11 Jan 2023 07:00
BASE RESOURCES LIMITED - LTIP performance rights updateBASE RESOURCES LIMITED - LTIP performance rights update
PR Newswire
London, January 11
AIM and Media Release
11 January 2023
BASE RESOURCES LIMITEDLTIP performance rights update
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that 1,286,461 vested performance rights issued under the Base Resources Long Term Incentive Plan (LTIP) have been exercised.
For each performance right that was exercised, LTIP participants were allocated one fully paid ordinary share in Base Resources previously acquired on-market by the LTIP trustee. In accordance with the terms of the LTIP, the exercise price was nil and the shares were allocated for nil cash consideration. The performance rights exercised were from the 2019 LTIP cycle that vested following performance testing as at 30 September 2022.
Since the Company’s last LTIP performance rights update on 14 December 2022, 2,679,793 unvested performance rights were also forfeited after one or more LTIP participants ceased to be employed other than for a “Qualifying Reason” (as that term is defined in the LTIP).
As a result of the above events, the Company has the following securities on issue:
1,178,011,850 ordinary shares. 58,020,619 performance rights issued pursuant to the terms of the LTIP, comprising: 4,630,289 vested performance rights, which remain subject to exercise1; and 53,390,330 unvested performance rights subject to performance testing in accordance with their terms of issue.[Note (1): Vested performance rights have a nil cash exercise price and, unless exercised beforehand, expire five years after vesting.]
ENDS.
For further information contact:
| James Fuller, Manager Communications and Investor Relations | UK Media Relations |
| Base Resources | Tavistock Communications |
| Tel: +61 (8) 9413 7426 | Jos Simson and Gareth Tredway |
| Mobile: +61 (0) 488 093 763 | Tel: +44 (0) 207 920 3150 |
| Email: jfuller@baseresources.com.au |
About Base Resources
Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance. The Company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar. Base Resources is an ASX and AIM listed company. Further details about Base Resources are available at www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICELevel 3, 46 Colin StreetWest Perth, Western Australia, 6005Email: info@baseresources.com.auPhone: +61 8 9413 7400Fax: +61 8 9322 8912
NOMINATED ADVISORRFC Ambrian LimitedStephen AllenPhone: +61 8 9480 2500
JOINT BROKERBerenbergMatthew Armitt / Detlir EleziPhone: +44 20 3207 7800
JOINT BROKERCanaccord GenuityRaj Khatri / James Asensio / Patrick DolaghanPhone: +44 20 7523 8000
Base Resources (BSE)