14:26 Wed 30 Jun 2021
Savannah Resources - Share Options Grant under Long-Term Incentive Plan
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')
Grant of Share Options under Long-Term Incentive Plan
Savannah, the resource development company focused on becoming
Long-Term Incentive Plan
The LTIP was established in 2019 to encourage long-term value creation for Savannah's shareholders and to align the interests of the Participants with shareholders. Awards under the LTIP take the form of options over the Company's ordinary shares ("Shares") ("Options"). The Board believes the LTIP will incentivise the Participants and will also help Savannah to attract and retain talented individuals in the future as the Company expedites the development of its mining projects.
The LTIP is a share option scheme of the kind commonly adopted by listed companies. The earliest date on which the options can ordinarily be exercised is three years from the date of grant (subject to several market standard specific exceptions). The LTIP allows for up to 7.5% of the Company's issued share capital to be allocated to employees. The Remuneration Committee has adopted a policy whereby up to 5% of the Company's issued share capital should be made available via the LTIP to the Executive Management Team only, with the balance being available to other employees. These percentages are reviewed annually by the Company's Remuneration Committee and have not changed. The LTIP also includes malus and clawback clauses.
The section "LTIP Review and Grant 2021" details a total quantity of Options being granted under the LTIP which is equivalent to 2.99% of issued Shares in the Company at which time the total number of Options issued under the LTIP is equivalent to 3.55% of the Company's current issued share capital.
There were no grants under the LTIP in 2020 and 10,700,000 Options lapsed on
LTIP Review and Grant 2021
The Company's Remuneration Committee undertook a review of the appropriate awards to issue under the Company's LTIP scheme. The Remuneration Committee took advice and recommendations from leading remuneration consultancy, Alvarez and Marsal, and this formed the basis of quantum and key commercial features of the Options being granted. Specifically, this includes the issue of 41,510,000 Options to the Executive Management Team, which is equal to 2.46% of the number of Shares currently in issue, on the following terms. The Options' duration is eight years, with a vesting period of three years. The Options are to be issued in two equal tranches, with all conditions identical except for the exercise price. The exercise price on these newly granted Options shall be as follows:
· Tranche 1 -
· Tranche 2 -
Table 1 below sets out the Options which have been granted to the Executive Management Team and other participants, all in accordance with the aforementioned conditions (except for 1,500,000 Options which vest immediately and the duration for which is five years). The total quantity of Options being granted is 50,470,000 (25,235,000 under Tranche 1, and 25,235,000 under Tranche 2), which is equivalent to 2.99% of issued Shares in the Company. The Company does not expect to issue further Options for the roles included in these grants in the next three years.
Table 1 - Summary of Options being granted and existing Options
Participant |
Options Grant Quantity Tranche 1 |
Options Grant Quantity Tranche 2 |
Options Grant Quantity |
Options Grant as % of issued Shares in the Company |
Existing Options Quantity |
Total Options Quantity |
Total Options as % of issued Shares in the Company |
Executive Management Team |
|
|
|
|
|
||
|
10,000,000 |
10,000,000 |
20,000,000 |
1.18% |
0 |
20,000,000 |
1.18% |
|
3,625,000 |
3,625,000 |
7,250,000 |
0.43% |
3,000,000 |
10,250,000 |
0.61% |
|
3,335,000 |
3,335,000 |
6,670,000 |
0.39% |
2,400,000 |
9,070,000 |
0.54% |
|
2,100,000 |
2,100,000 |
4,200,000 |
0.25% |
1,300,000 |
5,500,000 |
0.33% |
|
1,695,000 |
1,695,000 |
3,390,000 |
0.20% |
1,000,000 |
4,390,000 |
0.26% |
Sub Total |
20,755,000 |
20,755,000 |
41,510,000 |
2.46% |
7,700,000 |
49,210,000 |
2.91% |
Other |
4,480,000 |
4,480,000 |
8,960,000 |
0.53% |
1,750,000 |
10,710,000 |
0.63% |
Total |
25,235,000 |
25,235,000 |
50,470,000 |
2.99% |
9,450,000 |
59,920,000 |
3.55% |
PDMR Notification
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 |
Details of the person discharging managerial responsibilities / person closely associated |
||||||||||||||||||||||||||||||||||||||||
a) |
Name |
1. 2. 3. 4. 5. 6. |
|||||||||||||||||||||||||||||||||||||||
2 |
Reason for the notification |
||||||||||||||||||||||||||||||||||||||||
a) |
Position/status |
1. Chief Executive Officer 2. Technical Director 3. Chief Financial Officer 4. External Affairs and Country Manager Mozambique 5. Commercial Officer / Business Development Manager 6. Country Manager - |
|||||||||||||||||||||||||||||||||||||||
b)
|
Initial notification /Amendment |
Initial notification |
|||||||||||||||||||||||||||||||||||||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||||||||||||||||||||||||||||||||||
a) |
Name |
Savannah Resources Plc |
|||||||||||||||||||||||||||||||||||||||
b) |
LEI |
213800UCK16HW5KKGP60 |
|||||||||||||||||||||||||||||||||||||||
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 of
ISIN: GB00B647W791 |
|||||||||||||||||||||||||||||||||||||||
b) |
Nature of the transaction |
Grant of options of
|
|||||||||||||||||||||||||||||||||||||||
c) |
Price(s) and volume(s) |
|
|||||||||||||||||||||||||||||||||||||||
d) |
Aggregated information
Aggregated volume
Price |
21,310,000 / 21,310,000
|
|||||||||||||||||||||||||||||||||||||||
e) |
Date of the transaction(s) |
|
|||||||||||||||||||||||||||||||||||||||
f) |
Place of the transaction |
Off-market transaction |
Regulatory Information
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
**ENDS**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC
|
Tel: +44 20 7117 2489
|
SP Angel Corporate Finance LLP (Nominated Advisor)
|
Tel: +44 20 3470 0470
|
finnCap Ltd (Joint Broker)
|
Tel: +44 20 7220 0500
|
WH Ireland Limited (Joint Broker)
|
Tel: +44 20 7220 1698
|
Camarco (Financial PR) |
Tel: +44 20 3757 4980 |
About Savannah
Savannah is a diversified resources group (AIM: SAV) with two development stage projects, Mina do Barroso, a hardrock lithium project in
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
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...
FOR OUR FULL DISCLAIMER CLICK HERE