16 Jan 2017 07:00
Red Rock Resources Plc
Grant of Options
Directors' Shareholdings
16 January 2017
Red Rock Resources Plc ("Red Rock" or the "Company"), the natural resource development Company, announces the grant of 35,000,000 options to directors and key staff representing in aggregate 7.49% of the existing issued share capital of the Company. Each option entitles the holder upon exercise to one ordinary share of 0.01p in the capital of the Company ("Ordinary Shares").
Pursuant to the recommendation of the Remuneration Committee, the board has awarded the following options:
Tranche 1 | Tranche 2 | Tranche 3 | Tranche 4 | |
Andrew Bell | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
Scott Kaintz | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 |
Sam Quinn | 750,000 | 750,000 | 750,000 | 750,000 |
Other personnel | 2,250,000 | 2,250,000 | 2,250,000 | 2,250,000 |
Vesting date: | Immediate | Immediate | After 6 months | After 6 months |
Performance condition: | N/A | Share price close 3 days over 0.85p | Share price close 3 days over 1.2p | Share price close 3 days over 1.5p |
All options have a life of six years from the date of grant and an exercise price of 0.8p. The closing mid-market price on AIM as at the close of business on Friday, 13 January 2017 was 0.525 p.
The vesting date in respect of tranches not yet vested will be accelerated, though the performance condition will be retained, in the event of a takeover event.
The issue of the Options to the directors is a related party transaction under the AIM Rules. Accordingly, the independent non-executive director, Mr Michael Nott, considers, having consulted with the Company's Nominated Adviser, that the terms of the Options are fair and reasonable insofar as its shareholders are concerned.
The grants to Andrew Bell and Scott Kaintz were made under an EMI (Enterprise Management Incentive) scheme.
Following the grant of options to directors, the resultant total directors' shareholdings are as follows:
Directors | Ordinary Shares | Total Shares | % of Issued Share Capital | Options | Warrants | ||
Direct | Indirect | ||||||
Andrew R M Bell | 7,706,077 | 4,148,914 | 11,854,991 | 2.54% | 17,760,000 | 5,867,167 | |
Michael C Nott | 0 | 4,236,287 | 4,236,287 | 0.91% | 900,000 | 421,052 | |
Scott Kaintz | 0 | 4,598,194 | 4,598,194 | 0.98% | 15,680,000 | 1,785,714 | |
Sam Quinn | 0 | 3,116,766 | 3,116,766 | 0.67% | 3,900,000 | 1,996,240 | |
* Andrew Bell and Scott Kaintz both hold 2,812,480 shares, Mike Nott holds 2,764,480 shares and Sam Quinn holds 910,000 shares indirectly held by the Share Incentive Plan Trustees. In addition, Andrew Bell indirectly holds 5,600 shares through Beaufort Securities Nominees Limited and 1,330,834 shares in the account of Brewin 1762 Nominees Limited and 2,210,526 shares directly and jointly with Stephanie Bell. Michael Nott indirectly holds 1,471,807 shares jointly with Anna Nott through Barclayshare Nominees Limited. Scott Kaintz indirectly holds 1,785,714 shares through HSBC Client Holdings Nominee UK Limited. Sam Quinn indirectly holds 2,206,766 shares through Fitel Nominees Limited/WH Ireland.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Michael Nott 0207 747 9990 Non-executive Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd
Red Rock Resources (RRR)