BSE Base Resources Limited

 
TIDMBSE 
 
AIM and Media Release 
 
13 October 2023 
 
Base Resources Limited 
LTIP performance rights update 
 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises that, following performance testing of the 
2020 cycle performance rights granted under the Base Resources Long Term 
Incentive Plan (LTIP) as at 30 September 2023, 10,528,393 performance rights 
have vested. 
 
Vesting of performance rights granted under the LTIP is subject to achievement 
of specified performance criteria over a three-year performance period.  The 
performance criteria for the 2020 cycle performance rights required achievement 
of total shareholder return (TSR) targets, with 50% subject to an absolute TSR 
performance hurdle and 50% subject to a relative TSR performance hurdle assessed 
against a set group of comparator companies. 
 
Base Resources' TSR over the three-year performance period for the 2020 cycle 
performance rights was approximately 43%, which resulted in vesting of 
approximately 61% of the 2020 cycle performance rights.  In accordance with the 
terms of the LTIP, 2020 cycle performance rights that did not vest were 
automatically forfeited. 
 
The LTIP participants whose 2020 cycle performance rights were tested, with 
subsequent vesting and forfeiture, included Managing Director, Tim Carstens.  Mr 
Carstens' updated securityholding in the Company is as follows: 
 
  · 13,001,474 ordinary shares (held directly and indirectly); 
  · 1,654,556 vested 2020 cycle performance rights; and 
  · 5,350,234 unvested performance rights. 
 
Immediately following testing on 6 October 2023, the Company had the following 
securities on issue: 
 
  · 1,178,011,850 ordinary shares. 
  · 47,000,451 performance rights granted under the terms of the LTIP, 
comprising: 
 
  · 12,401,245 vested performance rights1; and 
  · 34,599,206 unvested performance rights subject to performance testing in 
accordance with their terms of issue. 
 
[Note (1): Vested performance rights have a nil cash exercise price.  Unless 
exercised beforehand, performance rights expire five years after conclusion of 
the relevant performance period.] 
 
ENDS. 
 
For further information contact: 
 
+--------------------------------+-----------------------------+ 
|Australian Media Relations      |UK Media Relations           | 
+--------------------------------+-----------------------------+ 
|Citadel Magnus                  |Tavistock Communications     | 
+--------------------------------+-----------------------------+ 
|Cameron Gilenko and Michael Weir|Jos Simson and Gareth Tredway| 
+--------------------------------+-----------------------------+ 
|Tel: +61 8 6160 4900            |Tel: +44 207 920 3150        | 
+--------------------------------+-----------------------------+ 
 
This release has been authorised by Base Resources' Disclosure Committee. 
 
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 3, 46 Colin Street 
West Perth, Western Australia, 6005 
Email:  info@baseresources.com.au 
Phone: +61 8 9413 7400 
Fax: +61 8 9322 8912 
 
NOMINATED ADVISER & JOINT BROKER 
Canaccord Genuity Limited 
James Asensio / Raj Khatri / George Grainger 
Phone: +44 20 7523 8000 
 
JOINT BROKER 
Berenberg 
Matthew Armitt / Detlir Elezi 
Phone: +44 20 3207 7800 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

October 13, 2023 02:18 ET (06:18 GMT)

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