TIDMPOW
RNS Number : 4891D
Power Metal Resources PLC
19 February 2020
19 February 2020
Power Metal Resources PLC
("Power Metal" or "POW" or "Company")
Director Appointment and Issue of Director Share Options
Power Metal Resources PLC (LON:POW) the AIM listed metals
exploration and development company is pleased to announce a new
director appointment. In addition, POW announces the issue of share
options to Directors.
New Non-executive Director Appointment
POW announces the appointment of Edmund ("Ed") Charles Frederick
Shaw as a Non-Executive Director, with immediate effect.
As part of the terms of his appointment and in line with the
previous grant of share options to Directors in 2019, Mr Shaw will
be awarded with options over 5 million ordinary shares of 0.1 pence
each in the Company ("Ordinary Shares") at an exercise price of
1.0p per Ordinary Share vesting immediately, however subject to the
hurdle condition that the volume weighted average share price of
POW must trade in excess of 1.5p for five consecutive trading days
before the options become exercisable. The options will have a
three year life to expiry and, in addition, Mr Shaw must complete
twelve months service to the Company before the options become
exercisable.
F urther information on Ed Shaw:
Edmund Charles Frederick Shaw, aged 47, is or has been a
Director of the following companies in the last five years:
Current Directorships Previous Directorships
NewPeak Capital LLP Dunton Capital LLP
Hutton Capital LLP Manders & Shaw Limited
ShawCap Limited
In addition to the share options outlined above Mr Shaw
currently holds 5 million Ordinary Shares representing 0.905% of
POW's issued share capital and a warrant over 5 million Ordinary
Shares with an exercise price 0.70p.
New Non-Executive Director Share Options
POW announces that Non-executive Directors Iain MacPherson and
Scott Richardson Brown have each been awarded share options over 5
million Ordinary Shares vesting immediately and with a three year
life to expiry. These options, commensurate with the options
awarded to Ed Shaw above, have an exercise price of 1.0p, however
these are subject to the hurdle condition that the volume weighted
average share price of POW must trade in excess of 1.5p for five
consecutive trading days before the options become exercisable.
Reissue of Executive Director Options under an EMI Scheme
Paul Johnson (POW CEO) and Andrew Bell (POW Chairman) were each
awarded share options over 13,613,929 Ordinary Shares as part of
the POW restructuring and refinancing in February 2019, approved by
shareholders at General Meeting.
These options have been cancelled and the same number reissued
on exactly the same terms as the original options awarded to Paul
Johnson and Andrew Bell. This includes a 1.0p exercise price, a
volume weighted average hurdle price of 1.5p for five consecutive
trading days and an expiry date of 15 February 2022.
This cancellation and reissue has enabled the options to be
issued within Enterprise Management Incentive tax efficient
wrappers, which enables Directors to exercise options providing
additional working capital to the Company but without the risk of
penal income tax charges on exercise.
Overall Summary of Director Options
Following the above option issues the following director options
are held:
Director Number of Ordinary Terms
Shares under option
Andrew Bell (Chairman) 13,613,929 1.0p exercise price, 1.5p
hurdle before exercise,
expiry 15/02/2022
--------------------- ----------------------------------
Paul Johnson (CEO) 13,613,929 1.0p exercise price, 1.5p
hurdle before exercise,
expiry 15/02/2022
--------------------- ----------------------------------
Scott Richardson Brown 5,000,000 1.0p exercise price, 1.5p
(NED) hurdle before exercise,
expiry 19/02/2023
500,000 5.0p exercise price, expiry
28/08/2023
500,000 5.0p exercise price, expiry
28/08/2023 (vest on 28/08/2020)
--------------------- ----------------------------------
Iain MacPherson 5,000,000 1.0p exercise price, 1.5p
hurdle before exercise,
expiry 19/02/2023
--------------------- ----------------------------------
Edmund Shaw 5,000,000 1.0p exercise price, 1.5p
hurdle before exercise,
expiry 19/02/2023. Only
exercisable after 12 months
service.
--------------------- ----------------------------------
Total 43,227,858
--------------------- ----------------------------------
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"I am pleased to announce Ed's appointment to the board at this
key time in the Company's development, notably as we move into the
planned drilling phase at the Molopo Farms Complex project in
Botswana.
I am also pleased to announce the issue of options to the
non-executive directors, with a 1.0p exercise price but importantly
with a 1.5p hurdle before they can be exercised. That means the
share price of POW must increase from the current mid-market price
by 300%, at least for 5 consecutive trading days, before the
options become exercisable. I believe this demonstrates alignment
of the interests of Directors with shareholder interests.
I look forward to reporting further business developments to
shareholders as we continue our planned work programmes."
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. Andrew Bell
------------------------------------- -----------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status 1. Executive Chairman
------------------------------------- -----------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Power Metal Resources Plc
------------------------------------- -----------------------------------------------
b) LEI 213800VNXOUPHTX53686
------------------------------------- -----------------------------------------------
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 options over ordinary shares of 0.1p
instrument, type of each
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction 1. Issue of 13,613,929 director options
------------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
---------------------- --------------------
Price(s) Volume(s)
---------------------- --------------------
1.0 pence 13,613,929
----------------------------------------------------------------- --------------------
d) Aggregated information
- Aggregated volume 13,613,929
- Price 1.0p
e) Date of the transaction 19 February 2020
------------------------------------- -----------------------------------------------
f) Place of the transaction XLON
------------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Paul Johnson
------------------------------------- ---------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status 1. Chief Executive Officer
------------------------------------- ---------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Power Metal Resources Plc
------------------------------------- ---------------------------------------------
b) LEI 213800VNXOUPHTX53686
------------------------------------- ---------------------------------------------
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 options over ordinary shares of 0.1p
instrument, type of each
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction 1. Issue of 13,613,929 options
------------------------------------- ---------------------------------------------
c) Price(s) and volume(s)
--------------------- -------------------
Price(s) Volume(s)
--------------------- -------------------
1.0 pence 13,613,929
---------------------------------------------------------------- -------------------
d) Aggregated information
- Aggregated volume 13,613,929
- Price 1.0p
e) Date of the transaction 19 February 2020
------------------------------------- ---------------------------------------------
f) Place of the transaction XLON
------------------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Scott Richardson Brown
-------------------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status 2. Non-executive Director
-------------------------------------- --------------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Power Metal Resources plc
-------------------------------------- --------------------------------------------
b) LEI 213800VNXOUPHTX53686
-------------------------------------- --------------------------------------------
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 options over ordinary shares of 0.1p
instrument, type of each
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction 1. Issue of options
-------------------------------------- --------------------------------------------
c) Price(s) and volume(s)
--------------------- ------------------
Price(s) Volume(s)
--------------------- ------------------
1.0 pence 5,000,000
----------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume 5,000,000
- Price 1.0 pence
e) Date of the transaction 19 February 2020
-------------------------------------- --------------------------------------------
f) Place of the transaction XLON
-------------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Iain Macpherson
-------------------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status 1. Non-executive director
-------------------------------------- --------------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Power Metal Resources plc
-------------------------------------- --------------------------------------------
b) LEI 213800VNXOUPHTX53686
-------------------------------------- --------------------------------------------
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 Options over ordinary shares of 0.1p
instrument, type of each
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction Issue of options
-------------------------------------- --------------------------------------------
c) Price(s) and volume(s)
--------------------- ------------------
Price(s) Volume(s)
--------------------- ------------------
1.0 pence 5,000,000
----------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume 5,000,000
- Price 1.0 pence
e) Date of the transaction 19 February 2020
-------------------------------------- --------------------------------------------
f) Place of the transaction XLON
-------------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Edmund Shaw
-------------------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status 1. Non-executive director
-------------------------------------- --------------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Power Metal Resources plc
-------------------------------------- --------------------------------------------
b) LEI 213800VNXOUPHTX53686
-------------------------------------- --------------------------------------------
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 Options over ordinary shares of 0.1p
instrument, type of each
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction Issue of options
-------------------------------------- --------------------------------------------
c) Price(s) and volume(s)
--------------------- ------------------
Price(s) Volume(s)
--------------------- ------------------
1.0 pence 5,000,000
----------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume 5,000,000
- Price 1.0 pence
e) Date of the transaction 19 February 2020
-------------------------------------- --------------------------------------------
f) Place of the transaction XLON
-------------------------------------- --------------------------------------------
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration and development company exploring for the key metals
used in power generation, transmission, storage and utilisation.
The Board and team of advisors, who have proven expertise in
exploration, mining and project generation, have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors to gain exposure to the power metal
commodity suite, particularly cobalt, lithium, copper and
nickel.
This information is provided by RNS, the news service of the
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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February 19, 2020 06:49 ET (11:49 GMT)
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