Last checked at 17 Jan 2022 07:00
17 January 2022
Trident Royalties Plc
("Trident" or the "Company")
Share Awards and Non-executive Director Fees
The Company announces, as set out in the 2020 Annual Report, that the Non-Executive Directors agreed to apply a portion of their annual fees to the subscription for ordinary shares of the Company, accordingly it has issued 126,070 Trident ordinary shares of £0.01 ("Ordinary Shares") at a price of 37.02 pence per Ordinary Share to certain directors as set out below ("Director Shares").
Director | Director Shares Issued | Subsequent number of Ordinary Shares held | Percentage of Issued share capital |
Paul Smith | 45,025 | 4,201,867 | 1.47% |
Albert Gourley | 27,015 | 7,389,042 | 2.59% |
Peter Bacchus | 27,015 | 202,015 | 0.07% |
Helen Pein | 27,015 | 105,468 | 0.04% |
The Company has also issued 280,157 new Ordinary Shares to the senior management team who have applied a portion of the annual bonus awards approved by the Remuneration Committee and Company Board to the subscription for Ordinary Shares.
Further details of the Share Awards granted are set out in the PDMR forms below.
Settlement and Dealings
Application has been made to the London Stock Exchange Plc for admission to trading on the AIM Market of the 406,227 Director and Management Shares, which rank pari passu with the Company's existing issued Ordinary Shares ("Admission"). Admission is expected to occur and Dealings on AIM are expected to commence at 8:00am on 18 January 2022.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Trident will have 285,587,848 Ordinary Shares in issue with voting rights attached. Trident does not hold any shares in treasury. This figure of 285,587,848 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the DTRs.
PDMR Notifications
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 | Paul Smith | ||||
2. | Reason for the 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 | 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 | Ordinary Shares of £0.01 each GB00BF7J2535 | ||||
b. | Nature of the transaction | Subscription for Ordinary Shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 18 January 2022 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Albert Gourley | ||||
2. | Reason for the 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 | 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 | Ordinary Shares of £0.01 each GB00BF7J2535 | ||||
b. | Nature of the transaction | Subscription for Ordinary Shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 18 January 2022 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Peter Bacchus | ||||
2. | Reason for the 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 | 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 | Ordinary Shares of £0.01 each GB00BF7J2535 | ||||
b. | Nature of the transaction | Subscription for Ordinary Shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 18 January 2022 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Helen Pein | ||||
2. | Reason for the 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 | 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 | Ordinary Shares of £0.01 each GB00BF7J2535 | ||||
b. | Nature of the transaction | Subscription for Ordinary Shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 18 January 2022 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
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 | Subscription for Ordinary Shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 18 January 2022 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
This information has been provided in accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
** Ends **
Contact details:
Trident Royalties Plc Adam Davidson / Paul Smith | www.tridentroyalties.com +1 (757) 208-5171 / +41 79 947 1348 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Samuel Littler | www.grantthornton.co.uk +44 020 7383 5100 |
Tamesis Partners LLP (Financial Adviser and Broker) Richard Greenfield | www.tamesispartners.com +44 203 882 2868 |
St Brides Partners Ltd (Financial PR & IR) Susie Geliher / Catherine Leftley | www.stbridespartners.co.uk +44 20 7236 1177 |
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.