13 Jun 2014 12:48
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
13 June 2014
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Grant of Share Options
Stellar, the London listed (AIM: STEL) diamond development company focused on West Africa, announces the grant of share options to directors and employees of the Company or its subsidiaries. Following these grants, the total number of shares under option is 64,276,150 representing 9.21% of the company's share capital of 698,007,642 ordinary shares.
New options
Options over a total of 21,350,000 new shares ("New Share Options"), representing 3.1 per cent of the Company's issued share capital, have been granted at an exercise price of 1.5 pence per ordinary share, exercisable for a period of 5 years from the date of grant, subject to the terms of the either the Unapproved or EMI Company share option schemes. The exercise price represents a premium of 20% to the closing share price of 1.2 pence on 12 June 2014.
The allocation of the New Share Options to Directors and employees is detailed in the following table:
Directors | Position | Share Options granted | Exercise price (£) | Total number of Share Options held |
Lord Daresbury | Non-Executive Chairman | 2,000,000 | 0.015 | 6,802,000 |
Karl Smithson | Chief Executive Officer | 4,500,000 | 0.015 | 15,006,500 |
Steven Poulton | Non-Executive Director | 2,000,000 | 0.015 | 5,952,000 |
Luis da Silva | Non-Executive Director | 2,000,000 | 0.015 | 5,053,000 |
Dr. Markus Elsässer | Non-Executive Director | 2,000,000 | 0.015 | 5,100,000 |
Employees | 8,850,000 | 0.015 | 26,362,650 | |
Total | 21,350,000 | 64,276,150 |
EMI options
In addition, certain of the Company's UK tax resident employees and directors have surrendered a 6,006,500 of their stock options previously granted under the Company's Unapproved Share Option Plan and have been issued the same number of new stock options (the "EMI Options") for nil consideration. The EMI options have been awarded under the Enterprise Management Incentive Plan (the "EMI Plan") previously adopted by the Company and will have the same exercise price and the same expiry dates as the original share options. The issue of options under the EMI Plan will allow employees to benefit from UK tax concessions.
The following EMI Options are being reissued to Karl Smithson, CEO under the EMI Plan:
Number of options | Exercise price | Expiry date |
1,306,500 | £0.20 | 22 April 2015 |
700,000 | £0.11 | 10 August 2015 |
2,000,000 | £0.08 | 31 May 2016 |
2,000,000 | £0.03 | 21 December 2017 |
For further information contact the following or visit the Company's website at www.stellar-diamonds.com.
Karl Smithson, CEO Philip Knowles, CFO | Stellar Diamonds plc Stellar Diamonds plc | Tel: +44 (0) 20 7010 7686 Tel: +44 (0) 20 7010 7686 |
Antony Legge Colin Rowbury | Daniel Stewart & Company plc (Nomad) Daniel Stewart & Company plc (Broker) | Tel: +44 (0) 20 7776 6550 Tel: +44 (0) 20 7776 6550 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |