BSE Base Resources Limited

 
TIDMBSE 
 
AIM and Media Release 
 
9 November 2023 
 
Base Resources Limited 
2023 LTIP cycle performance rights 
 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises that 28,790,016 performance rights have been 
granted to eligible employees under the Base Resources Long Term Incentive Plan 
(LTIP) for the 2023 cycle.  The performance rights were granted off-market on 6 
November 2023 for nil cash consideration and form the equity (and long-term 
incentive) component of the at-risk remuneration of relevant employees for the 
financial year ending 30 June 2024. 
 
Vesting of the 2023 cycle performance rights is subject to satisfaction of 
performance criteria tied to the Company's total shareholder return performance, 
either in absolute or relative terms, and certain gates to vesting, in each case 
over a three-year performance period that commenced on 1 October 2023 and 
concludes on 30 September 2026. 
 
The employees granted 2023 cycle performance rights included senior management 
of the Company classified as persons discharging managerial responsibilities. 
Their updated securityholdings in the Company are set out below. 
 
Name and           New 2023  Vested 2020  Total unvested  Holding of shares 
position              cycle        cycle     performance        (direct and 
                performance  performance         rights*          indirect) 
                     rights       rights 
Kevin Balloch     1,680,460      552,235       3,562,198          4,589,796 
(Chief 
Financial 
Officer) 
Andre Greyling    1,680,460      540,101       3,612,784          4,129,026 
(General 
Manager, 
Growth) 
Stephen Hay       1,673,501      580,471       3,597,622          2,527,761 
(General 
Manager, 
Marketing) 
Chadwick          1,603,917      507,169       3,408,078          2,845,376 
Poletti (Chief 
Legal 
Officer and 
Company 
Secretary) 
 
* Includes 2023 cycle performance rights 
 
The grant of 2023 cycle performance rights to Managing Director, Tim Carstens, 
will be considered by shareholders at Base Resources' upcoming 2023 Annual 
General Meeting to be held on Friday, 24 November 2023.  For further details 
about the terms of the 2023 cycle performance rights, refer to the Company's 
Notice of 2023 Annual General Meeting released on 24 October 2023. 
 
Further, since the Company's last LTIP update: 
 
  · 356,557 performance rights for the 2022 cycle were granted on a pro rata 
basis to employees who became eligible to participate in the LTIP following the 
initial grant of performance rights for that cycle in October 2022; and 
  · 3,673,286 vested 2020 cycle performance rights were exercised by 
participants, with the resultant entitlement to ordinary shares satisfied by the 
allocation of shares previously acquired on-market by the LTIP trustee. 
 
As a result of the above events, the Company has the following securities on 
issue: 
 
  · 1,178,011,850 fully paid ordinary shares; and 
  · 72,473,738 performance rights issued under the LTIP, comprising: 
    · 8,727,959 vested performance rights, which remain subject to exercise[1]; 
and 
    · 63,745,779 unvested performance rights subject to performance testing in 
accordance with their terms of issue. 
 
[Note (1): Vested performance rights have a nil 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 
 
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 & LEI 
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 
LEI Code:  2617005DDMEAZ8OBD979 
 
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

November 09, 2023 04:57 ET (09:57 GMT)

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