logo-loader
RNS
viewOrmonde Mining plc

Ormonde Mining PLC - Business Update, Salary Reductions, Options Grant

RNS Number : 9846M
Ormonde Mining PLC
15 May 2020
 

15 May 2020

 

Ormonde Mining plc

("Ormonde" or "the Company")

 

 

 

Business Update, Reduction of Director and Management Salaries

and Granting of Options

 

Ormonde advises that while the global COVID-19 pandemic continues with non-essential travel having ceased, only desk-study work will be ongoing on the Company's Spanish projects. The Company continues to focus its efforts on review of new opportunities for deployment of capital and enhancement of shareholder value, with over eighty resource sector projects having been reviewed in the short period since the disposal of the Company's interest in the Barruecopardo Tungsten Mine. A small number of these opportunities remain promising, being of an appropriate scale whereby the Company's cash would aid meaningful development, and which the directors believe could have the potential to add materially to shareholder value.  Work on advancing these opportunities towards a successful conclusion will continue over the coming period.

 

In light of the ongoing COVID-19 situation, and with the goal of retaining maximum cash reserves for allocation to opportunities in the resource sector, Ormonde's directors and executive management have agreed to a reduction in salaries representing an ongoing reduction in remuneration costs of 25%, effective from 1 May 2020.

 

The Company also advises that it has granted conditional options ("Options") over 16,500,000 ordinary shares in the capital of the Company ("Ordinary Shares") to certain employees and directors of the Company, in accordance with the rules of the Company's Share Option Plan,  which was approved by shareholders on 27 September 2018.

 

The exercise price for each option is Euro 0.01, being 43% above the closing share price of an Ordinary Share on the Euronext Growth Market of the Euronext Dublin Exchange ("Euronext") on the day prior to award of the options, being 14 May 2020, and 37% above the average Euronext share price for the thirty day period prior to the award date.

 

The Board considers that the holding of options helps align the interests of the executives and directors with shareholders, with a view to providing growth in the Company's share price. The Company's long term success will be dependent upon the assessment of value adding opportunities for investment; aligning the interests of all directors and senior executives with shareholders incentivises all concerned to achieve the best possible outcome and to minimise undue dilution of interests.

 

The Options have a 10 year duration and will vest in three equal instalments on issuance, and on the 12 and 24 month anniversaries of that date.

 



Ormonde has 472,507,482 ordinary shares of Euro 0.01 in issue. Details of the Options awarded to persons discharging managerial responsibilities ("PDMR") are included below:

 

PDMR

Options granted on

 14 May 2020

Total Options held following grant




Jonathan Henry

5,500,000

5,500,000

Richard Brown

2,500,000

2,500,000

Tim Livesey

2,500,000

2,500,000

Paul Carroll

3,000,000

8,100,000

Fraser Gardiner

3,000,000

5,000,000

 

PDMR Dealings

The notification of dealing forms for each PDMR can be found below.  This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

 

Jonathan Henry, Ormonde's Executive Chairman, commented:

 

"I would like to thank the Ormonde Board and Executive Team for its focus and resourcefulness supporting the Company over what has been a difficult period for all.  While travel restriction have had a limiting effect, it is pleasing to note the substantial progress made in reviewing over eighty resource sector opportunities, a number of which the Company believes could make a high impact over the short to medium term, with the potential to add materially to shareholder value.  We look forward to keeping shareholders informed on developments in this regard, as progress is made."

 

 

Enquiries to:

 

Ormonde Mining plc

Jonathan Henry, Executive Chairman

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Email: [email protected]

 

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

John Frain / Barry Murphy

Tel: +353 (0)1 679 6363

 

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat

Tel: +44 (0)20 3 470 0470

 

Capital M Consultants

Simon Rothschild

Mob: +44 (0)7703 167065

 

Murray Consultants

Mark Brennock

Tel: +353 (0)1 4980300

Mob: +353 (0)87 2335923

 

 

 

For more information, visit www.ormondemining.com.

 



 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

JONATHAN HENRY

 

 

 

2

Reason for the 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

ORMONDE MINING PLC.

 

b)

LEI

635400EA9DCKKQEWL348

 

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

Identification code

OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN THE SHARE CAPITAL OF ORMONDE MINING PLC

 

ISIN: IE00BF0MZF04

b)

Nature of the transaction  

GRANT OF SHARE OPTIONS

 

 

 

c)

Exercise Price(s) and volume(s)

 

Price(s)

Volume(s)

€0.01

5,500,000

d)

Aggregated information

- Aggregated volume

- Price

 

 

 

 

e)

Date of the transaction

14 May 2020

 

 

f)

Place of the transaction

DUBLIN

 

 

g)

Additional Information

 

 

 

 



 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

RICHARD BROWN

 

 

 

2

Reason for the 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

ORMONDE MINING PLC.

 

b)

LEI

635400EA9DCKKQEWL348

 

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

Identification code

OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN THE SHARE CAPITAL OF ORMONDE MINING PLC

 

ISIN: IE00BF0MZF04

b)

Nature of the transaction  

GRANT OF SHARE OPTIONS

 

 

 

c)

Exercise Price(s) and volume(s)

 

Price(s)

Volume(s)

€0.01

2,500,000

d)

Aggregated information

- Aggregated volume

- Price

 

 

 

 

e)

Date of the transaction

14 May 2020

 

 

f)

Place of the transaction

DUBLIN

 

 

g)

Additional Information

 

 

 

 

 



 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

TIM LIVESEY

 

 

 

2

Reason for the 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

ORMONDE MINING PLC.

 

b)

LEI

635400EA9DCKKQEWL348

 

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

Identification code

OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN THE SHARE CAPITAL OF ORMONDE MINING PLC

 

ISIN: IE00BF0MZF04

b)

Nature of the transaction  

GRANT OF SHARE OPTIONS

 

 

 

c)

Exercise Price(s) and volume(s)

 

Price(s)

Volume(s)

€0.01

2,500,000

d)

Aggregated information

- Aggregated volume

- Price

 

 

 

 

e)

Date of the transaction

14 May 2020

 

 

f)

Place of the transaction

DUBLIN

 

 

g)

Additional Information

 

 

 

 



 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

PAUL CARROLL

 

 

 

2

Reason for the notification

 

a)

Position/status

CHIEF FINANCIAL OFFICER

 

b)

Initial Notification Amendment

INITIAL NOTIFICATION

 

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ORMONDE MINING PLC.

 

b)

LEI

635400EA9DCKKQEWL348

 

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

Identification code

OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN THE SHARE CAPITAL OF ORMONDE MINING PLC

 

ISIN: IE00BF0MZF04

b)

Nature of the transaction  

GRANT OF SHARE OPTIONS

 

 

 

c)

Exercise Price(s) and volume(s)

 

Price(s)

Volume(s)

€0.01

3,000,000

d)

Aggregated information

- Aggregated volume

- Price

 

 

 

 

e)

Date of the transaction

14 May 2020

 

 

f)

Place of the transaction

DUBLIN

 

 

g)

Additional Information

 

 

 

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

FRASER GARDINER

 

 

 

2

Reason for the notification

 

a)

Position/status

CHIEF OPERATING OFFICER

 

 

b)

Initial Notification Amendment

INITIAL NOTIFICATION

 

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ORMONDE MINING PLC.

 

b)

LEI

635400EA9DCKKQEWL348

 

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

Identification code

OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN THE SHARE CAPITAL OF ORMONDE MINING PLC

 

ISIN: IE00BF0MZF04

b)

Nature of the transaction  

GRANT OF SHARE OPTIONS

 

 

c)

Exercise Price(s) and volume(s)

 

Price(s)

Volume(s)

€0.01

3,000,000

d)

Aggregated information

- Aggregated volume

- Price

 

 

 

 

e)

Date of the transaction

14 May 2020

 

 

f)

Place of the transaction

DUBLIN

 

 

g)

Additional Information

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDGZGMKMDZGGZZ

Quick facts: Ormonde Mining plc

Price: 0.825

Market: AIM
Market Cap: £3.9 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE