REG - Capital Limited - Long Term Incentive Grant
29/06/2023 15:15
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RNS Number : 4345E Capital Limited 29 June 2023
Capital Limited
("Capital", the "Group" or the "Company")
Long Term Incentive Grant
Capital (LSE: CAPD), a leading mining services company, today announces Long
Term Incentive Plan awards ("LTIPs") as referenced in Remuneration Report of
the 2022 Annual Report to Executive Directors Jamie Boyton, Peter Stokes and
Brian Rudd, as well as other senior employees.
The LTIP was established to strengthen retention, incentivisation, support the
Company's next phase of growth and increase alignment between executives and
shareholders. A summary of the terms of the awards is set out on pages 91
and 98 of the 2022 Annual Report. The Executive Directors have been granted
two separate performance awards each (LTIP1 and LTIP2) (totalling 1,920,742
awards), with a nominal exercise price of US$0.0001 and a three-year vesting
period. All awards to Executive Directors are subject to a two-year holding
period post vesting.
Name Role Max no. of Equity awards (LTIP1) Max no. of Equity awards (LTIP2) Exercise price (US$)
Executive Chairman 361,682 0.0001
Jamie Boyton 361,682
Chief Executive Officer 414,870 0.0001
Peter Stokes 414,870
Brian Rudd Executive Director 0.0001
183,819 183,819
A maximum total aggregate of 4,163,031 awards (comprising 2,731,469 LTIP1 and
1,431,562 LTIP2) have been granted to the Executive Directors and other senior
members of the Company. Within the total aggregate, PDMRs of the Company have
received a total of 2,219,754 awards (details of these PDMR awards are set out
at the foot of this announcement).
The awards will vest on the third anniversary of the date of grant, subject to
the meeting of the three-year performance conditions laid out below:
For LTIP1:
· Up to a maximum of 50% of the award is subject to absolute Total
Shareholder Return ("TSR") measured at the year ended 31 December 2025 against
the 20-day VWAP ending 31 December 2022. Shares will Vest on a straight-line
basis between 12.5% (if 8% CAGR is achieved) and 50% (if 15% CAGR is
achieved).
· Up to a maximum of 50% of the award is subject to an Earnings per
Share performance condition (EPS), measured at the year ended 31 December 2025
against the baseline 2022 EPS (based on performance of the underlying business
i.e. excluding returns from Capital DI, the direct investment vehicle of
Capital Limited). Shares will Vest on a straight-line basis between 12.5% (if
8% CAGR is achieved) and 50% (if 15% CAGR is achieved).
For LTIP 2:
· solely absolute TSR measured at the year ended 31 December 2025
against the 20-day VWAP ending 31 December 2022. Shares will vest on a
straight-line basis between 0% (if 15% CAGR is achieved) and 100% (if 25% CAGR
is achieved).
The awards are subject to continued employment and malus and clawback
provisions.
- ENDS -
For further information, please visit Capital's website www.capdrill.com or
contact:
Capital Limited
investor@capdrill.com
Peter Stokes, Chief Executive
Officer
Rick Robson, Chief Financial Officer
Conor Rowley, Investor Relations & Corporate Development Manager
Tamesis Partners LLP
+44 20 3882 2868
Charlie Bendon
Richard Greenfield
Stifel Nicolaus Europe Limited
+44 20 7710 7600
Ashton Clanfield
Callum Stewart
Rory Blundell
Buchanan
+44 20 7466 5000
Bobby
Morse
capital@buchanan.uk.com
George Pope
About Capital Limited
Capital Limited is a leading mining services company providing a complete
range of drilling, mining, maintenance and geochemical laboratory solutions to
customers within the global minerals industry, focusing on the African
markets. The Company's services include: exploration, delineation and
production drilling; load and haul services; maintenance; and geochemical
analysis. The Group's corporate headquarters are in the United Kingdom and it
has established operations in Côte d'Ivoire, Canada, Democratic Republic of
Congo, Egypt, Gabon, Guinea, Kenya, Mali, Mauritania, Nigeria, Pakistan, Saudi
Arabia and Tanzania.
Notification of transactions by PDMRs
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Jamie Boyton
2. Reason for the 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 Capital Limited
b. LEI 213800XG175G91JW8W37
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, type of instrument Identification Common shares of $0.0001 each
code
BMG022411000
b. Nature of the transaction Grant of Options
c. Price(s) and volume(s) Price(s) Volume(s)
$0.0001 361,682
$0.0001 361,682
d. Aggregated information 723,364 at $0.0001
· Aggregated volume
· Price
e. Date of the transaction 29 June 2023
f. Place of the transaction Outside of trading venue
d.
Aggregated information
· Aggregated volume
· Price
723,364 at $0.0001
e.
Date of the transaction
29 June 2023
f.
Place of the transaction
Outside of trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Peter Stokes
2. Reason for the notification
a. Position/status Chief Executive Officer
b. Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Capital Limited
b. LEI 213800XG175G91JW8W37
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, type of instrument Identification Common shares of $0.0001 each
code
BMG022411000
b. Nature of the transaction Grant of Options
c. Price(s) and volume(s) Price(s) Volume(s)
$0.0001 414,870
$0.0001 414,870
d. Aggregated information 829,740 at $0.0001
· Aggregated volume
· Price
e. Date of the transaction 29 June 2023
f. Place of the transaction Outside of trading venue
d.
Aggregated information
· Aggregated volume
· Price
829,740 at $0.0001
e.
Date of the transaction
29 June 2023
f.
Place of the transaction
Outside of trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Brian Rudd
2. Reason for the notification
a. Position/status Executive Director
b. Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Capital Limited
b. LEI 213800XG175G91JW8W37
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, type of instrument Identification Common shares of $0.0001 each
code
BMG022411000
b. Nature of the transaction Grant of Options
c. Price(s) and volume(s) Price(s) Volume(s)
$0.0001p 183,819
$0.0001p 183,819
d. Aggregated information 367,638 at $0.0001
· Aggregated volume
· Price
e. Date of the transaction 29 June 2023
f. Place of the transaction Outside of trading venue
d.
Aggregated information
· Aggregated volume
· Price
367,638 at $0.0001
e.
Date of the transaction
29 June 2023
f.
Place of the transaction
Outside of trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Rick Robson
2. Reason for the notification
a. Position/status Chief Financial Officer
b. Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Capital Limited
b. LEI 213800XG175G91JW8W37
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, type of instrument Identification Common shares of $0.0001 each
code
BMG022411000
b. Nature of the transaction Grant of Options
c. Price(s) and volume(s) Price(s) Volume(s)
$0.0001 149,506
$0.0001 149,506
d. Aggregated information 299,012 at $0.0001
· Aggregated volume
· Price
e. Date of the transaction 29 June 2023
f. Place of the transaction Outside of trading venue
d.
Aggregated information
· Aggregated volume
· Price
299,012 at $0.0001
e.
Date of the transaction
29 June 2023
f.
Place of the transaction
Outside of trading venue
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