AIM and Media Release
6 October 2020
BASE RESOURCES LIMITED
Vesting of LTIP performance rights
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises that, following performance testing of the 2017 cycle
performance rights issued pursuant to the Base Resources Long Term
Incentive Plan (LTIP) as at 30
September 2020, 6,373,301 performance rights have vested,
equivalent to approximately 42% of the total number of 2017 cycle
performance rights issued.
Vesting of performance rights issued under the LTIP is subject
to achievement of specified performance criteria over a three-year
performance period. The performance criteria specified for
the 2017 cycle performance rights required achievement of total
shareholder return (TSR) targets, with 50% subject to
absolute TSR performance criteria and 50% subject to relative TSR
performance criteria assessed against a set group of comparator
companies.
Further details about the LTIP, including specified performance
criteria, are included in the Base Resources 2020 Annual Report,
which can be accessed from the Company’s website.
In accordance with the terms of the LTIP, those 2017 cycle
performance rights that did not vest following testing were
automatically forfeited. Those LTIP participants whose
performance rights were automatically forfeited included employees
classified as “persons discharging managerial responsibilities”
(PDMRs) for the purposes of the European Union’s Market
Abuse Regulation. Their updated securityholdings in the
Company are set out below.
Name |
Vested 2017 cycle
performance rights |
Holding of
performance rights* |
Holding of
shares
(direct and indirect) |
Tim Carstens (Managing
Director) |
896,820 |
6,616,299 |
7,546,013 |
Colin Bwye (Executive Director) |
896,820 |
6,616,299 |
7,204,572 |
Kevin Balloch |
347,980 |
2,304,926 |
2,691,333 |
Andre Greyling |
308,337 |
2,190,697 |
3,885,629 |
Stephen Hay |
365,908 |
2,422,918 |
1,512,091 |
Chadwick Poletti |
286,313 |
2,038,110 |
1,162,546 |
* Includes both vested and unvested
LTIP performance rights which remain subject to vesting
conditions.
As a result of the forfeiture of a portion of the 2017 cycle
performance rights, the Company has the following securities on
issue:
- 1,178,011,850 ordinary shares.
- 54,122,220 performance rights issued pursuant to the terms of
the LTIP, comprising:
- 6,498,832 vested performance rights;1 and
- 47,623,388 unvested performance rights subject to performance
testing in accordance with their terms of issue.
The figure of 1,178,011,850 ordinary shares on issue may be used
by shareholders as the denominator for calculations when
determining if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
[Note (1): Vested performance rights have a nil
cash exercise price. Unless exercised beforehand, performance
rights expire five years after vesting.]
ENDS.
For further information contact:
James Fuller, Manager Communications
and Investor Relations |
UK Media Relations |
Base Resources |
Tavistock Communications |
Tel: +61 (8) 9413 7426 |
Jos Simson and Barnaby Hayward |
Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
Email:
jfuller@baseresources.com.au |
|
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The Company operates
the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500
BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800