12 Mar 2014 12:03
12 March 2014
Stratmin Global Resources Plc
('Stratmin' or the 'Company')
Grant of Options
Further to the earlier announcements made today, Stratmin also announces that the Company has granted options over, in aggregate, 7,000,000 ordinary shares of 4p each (the "Ordinary Shares") to Manoli Yannaghas, Managing Director of the Company, Laurie Hunter, the newly appointed Non-Executive Chairman of the Company, Gobind Sahney, the outgoing Non-Executive Chairman of the Company, and certain employees of the Company in accordance with the Company's March 2012 share option scheme (the "Options") (the "Award"). The grant of the Options to Mr Yannaghas and Mr Hunter is in accordance with the terms of their respective letters of appointment and the grant of Options to Mr Sahney is in accordance with the terms of his compromise agreement.
The Options granted have a three year term at a weighted average exercise price of 15.7 pence per share and in certain instances, the vesting of the Options will be dependent on the Company achieving certain operational and financial performance conditions. Vested options may be exercised during the remaining period of their three year term.
With specific reference to the Options granted to Mr Yannaghas, they have been structured in such a way that they will vest after each forthcoming quarter of calendar year 2014 only if the Company achieves specific operational and financial performance conditions. The Options granted to Mr Yannaghas have a weighted average exercise price of 16.3 pence.
The table below sets out the Option and Ordinary Share holdings of Mr Yannaghas, Mr Hunter and Mr Sahney in the Company following the Award.
Director / former director | New options granted pursuant to the Award | Vesting Date | Exercise Price(pence) | Total number of Ordinary Shares held in Stratmin |
Manoli Yannaghas | 1,000,000 | 12 Mar 2014 | 14.0 | 37,500 |
150,000 | 31 Mar 2014 | 14.0 | ||
650,000 | 30 Jun 2014 | 17.0 | ||
450,000 | 31 Sept 2014 | 21.0 | ||
2,250,000 | ||||
Laurie Hunter | 1,000,000 | 12 March 2014 | 14.0 | nil |
500,000 | 12 March 2015 (or earlier if the Company is taken over) | 17.0 | ||
500,000 | 12 March 2015 (or earlier if the Company is taken over) | 0.21 | ||
2,000,000 | ||||
Gobind Sahney | 750,000 | 12 March 2014 | 14.0 | nil |
For further information please visit www.stratminglobal.com or contact:
Stratmin Global Resources Plc
Manoli Yannaghas (Managing Director) +44 (0) 20 7467 1700
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer +44 (0) 20 7409 3494
Hume Capital Securities plc (Sole Broker)
Jon Belliss / Abigail Wayne +44 (0) 20 3693 1470
Blytheweigh (Financial PR)
Tim Blythe / Halimah Hussain / Camilla Horsfall +44 (0) 20 7138 3204
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Stratmin Global Resources (STGR)