24 Mar 2017 08:01
24 March 2017
Ortac Resources Ltd
("Ortac" or the "Company")
GRANT OF SHARE OPTIONS
Ortac Resources Ltd, the AIM listed mineral exploration company operating in Europe and Africa, the Directors have today approved a grant of share options over 3,500,000 new ordinary shares of no par value of the Company ("Ordinary Shares") to certain Directors and senior managers (the "Options").
The Options have an exercise price of 4 pence per Ordinary Share, representing a c. 27% premium to the closing market price Ordinary Shares on 22 March 2017. The Options expire on 23 March 2022.
Details of the Options granted to the following Directors and persons who discharge managerial responsibilities ("PDMRs") today are set out below:
Name |
Title |
Number of new Options granted | Number of Ordinary Shares subject to Option following the grant of new Options
|
Anthony Balme | Executive Chairman | 700,000 |
1,460,000
|
Vassilios Carellas | Chief Executive Officer | 700,000 |
1,800,000
|
Nick Von Schirnding | Non-executive Director | 1,400,000 | 1,400,000
|
Chuck Forrest | Interim CFO | 700,000 |
700,000
|
Total |
| 3,500,000
|
5,360,000 |
Following the above grant, there are a total of 5,710,000 incentive share options granted over unissued Ordinary Shares granted to Directors and PDMRs, representing 6.95% of the Company's current issued Ordinary Share capital of 82,135,078 Ordinary Shares.
Anthony Balme, Vassilios Carellas and Nick von Schirnding are all directors of the Company and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Options as described above is a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Paul Heber, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Further details concerning the grant of share options to PDMRs are set out below:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Anthony Balme | ||||
2. | Reason for notification | |||||
(a) | Position/status | 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 of entity | Ortac Resources Inc | ||||
(b) | LEI | 213800XHFJVCC9GP2G75 | ||||
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 | Share options over ordinary shares of no par value | ||||
(b) | Identification code | VGG6829M1005 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 23 March 2017 16:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Vassilios Carellas | ||||
2. | Reason for notification | |||||
(a) | Position/status | CEO | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Ortac Resources Inc | ||||
(b) | LEI | 213800XHFJVCC9GP2G75 | ||||
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 | Share options over ordinary shares of no par value | ||||
(b) | Identification code | VGG6829M1005 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 23 March 2017 16:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Nick von Schirnding | ||||
2. | Reason for 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 of entity | Ortac Resources Inc | ||||
(b) | LEI | 213800XHFJVCC9GP2G75 | ||||
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 | Share options over ordinary shares of no par value | ||||
(b) | Identification code | VGG6829M1005 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares of no par value | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 23 March 2017 16:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Chuck Forrest | ||||
2. | Reason for notification | |||||
(a) | Position/status | Interim CFO | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Ortac Resources Inc | ||||
(b) | LEI | 213800XHFJVCC9GP2G75 | ||||
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 | Share options over ordinary shares of no par value | ||||
(b) | Identification code | VGG6829M1005 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price
| Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 23 March 2017 16:00 hrs UTC | ||||
(g) | Place of transaction | Outside a trading venue | ||||
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information, please contact: | ||||
Ortac Resources Ltd | ||||
Vassilios Carellas (CEO) | +44 (0) 20 3874 8664 | |||
SP Angel (Nominated Adviser & Broker) Ewan Leggat/Lindsay Mair | +44 (0) 20 3470 0470 | |||
Joint Brokers
| ||||
Beaufort Securities Jon Belliss / Elliot Hance
| +44 (0)20 7382 8300 | |||
Peterhouse Corporate Finance Limited Guy Miller Lucy Williams | +44 (0) 20 7469 0930 www.pcorpfin.com | |||
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