Last checked at 2 Jan 2024 07:00
2 January 2024
Trident Royalties Plc
("Trident" or the "Company")
Share Awards to Directors and Management
The Company announces, that it has issued 349,206 Trident ordinary shares of £0.01 ("Ordinary Shares") at a price of 33 pence per Ordinary Share to certain directors and members of the management team as part of the 2023 bonus awards ("Bonus Shares").
Included in the recipients of Bonus Shares are directors Adam Davidson (Chief Executive Officer) and Richard Hughes (Chief Financial officer) whose Bonus Shares are detailed below.
Director | Director Shares Issued | Subsequent number of Ordinary Shares held | Subsequent Percentage of Issued share capital |
Adam Davidson | 99,086 | 429,086 | 0.15% |
Richard Hughes | 76,960 | 876,960 | 0.30% |
Further details of the share issues are set out in the PDMR forms below made in accordance with the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018..
Settlement and Dealings
Application has been made to the London Stock Exchange Plc for admission to trading on AIM of the 349,206 Bonus 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 on or around 3 January 2024.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Trident will have 293,079,382 Ordinary Shares in issue with voting rights attached. Trident does not hold any shares in treasury. This figure of 293,079,382 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 | Adam Davidson | ||||
2. | Reason for the notification | |||||
a. | Position/status | Chief Executive 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 | Ordinary Shares of £0.01 each GB00BF7J2535 | ||||
b. | Nature of the transaction | Award of shares pursuant to the company's annual bonus arrangements | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 2 January 2024 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Richard Hughes | ||||
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 | Ordinary Shares of £0.01 each GB00BF7J2535 | ||||
b. | Nature of the transaction | Award of shares pursuant to the company's annual bonus arrangements | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price |
N/A Single transaction | ||||
e. | Date of the transaction | 2 January 2024 | ||||
f. | Place of the transaction | Outside a trading venue | ||||
** Ends **
Contact details:
Trident Royalties Plc Adam Davidson / Richard Hughes | www.tridentroyalties.com +1 (757) 208-5171 / +44 7967 589997 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Enzo Aliaj | www.grantthornton.co.uk +44 020 7383 5100 |
Liberum Capital Limited (Joint Broker) Scott Mathieson / Cara Murphy | www.liberum.com +44 20 3100 2184 |
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield | www.stifelinstitutional.com +44 20 7710 7600 |
Tamesis Partners LLP (Joint Broker) Richard Greenfield / Charlie Bendon | www.tamesispartners.com +44 20 3882 2868 |
St Brides Partners Ltd (Financial PR & IR) Susie Geliher / Zoe Briggs | 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 battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
· | Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) 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;
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· | Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
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· | Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;
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· | 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;
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· | Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
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· | 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.