TIDMKEFI
RNS Number : 5382S
Kefi Gold and Copper PLC
17 March 2021
17 March 2021
KEFI Gold and Copper plc
("KEFI" or the "Company")
GRANT OF SHARE OPTIONS
KEFI Gold and Copper, the AIM-quoted gold and copper exploration
and development company with projects in the Kingdom of Saudi
Arabia and the Democratic Republic of Ethiopia, announces that it
has allocated options to certain of the Company's directors and
senior management in accordance with the Company's long-standing
long-term incentive plan (the "Option Scheme"). This is the first
such allocation since 1 February 2018.
Allocation of Options under the Shareholder-Approved Incentive
Options Scheme
In accordance with the Option Scheme, the directors have
approved the issue of 119,747,339 Options over new ordinary shares
of the Company ("Ordinary Shares") to certain directors and senior
managers (the "Options"). The Options have an exercise price of
2.55p per Ordinary Share, representing a c.27% premium to the VWAP
during the week ending 12 March 2021. The Options expire after 4
years and, in normal circumstances, vest in three equal
instalments, the first after one year, the second after two years
and the third after three years from the date of grant.
Following this grant of Options, there will be 145,229,182
options outstanding under the Option Scheme over approximately 6.8%
of the currently issued Ordinary Share capital of the Company.
Under the terms of the Option Scheme options over a maximum of 10%
of the Company's share capital may be issued.
Details of the Options granted today to the following persons
who discharge managerial responsibilities ("PDMRs") are set out
below, with further details contained in the appended tables
below:
Name Title Number of Number of Ordinary
new Options Shares subject
granted to Option following
the grant of
new Options
Harry Anagnostaras-Adams Executive Chairman 37,766,978 43,734,926
---------------------------- ------------- ---------------------
John Leach Finance Director 7,189,168 10,318,899
---------------------------- ------------- ---------------------
Mark Tyler Non-executive Director 2,735,688 2,735,688
---------------------------- ------------- ---------------------
Adam Taylor Non-executive Director 2,735,688 2,735,688
---------------------------- ------------- ---------------------
Richard Richardson Non-executive Director 2,735,688 2,735,688
---------------------------- ------------- ---------------------
David Munro Head of Operations 9,054,169 10,254,169
---------------------------- ------------- ---------------------
Eddy Solbrandt Head of Systems 9,054,169 10,254,169
---------------------------- ------------- ---------------------
Head of Exploration
Brian Hosking & Planning 9,230,640 10,607,110
---------------------------- ------------- ---------------------
Wayne Nicoletto Managing Director-Ethiopia 5,311,660 10,623,320
---------------------------- ------------- ---------------------
A further 33,933,491 Options have also today been granted to
other members of the Company's management team.
Following the grant of Options the allocations under the
Company's Option Scheme are approximately 20% to the Executive
Chairman, 39% to other management, 4% to Non-Executive Directors
and 37% remain unallocated at this time.
The Company's practice over many years was to make an annual
allocation of options at the end of each calendar year. However,
allocations in recent years were deferred pending the announcement
that the project financing was proceeding for the Company's Tulu
Kapi Gold Project.
The Option Scheme and the Company's approach to remuneration
generally is designed to align the interest of senior management
with those of shareholders and to promote the retention of the
Company's senior management team. The senior executive team of KEFI
has indicated its intention to remain with KEFI for a minimum of
three years so as to oversee the Tulu Kapi Gold Project's physical
development, the organisational development in Ethiopia for the
start-up of production at Tulu Kapi and the aggressive pursuit of
the Company's pipeline of other projects at various stages of
exploration, notably the exploration of satellite targets in the
Tulu Kapi district, as well as the exploration in Saudi Arabia, in
particular the discoveries at Hawiah (gold and copper) and Jibal
Qutman (gold).
Related Party Transaction
As Harry Anagnostaras-Adams, John Leach, Mark Tyler, Richard
Robinson and Adam Taylor are all directors of the Company, the
grant of the Options is being treated as a related party
transaction. Norman Ling, being the only director independent of
the grant of Options, considers, having consulted with the
Company's Nominated Adviser, SP Angel Corporate Finance LLP, that
the terms of the related party transaction are fair and reasonable
insofar as the shareholders of the Company are concerned.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries
KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Executive Chairman) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker) +44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Brandon Hill Capital Ltd (Joint Broker) +44 (0) 20 7936 5200
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Harry Anagnostaras-Adams
----------------------------------------- ------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------
(a) Position/status Executive Chairman
----------------------------------------- ------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
(a) Name of entity KEFI Gold and Copper Plc
----------------------------------------- ------------------------------------
(b) LEI 213800OO6ETVDGE3QY15
----------------------------------------- ------------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
-------------------------------------------------------------------------------
(a) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- ------------------------------------
(b) Identification code GB00BD8GP619
----------------------------------------- ------------------------------------
(c) Nature of the transaction Grant of options over ordinary
shares
----------------------------------------- ------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 37,766,978
-----------
----------------------------------------- ------------------------------------
(e) Aggregated information: Single transaction as in
- Aggregated volume 4(d) above Prices(s) Volume(s)
- Price 2.55 pence 37,766,978
-----------
----------------------------------------- ------------------------------------
(f) Date of transaction 16 March 2021
----------------------------------------- ------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- ------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
h) Full name of person Dealing John Leach
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Finance Director
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity KEFI Gold and Copper
Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800OO6ETVDGE3QY15
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD8GP619
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 7,189,168
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55 pence 7,189,168
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 16 March 2021
----------------------------------------- ---------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
h) Full name of person Dealing Mark Tyler
----------------------------------------- ---------------------------------------
5. Reason for notification
----------------------------------------------------------------------------------
(i) Position/status Non Executive Director
----------------------------------------- ---------------------------------------
j) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
6. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(k) Name of entity KEFI Gold and Copper Plc
----------------------------------------- ---------------------------------------
l) LEI 213800OO6ETVDGE3QY15
----------------------------------------- ---------------------------------------
7. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(m) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- ---------------------------------------
n) Identification code GB00BD8GP619
----------------------------------------- ---------------------------------------
o) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- ---------------------------------------
p) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 2,735,688
----------
----------------------------------------- ---------------------------------------
q) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55 pence 2,735,688
----------
----------------------------------------- ---------------------------------------
r) Date of transaction 16 March 2021
----------------------------------------- ---------------------------------------
s) Place of transaction Outside a trading venue
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Full name of person Dealing Adam Taylor
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(b) Position/status Non Executive Director
----------------------------------------- ---------------------------------------
c) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(d) Name of entity KEFI Gold and Copper
Plc
----------------------------------------- ---------------------------------------
e) LEI 213800OO6ETVDGE3QY15
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(f) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- ---------------------------------------
g) Identification code GB00BD8GP619
----------------------------------------- ---------------------------------------
h) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- ---------------------------------------
i) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 2,735,688
----------
----------------------------------------- ---------------------------------------
j) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55 pence 2,735,688
----------
----------------------------------------- ---------------------------------------
k) Date of transaction 16 March 2021
----------------------------------------- ---------------------------------------
l) Place of transaction Outside a trading venue
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Full name of person Dealing Richard Robinson
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(b) Position/status Non Executive Director
----------------------------------------- ---------------------------------------
c) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(d) Name of entity KEFI Gold and Copper
Plc
----------------------------------------- ---------------------------------------
e) LEI 213800OO6ETVDGE3QY15
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(f) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- ---------------------------------------
g) Identification code GB00BD8GP619
----------------------------------------- ---------------------------------------
h) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- ---------------------------------------
i) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 2,735,688
----------
----------------------------------------- ---------------------------------------
j) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55 pence 2,735,688
----------
----------------------------------------- ---------------------------------------
k) Date of transaction 16 March 2021
----------------------------------------- ---------------------------------------
l) Place of transaction Outside a trading venue
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Full name of person Dealing Wayne Nicoletto
----------------------------------------- --------------------------------------
2. Reason for notification
---------------------------------------------------------------------------------
(a) Position/status Managing Director - Ethiopia
----------------------------------------- --------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
(a) Name of entity KEFI Gold and Copper
Plc
----------------------------------------- --------------------------------------
(b) LEI 213800OO6ETVDGE3QY15
----------------------------------------- --------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
---------------------------------------------------------------------------------
(a) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- --------------------------------------
(b) Identification code GB00BD8GP619
----------------------------------------- --------------------------------------
(c) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- --------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 5,311,660
----------
----------------------------------------- --------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55pence 5,311,660
----------
----------------------------------------- --------------------------------------
(f) Date of transaction 16 March 2021
----------------------------------------- --------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing David Munro
----------------------------------------- --------------------------------------
2. Reason for notification
---------------------------------------------------------------------------------
(b) Position/status Head of Operations
----------------------------------------- --------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
(d) Name of entity KEFI Gold and Copper
Plc
----------------------------------------- --------------------------------------
(e) LEI 213800OO6ETVDGE3QY15
----------------------------------------- --------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
---------------------------------------------------------------------------------
(f) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- --------------------------------------
(g) Identification code GB00BD8GP619
----------------------------------------- --------------------------------------
(h) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- --------------------------------------
(i) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 9,054,169
----------
----------------------------------------- --------------------------------------
(j) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55pence 9,054,169
----------
----------------------------------------- --------------------------------------
(k) Date of transaction 16 March 20211
----------------------------------------- --------------------------------------
(l) Place of transaction Outside a trading venue
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Eddy Solbrandt
----------------------------------------- --------------------------------------
2. Reason for notification
---------------------------------------------------------------------------------
(b) Position/status Head of Systems
----------------------------------------- --------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
(d) Name of entity KEFI Gold and Copper
Plc
----------------------------------------- --------------------------------------
(e) LEI 213800OO6ETVDGE3QY15
----------------------------------------- --------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
---------------------------------------------------------------------------------
(f) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- --------------------------------------
(g) Identification code GB00BD8GP619
----------------------------------------- --------------------------------------
(h) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- --------------------------------------
(i) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 9,054,169
----------
----------------------------------------- --------------------------------------
(j) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55pence 9,054,169
----------
----------------------------------------- --------------------------------------
(k) Date of transaction 16 March 2021
----------------------------------------- --------------------------------------
(l) Place of transaction Outside a trading venue
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Brian Hosking
----------------------------------------- --------------------------------------
2. Reason for notification
---------------------------------------------------------------------------------
b) Position/status Head of Planning
----------------------------------------- --------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
d) Name of entity KEFI Gold and Copper Plc
----------------------------------------- --------------------------------------
(e) LEI 213800OO6ETVDGE3QY15
----------------------------------------- --------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
---------------------------------------------------------------------------------
f) Description of the financial instrument, Share options over ordinary
type of instrument shares of 0.1 pence
----------------------------------------- --------------------------------------
(g) Identification code GB00BD8GP619
----------------------------------------- --------------------------------------
(h) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- --------------------------------------
(i) Price(s) and volume(s) Prices(s) Volume(s)
2.55 pence 9,230,640
----------
----------------------------------------- --------------------------------------
(j) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 2.55pence 9,230,640
----------
----------------------------------------- --------------------------------------
(k) Date of transaction 16 March 2021
----------------------------------------- --------------------------------------
(l) Place of transaction Outside a trading venue
----------------------------------------- --------------------------------------
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