TIDMKP2

RNS Number : 8991U

Kore Potash PLC

09 April 2021

9 April 2021

Kore Potash Plc

("Kore Potash" or the "Company")

Issue of Equity and Cancellation of Certain Performance Rights and Options

Kore Potash plc advises that a total of 1,103,296 ordinary shares of US$0.001 each in the Company ("New Ordinary Shares") have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 March 2021, as approved at the General Meeting of the Company held on 18 September 2020 ("Remuneration Shares").

Additionally, the Company also confirms the issue of 1,250,000 ordinary shares due under the third and final tranche of the Company's performance rights plan (the "Performance Rights") for Non-Executive Directors.

Non-Executive Director shares in lieu of cash fees

The number of New Ordinary Shares issued to each Non-Executive Director in lieu of remuneration for the quarter ended 31 March 2021 was calculated as follows:

 
                   Annual fee       Quarterly         Percentage   GBP/USD    7 day       Number 
                                          fee    of Remuneration               VWAP    of shares 
 David 
  Hathorn       US$100,000.00    US$8,333.33*                55%    1.3779   1.5994      207,973 
              ---------------  --------------  -----------------  --------  -------  ----------- 
 David 
  Netherway      US$80,500.00    US$20,125.00                55%    1.3779   1.5994      502,254 
              ---------------  --------------  -----------------  --------  -------  ----------- 
 Jonathan 
  Trollip        US$63,000.00    US$15,750.00                55%    1.3779   1.5994      393,069 
              ---------------  --------------  -----------------  --------  -------  ----------- 
 Total                                                                                 1,103,296 
                                               -----------------  --------  -------  ----------- 
 

* As part of the Company's on-going cost saving exercise David Hathorn waived his remuneration for the months of February and March 2021.

Performance rights

The Company also confirms it has issued 1,250,000 ordinary shares to satisfy the unconditional vesting of the third and final tranche of the Performance Rights issued to certain Non-Executive Directors on 29 March 2021, being the third anniversary of admission to trading on AIM. The previous two tranches were announced on 15 April 2019 and 7 April 2020.

Consistent with the previous two tranches, the following is the breakdown of the ordinary shares issued under the Performance Rights:

 
                    Number of Shares   Amount to be paid 
 David Hathorn               500,000           US$500.00 
                   -----------------  ------------------ 
 David Netherway             250,000           US$250.00 
                   -----------------  ------------------ 
 Jonathan Trollip            250,000           US$250.00 
                   -----------------  ------------------ 
 Timothy Keating             250,000           US$250.00 
                   -----------------  ------------------ 
 Total                     1,250,000         US$1,250.00 
                   -----------------  ------------------ 
 

Accordingly, a total of 2,353,296 ordinary shares of US$0.001 each (being 1,103,296 ordinary shares in respect of Directors Remuneration Shares and 1,250,000 ordinary shares in respect of Performance Rights as detailed above) have today been issued. Application has been made for the admission of 2,353,296 ordinary shares of US$0.001 each on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on Wednesday 14 April 2021.

For ASX's purposes, and having previously obtained shareholder approvals for the issues, the shares are issued under ASX Listing Rule 10.11 (Remuneration Shares) and 10.14 (Performance Rights) respectively.

Following this issue, the Company's issued share capital consists of 2,454,121,469 ordinary shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 2,454,121,469.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Cancellation of certain Performance Rights and Options

Following the determination by the Company that the applicable vesting conditions within each category would not be achieved, a total of 7,500,000 Performance Rights and Unlisted Options previously issued have been cancelled as follows:

 
                                                             Number of 
                                                             Securities 
 Performance Rights expiring 1 March 2021 (Directors) 
  (KP2AC)                                                    4,500,000 
                                                           ------------ 
 Unlisted Options exercisable at GBP0.022 each, expiring 
  on 1 January 2024 (KP2AB)                                  3,000,000 
                                                           ------------ 
 Total                                                       7,500,000 
                                                           ------------ 
 

This announcement has been approved for release by the Board.

S

For further information, please visit www.korepotash.com or contact:

 
 Kore Potash                            Tel: +27 11 469 9140 
  Brad Sampson - CEO 
 Tavistock Communications               Tel: +44 (0) 20 7920 
  Jos Simson                             3150 
  Edward Lee 
 Canaccord Genuity - Nomad and          Tel: +44 (0) 20 7523 
  Broker                                 4600 
  James Asensio 
  Henry Fitzgerald-O'Connor 
 Shore Capital - Joint Broker           Tel: +44 (0) 20 7408 
  Jerry Keen                             4050 
  Toby Gibbs 
  James Thomas 
  Questco Corporate Advisory - JSE      Tel: +27 (11) 011 
   Sponsor                               9208 
   Mandy Ramsden 
 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of Renumeration Shares. For the avoidance of doubt the ordinary shares being issued under the Performance Rights was reported on 15 April 2019.

 
1   Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                  David Hathorn 
2   Reason for the notification 
a)  Position/status                       PDMR 
b)  Initial notification/Amendment        Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                  Kore Potash Plc 
b)  LEI                                   213800NWX7EHG4UVC107 
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           Ordinary Shares of US$0.001 
     instrument, type of instrument         each 
    Identification code                   GB00BYP2QJ94 
b)  Nature of the transaction             Issue of shares 
c)  Price(s) and volume(s)                Price: 1.5994p 
                                           Volume: 207,973 
d)  Aggregated information                Aggregated volume: N/A 
                                           Price: N/A 
e)  Date of the transaction               9 April 2021 
f)  Place of the transaction              Outside a trading venue 
 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

 
 1  Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                  David Netherway 
2   Reason for the notification 
a)  Position/status                       PDMR 
b)  Initial notification/Amendment        Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                  Kore Potash Plc 
b)  LEI                                    213800NWX7EHG4UVC107 
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           Ordinary Shares of US$0.001 
     instrument, type of instrument         each 
    Identification code                   GB00BYP2QJ94 
b)  Nature of the transaction             Issue of shares 
c)  Price(s) and volume(s)                Price: 1.5994p 
                                           Volume: 502,254 
d)  Aggregated information                Aggregated volume: N/A 
                                           Price: N/A 
e)  Date of the transaction               9 April 2021 
f)  Place of the transaction              Outside a trading venue 
 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

 
1   Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                Jonathan Trollip 
2   Reason for the notification 
a)  Position/status                     PDMR 
b)  Initial notification/Amendment      Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                Kore Potash Plc 
b)  LEI                                 213800NWX7EHG4UVC107 
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        Ordinary Shares of US$0.001 each 
     instrument, type of instrument 
    Identification code                 GB00BYP2QJ94 
b)  Nature of the transaction           Issue of shares 
c)  Price(s) and volume(s)              Price:1.5994p 
                                         Volume: 393,069 
d)  Aggregated information              Aggregated volume: N/A 
                                         Price: N/A 
e)  Date of the transaction             9 April 2021 
f)  Place of the transaction            Outside a trading venue 
 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

 
 1  Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                David Hathorn 
2   Reason for the notification 
a)  Position/status                     PDMR 
b)  Initial notification/Amendment      Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                Kore Potash Plc 
b)  LEI                                  213800NWX7EHG4UVC107 
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         Ordinary Shares of US$0.001 
     instrument, type of instrument       each 
    Identification code                 B00BYP2QJ94 
b)  Nature of the transaction           Conversion of Performance Rights 
c)  Price(s) and volume(s)              Price: US$0.001 
                                         Volume: 500,000 
d)  Aggregated information              Aggregated volume: N/A 
                                         Price: N/A 
e)  Date of the transaction             9 April 2021 
f)  Place of the transaction            Outside a trading venue 
 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

 
 1  Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                David Netherway 
2   Reason for the notification 
a)  Position/status                     PDMR 
b)  Initial notification/Amendment      Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                Kore Potash Plc 
b)  LEI                                 213800NWX7EHG4UVC107 
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        Ordinary Shares of US$0.001 each 
     instrument, type of instrument 
    Identification code                 GB00BYP2QJ94 
b)  Nature of the transaction           Conversion of Performance Rights 
c)  Price(s) and volume(s)              Price: US$0.001 
                                         Volume: 250,000 
d)  Aggregated information              Aggregated volume: N/A 
                                         Price: N/A 
e)  Date of the transaction             9 April 2021 
f)  Place of the transaction            Outside a trading venue 
 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

 
 1  Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                       Jonathan Trollip 
2   Reason for the notification 
a)  Position/status                            PDMR 
b)  Initial notification/Amendment             Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                       Kore Potash Plc 
b)  LEI                                        213800NWX7EHG4UVC107 
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,   Ordinary Shares of US$0.001 
     type of instrument                         each 
    Identification code                        GB00BYP2QJ94 
b)  Nature of the transaction                  Conversion of Performance 
                                                Rights 
c)  Price(s) and volume(s)                     Price: US$0.001 
                                                Volume: 250,000 
d)  Aggregated information                     Aggregated volume: N/A 
                                                Price: N/A 
e)  Date of the transaction                    9 April 2021 
f)  Place of the transaction                   Outside a trading venue 
 

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