Herencia Resources PLC Issue of Performance Rights (8512V)
November 08 2017 - 1:00AM
UK Regulatory
TIDMHER
RNS Number : 8512V
Herencia Resources PLC
08 November 2017
Herencia Resources plc
("Herencia" or the "Company")
Issue of Performance Rights
Herencia Resources plc advises that it pursuant to approved
resolution in its last General Meeting it has granted Performance
Rights to Directors Peter Reeve and Jeffrey Williams.
The grant of these rights was approved by Shareholders of the
Company at the General Meeting held on 28 July 2017 up to a
combined aggregate nominal amount equal to 10% of the Company's
fully diluted share capital.
Details of the Performance Rights
Based on the details of the Company's remuneration policy set by
the Board, Directors Mr Peter Reeve and Mr Jeffrey Williams
proposed to take no salary under the Company's Remuneration
structure for at least the first 12 months with the only
remuneration being the 100% at-risk component is provided in these
long-term incentives as Performance Rights.
The purpose of the long-term incentive is to provide Mr Peter
Reeve and Mr Jeffrey Williams with an appropriate incentive and
aligned to the Company's long-term strategic plans and business
objectives aimed at increased Shareholder return.
Performance Rights: 850 million performance rights to be issued
to each Mr Peter Reeve and Mr Jeffrey Williams based on the fully
diluted share capital.
Grant date: 24th October 2017
Performance Period: Five years from 20 October 2017 to 19
October 2022
Expiry Date: 23rd October 2022
Vesting start: No Performance Rights can be vested until after
12 months from 24(th) October 2018.
Performance Rights vesting is subject to the condition of
ongoing employment.
Vesting Schedule:
Tranche 1: 250 million Performance Rights which, provided the
directors continue to hold the position of Director of the Company
at that time, will vest upon the 12-month anniversary of the issue
date.
Tranche 2: 300 million Performance Rights which, provided the
directors continue to hold the position of Director of the Company
at that time, will vest upon the 24-month anniversary of the issue
date;
Tranche 3: 300 million Performance Rights which, provided the
directors continue to hold the position of Director of the Company
at that time, will vest upon the 36 month anniversary of the issue
date;
Performance Rights are issued under the guidelines of the
Herencia Resources plc Employee Incentive Plan.
Other conditions;
-- Performance Rights may only be exercised once they have vested;
-- Vested Performance Rights may be exercised at any time prior to the Expiry date;
-- Performance Rights are not transferrable other than in
exceptional circumstances as determined by the board (including,
but not limited to, death or total or permanent disability);
-- all unvested Performance Rights will automatically lapse if
the Director ceases to act as a Director of the Company, other than
in exceptional circumstances as determined by the Board (e.g. total
or permanent disability or death). Under these extreme
circumstances as deemed by the Board, the Rights may be passed to
your next of kin.
Related Party Transaction
As this is a transaction with directors, this is a Related Party
Transaction under AIM Rule 13 to the AIM Rules for Companies, in
the absence of the independent directors but having noted that the
transaction has been approved in principle by shareholders at the
recent Company AGM, WH Ireland Limited, consider that the terms of
this agreement is fair and reasonable insofar as its shareholders
are concerned.
For further information please contact:
Peter Reeve, Herencia Resources
plc +61 3 9516 6500
Jeff Williams, Herencia Resources
plc +61 3 9516 6500
Katy Mitchell, James Sinclair-Ford,
WH Ireland Limited (NOMAD) +44 161 832 2174
Jon Belliss, Beaufort Securities
Limited (UK) +44 207 382 8300
Further background details on the Company at
www.herenciaresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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