Last checked at 21 Dec 2020 18:00
21 December 2020
Trident Royalties Plc
("Trident" or the "Company")
Grant of Options
The Company announces that is has granted options over a total of 1,600,000 ordinary shares of £0.01 in the Company ("Share Options"), with exercise prices of 29.65p/share, 35.58p/share and 41.51p/share respectively. The exercise price of the options was determined by the Remuneration Committee based on the 5 day VWAP prior to the option holders joining the Company; their issuance had been delayed pending termination of a closed period. The Share Options vest on the second, third and fourth anniversary of the date of grant and will expire on 18 December 2026.
Included in the option grant are 1,000,000 Share Options for Martin Page, Chief Financial Officer of Trident, following his recent appointment. Further details of the Share Options granted to Mr Page are set out in the PDMR form below, made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014
Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Martin Page | ||||
2. | Reason for the notification | |||||
a. | Position/status | Chief Financial Officer | ||||
b. | Initial notification/Amendment | Initial Notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Trident Royalties Plc | ||||
b. | LEI | 213800V6U8KJ7U2BV956 | ||||
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 Identification code | Options over Ordinary Shares of £0.01 each For Ordinary Shares: GB00BF7J2535 | ||||
b. | Nature of the transaction | Grant of options over ordinary shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
1,000,000 options Exercise prices as above | ||||
e. | Date of the transaction | 18 December 2020 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
** Ends **
Contact details:
Trident Royalties Plc Adam Davidson | www.tridentroyalties.com +1 (757) 208-5171 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Seamus Fricker | www.grantthornton.co.uk +44 020 7383 5100 |
Tamesis Partners LLP (Financial Adviser and Joint Broker) Richard Greenfield | www.tamesispartners.com +44 203 882 2868 |
Shard Capital Partners LLP (Joint Broker) Erik Woolgar / Isabella Pierre | www.shardcapital.com +44 207 186 9927 |
Yellow Jersey (Public Relations) Charles Goodwin | www.yellowjerseypr.com +44 203 004 9512 |
About Trident
Trident is a growth-focused, diversified mining royalty and streaming company, providing investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals.
Key highlights of Trident's strategy include:
· Building a royalty and streaming portfolio to broadly mirror the commodity exposure of the global mining sector (excluding thermal coal) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;
· Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
· Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;
· Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers, such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market;
· Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
· Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.