | Position/status | Plant Manager | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Scotgold Resources Limited | ||||
(b) | LEI | 213800HL5A2K7LW2G360 | ||||
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 | Share Options | ||||
(b) | Identification code | AU000XINEAK5 | ||||
(c) | Nature of the transaction | Grant of Share Options | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price |
N/A | ||||
(f) | Date of transaction | 1 July 2020 | ||||
(g) | Place of transaction | Outside a Trading Venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Jeff Hogg | ||||
2. | Reason for notification | |||||
(a) | Position/status | Financial Controller | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Scotgold Resources Limited | ||||
(b) | LEI | 213800HL5A2K7LW2G360 | ||||
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 | Share Options | ||||
(b) | Identification code | AU000XINEAK5 | ||||
(c) | Nature of the transaction | Grant of Share Options | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price |
N/A | ||||
(f) | Date of transaction | 1 July 2020 | ||||
(g) | Place of transaction | Outside a Trading Venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Nigel Smalley | ||||
2. | Reason for notification | |||||
(a) | Position/status |
| ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Scotgold Resources Limited | ||||
(b) | LEI | 213800HL5A2K7LW2G360 | ||||
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 | Share Options | ||||
(b) | Identification code | AU000XINEAK5 | ||||
(c) | Nature of the transaction | Cancellation of Share Options | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price |
N/A | ||||
(f) | Date of transaction | 1 July 2020 | ||||
(g) | Place of transaction | Outside a Trading Venue | ||||
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please contact:
Scotgold Resources Limited Richard Gray
| Tel: +44 (0)1838 400 306 |
SP Angel Corporate Finance LLP Nomad and Broker Ewan Leggat / Charlie Bouverat
| Tel +44 (0) 20 3470 0470 |