6 May 2014 07:01
Sierra Rutile Limited
Exercise of Share Options
London, UK, 6 May 2014: Sierra Rutile Limited (AIM: SRX) ("Sierra Rutile") announces that, following the end of its close period on 28 April 2014, it has issued new ordinary shares to directors pursuant to the exercise of share options granted under the terms of the Sierra Rutile's Share Option Plan. The share options, exercised on 2 May 2014, were satisfied by the issue of new ordinary shares equal to the difference between the market value of an ordinary share and the exercise price of the share options without the directors being required to remit the exercise price. The number of new ordinary shares issued to directors who have exercised their share options is as follows:
Director | Number of share options exercised |
Number of new ordinary shares issued |
Jan Castro | 375,000 | 252,049 |
John Sisay | 4,630,000 | 3,111,967 |
Michael Brown | 250,000 | 168,032 |
Charles Entrekin | 1,000,000 | 672,131 |
Alex Kamara | 750,000 | 504,098 |
Martyn Buttenshaw | 125,000 | 99,385 |
Consequently, the shareholdings of these directors are as follows:
Director | Number of ordinary shares | Percentage of issued share capital |
Jan Castro | 2,579,299 | 0.50% |
John Sisay | 3,111,967 | 0.60% |
Michael Brown | 453,032 | 0.09% |
Charles Entrekin | 730,972 | 0.14% |
Alex Kamara | 504,098 | 0.10% |
Martyn Buttenshaw | 177,452 | 0.03% |
Under the Directors Share Ownership Policy adopted by the Sierra Rutile's Board in 2013, directors are expected to build up and hold shares in Sierra Rutile, including by retaining shares acquired pursuant to share incentive awards. The acquisition of shares by directors pursuant to the exercise of share options is intended to align directors with the interests of shareholders. Under the policy, directors may sell shares as is necessary to pay for their tax liability arising from the exercise of share options.
A further 888,337 new ordinary shares have been issued pursuant to the exercise of share options by other share option holders. As at the date of this announcement, following the exercise of share options and share issuances, Sierra Rutile's total issued share capital is 520,596,416 ordinary shares and the total outstanding vested and unvested share options are 17,495,833 share options.
For Further Information:
Sierra Rutile Limited Yves Ilunga, Chief Financial Officer
|
+44 (0)20 7074 1800 |
RBC Capital Markets Nominated Adviser and Joint Corporate Broker Stephen Foss / Jonny Hardy
|
+44 (0)20 7653 4000 |
Mirabaud Securities Joint Corporate Broker Peter Krens
|
+44 (0)20 7321 2508 |
Kreab Gavin Anderson Marc Cohen / Christina Clark |
+44 (0)20 7074 1800 |
About Sierra Rutile Limited
Sierra Rutile produces titanium feedstock industrial minerals (primarily rutile, with some associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile's mine, located in the south west of Sierra Leone, is one of the largest natural rutile deposits in the world, with a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 910 million tonnes (as at 30 September 2013).
www.sierra-rutile.com