Harvest Minerals Limited Non-Issue of Performance Shares (3351E)
February 27 2020 - 2:46AM
UK Regulatory
TIDMHMI
RNS Number : 3351E
Harvest Minerals Limited
27 February 2020
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector:
Mining
27 February 2020
Harvest Minerals Limited ('Harvest' or the 'Company')
Non-Issue of Performance Shares
Harvest Minerals Limited, the AIM listed remineraliser producer,
announces that it will not be awarding the performance shares that
were due to be issued on receipt of the full mining licence at the
Company's 100% owned Arapua Fertiliser Project in Brazil
('Arapua'). The Company announced earlier today that the full
mining licence had been granted.
As announced on 5 February 2018, the Company put in place an
incentive scheme for Executive Directors and Senior Management
(together, 'Management'). Under the incentive scheme, on receipt of
the full mining licence, which was the final Tranche 4 performance
condition, the Company was to issue, in aggregate, 1.5 million
performance shares to Management. The Board has decided not to
issue these performance shares at this time and as such, no further
performance shares under this scheme will be issued.
The granting of the full mining licence is a significant
achievement and the Board recognises and congratulates the
tremendous effort of the Harvest team in reaching this achievement.
However, the incentive scheme was implemented to improve the
alignment of the interests of Management with those of the
Company's shareholders. Recently, the share price has become
disconnected from the success being achieved at Arapua and it is
the Board's view that these performance shares should now not be
issued.
The Company may look at implementing a new incentive scheme in
the future, which is aligned with the current interests of the
Company's shareholders.
Brian McMaster, Executive Chairman of Harvest stated, "It has
become clear that operational and share price performance are no
longer aligned. As a result, the Board recommended, and all the
intended recipients agreed, that the performance shares which were
now due should not be issued. The granting of the performance
shares was intended to more closely align Management with
shareholders interests. Whilst we remain fully committed to
realising value for shareholders, accepting shares for nil
consideration at a time where share performance is languishing does
not, in the Board's view, appear to represent an alignment of
interests. We therefore believe it to be more appropriate that we
relinquish the right to the shares whilst Management continue to
drive development for the benefit of all."
*ENDS*
For further information, please visit www.harvestminerals.net or
contact:
Harvest Minerals Limited Brian McMaster Tel: +44 (0) 203
(Chairman) 940 6625
Dr Mark Heyhoe
(COO)
Strand Hanson Limited James Spinney Tel: +44 (0) 20 7409
Nominated & Financial Adviser Ritchie Balmer 3494
Jack Botros
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
Broker 9900
St Brides Partners Ltd Charlotte Page Tel: +44 (0) 20 7236
Financial PR Beth Melluish 1177
Notes
Harvest Minerals Limited (HMI.L) is an AIM-quoted low-cost and
high margin Brazilian remineraliser producer, located in the heart
of the largest and fastest growing fertilizer market in Brazil.
Our product, KPFértil, is a registered and approved organic
multi-nutrient direct application fertiliser. It contains many of
the essential nutrients and minerals required by plants and, unlike
most fertilisers, it does not require any complex processing or
chemically alteration, instead it can be applied directly to
crops.
KPFértil is produced at the wholly owned Arapua project, that
consists of a fully permitted mine, production and storage
facilities able to produce and deliver KPFértil to customers. Known
mineralisation at the Project is expected to support 100+ years'
production at 450Ktpa.
Our focus now remains on growing our business and we have the
dedicated in-country sales and marketing team with the skills,
experience and contacts to sell KPFértil into the potential
multi-Mtpa market on the doorstep of the Project.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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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