Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Issue of Warrants

1 Oct 2014 10:55

RNS Number : 1393T
Tertiary Minerals PLC
01 October 2014
 

 

TERTIARY MINERALS PLC

www.tertiaryminerals.com

("the Company")

 1 October 2014

 

ISSUE OF WARRANTS

 

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, announces that, on 1 October 2014, the Board of the Company granted 3,000,000 five year warrants ("MD Warrants") to the Managing Director, Mr Richard Clemmey as part of a newly adopted long term Managing Director Bonus & Incentive Scheme.

 

The MD Warrants are being issued as part of a five year plan and are exercisable as follows:

 

600,000 warrants exercisable at 9p and exercisable after 1 year.

600,000 warrants exercisable at 12p and exercisable after 2 years.

600,000 warrants exercisable at 15p and exercisable after 3 years.

600,000 warrants exercisable at 18p and exercisable after 4 years.

600,000 warrants exercisable at 21p and exercisable after 4 years.

 

Each warrant entitles Mr Clemmey to subscribe for one new ordinary share of 1p in the share capital of the Company at the prices and after the periods shown above.

 

The MD Warrants will expire on termination of his employment unless otherwise determined by the Board. The above 1-4 year vesting periods (i.e. the period between issue and the warrants first becoming exercisable) may be relaxed by the Board in its discretion in response to exceptional performance.

 

It is the Board's policy to issue warrants on an annual discretionary basis to executive directors and employees as part of their remuneration. This policy will continue but, following the issue of the MD warrants, it is the Board's intention that Mr Clemmey will not be eligible to participate in any future annual issue of warrants for the next five years.

 

Following the issue of the MD Warrants Mr Clemmey will hold 5,350,000 warrants in total.

 

 

ENQUIRIES:

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Tel: +44 (0)845 868 4580

 

Cantor Fitzgerald Europe

Stewart Dickson/Carrie Lun (Corporate Finance)

Jeremy Stephenson (Corporate Broking)

Tel: +44 (0)207 894 7000

 

Beaufort Securities Limited

Saif Janjua (Corporate Finance)

Tel: +44 (0)207 382 8300

 

Yellow Jersey PR Limited

Dominic Barretto/Kelsey Traynor

Tel: +44 (0)7768 537 739

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RDSLIFEAISLLIIS

Related Shares

Back to RNS

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.