TIDMGGP
RNS Number : 0565B
Greatland Gold PLC
08 February 2022
8 February 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK MARKET ABUSE REGULATION. WITH THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
Greatland Gold plc
("Greatland" or "the Company")
Grant of Performance Rights and Amendment of Existing
Options
Greatland Gold plc (AIM:GGP), a mining development and
exploration company with a focus on precious and base metals,
announces the proposed grant of share based incentive awards to
certain employees and an executive director, and the extension of
the expiry date of existing share options held by a director.
The Company proposes to award Performance Share Rights under the
terms of a new long term incentive scheme which will give the
holders the right to subscribe for up to 26,250,000 ordinary shares
at 0.1p each (inclusive of 2,000,000 Performance Share Rights
previously announced on 8 July 2021).
The Performance Share Rights will vest at the end of a three
year performance period and will, in addition, be subject to a one
year retention period, for a total of four years. The vesting of
the Performance Share Rights will be subject to the satisfaction of
a number of performance conditions reflecting operational and
shareholder value criteria. Performance will be assessed by the
Remuneration Committee.
The grant of the Performance Share Rights is intended to provide
a long-term incentive to employees acting as a retention mechanism,
rewarding outcomes consistent with the performance conditions, and
creating additional alignment with shareholders. The expiry date of
Performance Share Rights will be 10 years from grant.
Included in the above figure is a Performance Share Right over
up to 12,000,000 ordinary shares awarded to Shaun Day, Chief
Executive Officer .
As Shaun Day is a related party, the proposed award of
Performance Share Right to him is regarded as a related party
transaction under the AIM Rules. Accordingly, the Independent
Directors, being the Directors other than Shaun Day, consider,
having consulted with SPARK Advisory Partners Limited, the
Company's nominated adviser, that the award of Performance Share
Right is fair and reasonable insofar as shareholders are
concerned.
In addition, the Company has amended the terms of existing share
options held by Alex Borrelli, Non-executive Chairman. Without
amendment, all of the share options held by Mr Borrelli would
expire in 2022. The Company believes that a more progressive
sequence of expiry dates would better serve the interests of
shareholders and the Company as a whole. The Company has therefore
determined to extend the expiry dates of all of the options held by
Mr Borrelli by 12 months from their current expiry dates, as
follows:
Number Exercise price (p) Grant date Vesting date Original expiry Amended expiry date Revised
date on 28 Jan 2021 expiry date
25,000,000 0.20 20/04/2016 20/04/2016 20/04/2021 20/04/2022 20/04/2023
------------------- ----------- ------------- ------------------- -------------------- -------------
14,000,000 0.28 18/01/2017 18/07/2017 18/07/2022 18/07/2023
------------------- ----------- ------------- ------------------- -------------------- -------------
7,500,000 0.70 18/08/2017 18/02/2018 16/02/2021 16/02/2022 16/02/2023
------------------- ----------- ------------- ------------------- -------------------- -------------
2,500,000 1.40 07/09/2018 07/09/2019 06/09/2022 06/09/2023
------------------- ----------- ------------- ------------------- -------------------- -------------
2,500,000 2.00 07/09/2018 07/09/2019 06/09/2022 06/09/2023
------------------- ----------- ------------- ------------------- -------------------- -------------
All other terms of the options remain unchanged.
The amendment of these existing options is regarded as a related
party transaction under the AIM Rules. Accordingly, the Independent
Directors, being the Directors other than Alex Borrelli, consider,
having consulted with SPARK Advisory Partners Limited, the
Company's nominated adviser, that the amendments to the terms of
the share options held by Alex Borrelli are fair and reasonable
insofar as shareholders are concerned.
The notification set out below is provided in accordance with
the requirements of the UK Market Abuse Regulation:
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Company directors/officers:
Shaun Day Chief Executive Officer
Christopher Chief Financial Officer
Toon
-------------------------
------------------------ ------------------------------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------
a) Position/status See 1(a) above for all positions - all classified
as PDMRs of the Company
------------------------ ------------------------------------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------ ------------------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------------------
a) Name Greatland Gold plc
------------------------ ------------------------------------------------------------------------
b) LEI 213800KMN7LDF4VRPQ10
------------------------ ------------------------------------------------------------------------
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 Performance Share Right over Ordinary Shares
the financial of 0.1p each
instrument, type
of instrument
Identification GB00B15XDH89
code
b) Nature of the Award of Performance Share Right
transaction
------------------------ ------------------------------------------------------------------------
c) Price(s) and Shaun Day Date Transaction Amount Price
volume(s) Type
8 February Award of Performance 12,000,000 0.1p per
2022 Share Right share
--------------------- ----------- ---------
Christopher Toon Date Transaction Amount Price
Type
8 February Award of Performance 3,000,000 0.1p per
2022 Share Right share
--------------------- ---------- ---------
d) Aggregated information n/a - single transaction
Volume
Price
e) Date of the transaction 8 February 2022
f) Place of the Outside a trading venue
transaction
------------------------ ------------------------------------------------------------------------
Enquiries:
Greatland Gold PLC +44 (0)20 3709 4900
Shaun Day info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott/James Keeshan +44 (0)20 3368 3550
Berenberg (Joint Corporate Broker and Financial
Adviser)
Matthew Armitt/ Varun Talwar/Alamgir Ahmed /Detlir
Elezi +44 (0)20 3207 7800
Canaccord Genuity (Joint Corporate Broker and
Financial Adviser)
James Asensio/Patrick Dolaghan +44 (0)20 7523 8000
Hannam & Partners (Joint Corporate Broker and
Financial Adviser)
Andrew Chubb/Matt Hasson/Jay Ashfield +44 (0)20 7907 8500
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc (AIM:GGP) is a mining development and
exploration company with a focus on precious and base metals. The
Company's flagship asset is the world-class Havieron gold-copper
deposit in the Paterson region of Western Australia, discovered by
Greatland and presently under development in Joint Venture with
Newcrest Mining Ltd.
Greatland has a proven track record of discovery and exploration
success. It is pursuing the next generation of tier-one mineral
deposits by applying advanced exploration techniques in
under-explored regions. The Company is focused on safe, low-risk
jurisdictions and is strategically positioned in the highly
prospective Paterson region. Greatland has a total six projects
across Australia with a focus on becoming a multi-commodity mining
company of significant scale.
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END
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February 08, 2022 07:25 ET (12:25 GMT)
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