VAST Vast Resources Plc

 
TIDMVAST 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Award of rights under the Company's Share Appreciation Rights Scheme 
 
   Vast Resources plc, the AIM-listed mining company, announces the offer 
of rights as set out below (the 'Award') under the Share Appreciation 
Rights Scheme (the 'Scheme') which Scheme was set up to incentivise 
directors and senior executives/consultants of the Company. 
 
   The last award of SARs announced was on 1 March 2018.  The normal policy 
of the Company would have been to have made an award under the Scheme in 
March 2019 but the decision was taken at the time to defer any such 
award until the Company could demonstrate achievement of substantive 
progress in its business objectives.  This offer of Award accordingly is 
in replacement of the offer of Award that otherwise would have been made 
in March 2019. 
 
   The basis of the Scheme 
 
   The basis of the Scheme, for which new authorities were last granted at 
the Annual General Meeting of the Company in 2018, is to grant a fixed 
number of 'share appreciations rights' ('SARs') to participants.  Each 
SAR consists of rights at the discretion of the Company either to 
receive ordinary shares in Vast (the 'Shares') based on a price equal to 
the six month VWAP of a Share immediately preceding the grant of the SAR 
(the 'Exercise Price') or to receive cash to a value equal to the 
difference between the Exercise Price and the daily VWAP on the date of 
exercise of a SAR.  A SAR may be exercised at any time between a given 
Vesting date ('Vesting Date') and the final date (the 'Vesting Period'). 
The Vesting Date is the date on which the Company confirms that any 
performance or other condition attached to the SAR has been satisfied. 
 
   The Award 
 
 
 
 
                          Aggregate SARs  Vesting date                     Vesting 
                              awarded                                   quantities 
------------------------  --------------  ---------------------------  ----------- 
Andrew Prelea               36,000,000    Immediate                     18,000,000 
 Chief Executive Officer                   31 March 2020                18,000,000 
------------------------  --------------  ---------------------------  ----------- 
Roy Tucker                  18,000,000    Immediate                      9,000,000 
 Finance Director                          31 March 2020                 9,000,000 
------------------------  --------------  ---------------------------  ----------- 
Craig Harvey                18,000,000    Immediate                      9,000,000 
 Chief Operating Officer                   31 March 2020                 9,000,000 
------------------------  --------------  ---------------------------  ----------- 
Other participants          77,000,000    Immediate                     36,000,000 
                                           Licence grant for Zimbabwe   15,000,000 
                                           diamonds                     26,000,000 
                                           31 March 2020 
------------------------  --------------  ---------------------------  ----------- 
 
 
   The Exercise Price for this offer of Award is 0.25p. 
 
   The SARs which have not vested are subject to continued employment or 
engagement with the Company or its subsidiaries.  The Awards were 
offered on or before 17 October 2019 subject to conditions which have 
now all been satisfied.  All SARs to be issued in accordance with the 
offer of Award have a Vesting Period of three years. 
 
   **ENDS** 
 
   For further information, visit www.vastplc.com or please contact: 
 
 
 
 
Vast Resources plc               www.vastplc.com 
 Andrew Prelea (Chief Executive   +44 (0) 1491 615 232 
 Officer) 
 Andrew Hall 
Beaumont Cornish - Financial &   www.beaumontcornish.com 
 Nominated Adviser                +44 (0) 020 7628 3396 
 Roland Cornish 
 James Biddle 
SP Angel Corporate Finance LLP   www.spangel.co.uk 
 -- Broker                        +44 (0) 20 3470 0470 
 Richard Morrison 
 Caroline Rowe 
Blytheweigh                      www.blytheweigh.com 
 Tim Blythe                       +44 (0) 20 7138 3204 
 Megan Ray 
 
 
   The information contained within this announcement is deemed by the 
Company to constitute inside information as stipulated under the Market 
Abuse Regulations (EU) No. 596/2014 ("MAR"). 
 
   ABOUT VAST RESOURCES PLC 
 
   Vast Resources plc, is an AIM listed mining company with mines in 
Romania and Zimbabwe focused on the rapid advancement of high quality 
brownfield projects by recommencing production at previously producing 
mines in Romania and commencement of the joint venture mining agreement 
on the Community Concession Block of the Chiadzwa Diamond Fields in 
Zimbabwe. 
 
   The Company's portfolio includes an 80% interest in the Baita Plai 
Polymetallic Mine in Romania, where work is currently underway towards 
developing and recommissioning the mine on completion of funding and the 
commencement of the of the Community Concession Block in Chiadzwa, 
Zimbabwe 
 
   Vast Resources owns the Manaila Polymetallic Mine in Romania, which was 
commissioned in 2015, currently on care and maintenance. 
 
   Attachment 
 
 
   -- Award of rights under the Company's Share Appreciation Rights Scheme 
      https://ml-eu.globenewswire.com/Resource/Download/3415eab8-8770-4adc-bdcd-f31cd396c93d 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 05, 2019 06:11 ET (11:11 GMT)

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