Last checked at 15 Feb 2018 07:00
Market Abuse Regulation (MAR) Disclosure
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.
15 February 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Allocation of Directors' Options
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that it has, today, formally established the three Tranche Options Programme as proposed in the circular and notice of General Meeting sent to shareholders of the Company on 3 October 2017, and which shareholders overwhelmingly endorsed in the General Meeting held by the Company on 19 October 2017.
The three tranches established are as follows:
Tranche | Number of Options | Vesting Price | Exercise Price | Maturity Date |
1 | 120,000,000 | £0.055 | £0.0275 | 30 June 2020 |
2 | 55,000,000 | £0.075 | £0.0375 | 30 June 2021 |
3 | 25,000,000 | £0.100 | £0.0500 | 30 June 2022 |
The Board has, today, issued options only to Board members as outlined in the documentation provided to shareholders prior to the October General Meeting. Accordingly, the following options have today been issued:
Tranche | John Peters | Alan Broome | Peter Wale | Total Issued |
1 | 36,000,000 | 24,000,000 | 12,000,000 | 72,000,000 |
2 | 16,500,000 | 11,000,000 | 11,000,000 | 38,500,000 |
3 | 7,500,000 | 5,000,000 | 5,000,000 | 17,500,000 |
The Board has consciously established these tranches to provide a framework which shareholders have approved and within which the Board can, as it considers appropriate, allocate to other individuals involved in achieving the Company's objectives. Throughout this process, the Board has maintained the highest levels of transparency with shareholders.
It is envisaged that further option allocations will be completed in the first half of 2018 but that the options available under the programme may not be fully allocated for some years.
Managing Director of Strategic Minerals, Mr John Peters, commented:
"The formal establishment of option tranches completes the work commenced in the second half of 2017. It creates a framework which incentivises the Board and Management to create shareholder value and ensures they are aligned with the Company's growth aspirations.
"Whilst today's allocations are only to Board members, as previously outlined to shareholders, the balance will, in time, be provided to those individuals who significantly contribute to the performance of the Company and support it in achieving its targets."
As John Peters, Alan Broome and Peter Wale are all directors of the Company, the grant of the Options constitutes a related party transaction pursuant to AIM Rule 13. Jeff Harrison, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
PDMR Disclosure
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.
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) | Full name of person Dealing | John Peters | ||||
2. | Reason for notification | |||||
(b) | Position/status | Managing Director | ||||
(c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(d) | Name of entity | Strategic Minerals Plc | ||||
(e) | LEI | 213800DICA5NPVOJT776 | ||||
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 | Options over ordinary shares of 0.1 pence each in the Company | ||||
(b) | Identification code | GB00B4W8PD74 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 15 February 2018
| ||||
(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 | Alan Broome | ||||
2. | Reason for notification | |||||
(a) | Position/status | Non-Executive Chairman | ||||
(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 | Strategic Minerals Plc | ||||
(b) | LEI | 213800DICA5NPVOJT776 | ||||
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 | |||||
(c) | Description of the financial instrument, type of instrument | Options over ordinary shares of 0.1 pence each in the Company | ||||
(d) | Identification code | GB00B4W8PD74 | ||||
(e) | Nature of the transaction | Grant of options over ordinary shares | ||||
(f) | Price(s) and volume(s) |
| ||||
(g) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(h) | Date of transaction | 15 February 2018
| ||||
(i) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Peter Wale | ||||
2. | Reason for notification | |||||
(a) | Position/status | Non-Executive Director | ||||
(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 | Strategic Minerals Plc | ||||
(b) | LEI | 213800DICA5NPVOJT776 | ||||
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 | Options over ordinary shares of 0.1 pence each in the Company | ||||
(b) | Identification code | GB00B4W8PD74 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 15 February 2018
| ||||
(g) | Place of transaction | Outside a trading venue | ||||
For further information, please contact:
Strategic Minerals plc | +61 (0) 414 727 965 | ||
John Peters | |||
Managing Director | |||
www.strategicminerals.net | |||
Follow Strategic Minerals on: | |||
Vox Markets: | https://www.voxmarkets.co.uk/company/SML/ | ||
Twitter: | @SML_Minerals | ||
LinkedIn: | https://www.linkedin.com/company/strategic-minerals-plc | ||
Facebook: | https://www.facebook.com/search/top/?q=strategic%20minerals%20plc | ||
SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 | ||
Nominated Adviser and Joint Broker | |||
Ewan Leggat | |||
Yellow Jersey PR | +44 (0) 20 3735 8825 | ||
Financial PR | |||
Charles Goodwin | +44 (0) 7747 788 221 | ||
Joe Burgess | +44 (0) 7769 325 254 |
| |
Henry Wilkinson | +44 (0) 7951 402 336 |
| |
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America, the UK and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first cash-generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia that are prospective for cobalt, gold, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In May 2016, an additional exploration asset was acquired when the Company entered into an agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This 50% acquisition was completed in February 2017 and the first drilling programme at the project has been completed. The Company has also exchanged contracts for the acquisition of the Leigh Creek Copper Mine, situated in the copper rich belt of South Australia, which is subject to Conditions Precedent.