10 Dec 2012 07:00
Strategic Natural Resources PLC
("SNR" or the "Company")
Grant of Options
SNR, the AIM listed natural resources developer operating in South Africa, announces that the Company has granted a total of 7,974,000 share options (the "Share Options") to certain directors and employees under the SNR share option plan (the "Option Grant"). The Share Options have been granted to Directors as follows:
Director | Number of Share Options granted | Number of options in SNR previously held | Number of options in SNR held following the Option Grant | |
Richard Latham (Chairman) | 600,000 | 763,601 | 1,363,601 | |
Don Nicolson (Deputy Chairman) | 1,700,000 | - | 1,700,000 | |
David Nel (Chief Executive) | 3,324,000 | 988,189 | 4,312,189 | |
Mark Rosslee (Finance Director) | 800,000 | 200,000 | 1,000,000 | |
Barry Nel (Commercial Director) | 350,000 | 763,601 | 1,113,601 | |
Randal MacDonnell (Non-Executive) | 350,000 | 538,932 | 888,932 | |
Andrew Brennan (Non-Executive) | 350,000 | 275,000 | 625,000 | |
Bertus Steenkamp (Non-Executive) | - | 600,000 | 600,000 |
In addition to the Share Options granted to Directors a further 500,000 Share Options have been granted to certain employees of SNR and the Company's 74% owned subsidiary, Elitheni Coal (Pty) Ltd.
The Share Options may be exercised from 10 December 2014 until 10 December 2022 and have an exercise price of 26.375 pence per Share Option, being the closing mid market price of an ordinary share in SNR prior to the date of this announcement. Following the Option Grant, the total number of options outstanding over ordinary shares in the Company is 14,079,540, which represents 8.28% of SNR's current issued share capital.
The Share Options will vest subject to satisfaction of the performance condition that the published mid-market closing price of the Company's ordinary shares shall be 30 pence or higher for a minimum of 30 consecutive days following today's date.
The Option Grant constitutes a related party transaction under the AIM Rules. Accordingly Gabriel Ruhan and Bertus Steenkamp, being the independent directors for this purpose, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the Option Grant are fair and reasonable insofar as shareholders of SNR are concerned.
For further information, please contact: | |
Strategic Natural Resources plc | |
David Nel, Chief Executive Officer | +27 (0) 41 368 9650 |
Allenby Capital Limited―Nominated Adviser and Joint Broker | |
Nick Naylor/Mark Connelly/James Reeve | +44 (0) 20 3328 5656 |
SP Angel Corporate Finance Limited―Joint Broker | |
Tercel Moore | +44 (0) 20 3463 2260 |
FTI Consulting | +44 (0) 20 7831 3113 |
Ben Brewerton/Georgia Mann | +44 (0) 7703 329024 |