07:00 Mon 13 Jan 2020
Caledonia Mining Crp - Issue of Securities and Long Term Incentive Awards
(NYSE American: CMCL; AIM: CMCL; TSX: CAL)
Issue of Securities and Long Term Incentive Awards
Caledonia also announces that the Compensation Committee of the board of directors has made new long term incentive plan awards under the Company's 2015 Omnibus Equity Incentive Compensation Plan (the "Plan"). Awards have been made to the following "Persons Discharging Managerial Responsibility" within the meaning of the Market Abuse Regulation (EU) No. 596/2014:
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Position |
Grant values |
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Director and Chief Executive Officer |
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Director and Chief Financial Officer |
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Chief Operating Officer |
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The awards are in the form of Performance Units ("PSUs") as defined in the Plan. The vesting date for the PSUs shall be the third anniversary of the date of the award, being
The number of PSUs awarded is equal to the monetary value of the award divided by the "Fair Market Value" (as defined in the Plan) of the Company's shares, being, in this case, the greater of (i) the closing price of Caledonia's shares on the NYSE American on the trading day preceding the date of the award or (ii) the volume-weighted average closing price of Caledonia's shares on the NYSE American for the five days preceding the date of the award, which resulted in a price of
The final number of PSUs which vest on maturity of the awards will be adjusted to reflect the actual performance of the Company in terms of targeted gold production. If actual performance is less than 70% of target, no PSUs will vest; if actual performance is greater than 70% of target, the number of vesting PSUs will be adjusted pro rata on a linear basis, subject to a maximum of 200% of the initial target PSUs. Each PSU entitles the participant to receive the cash equivalent of the Fair Market Value of one Caledonia common share on the maturity of the award or alternatively to elect to receive some or all of the PSUs in the form of securities in the Company.
For further information please contact:
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Tel: +44 1534 679 802 Tel: +44 759 078 1139
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WH Ireland
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Tel: +44 20 7220 1751 |
Blytheweigh
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Tel: +44 207 138 3204 |
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.
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