REG-Base Resources Limited: 2022 LTIP cycle performance rights

Base ResourcesAnnouncement

27/10/2022 10:15

AIM and Media Release 

27 October 2022

BASE RESOURCES LIMITED
2022 LTIP cycle performance rights

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that 16,299,318 performance rights have been
granted to eligible employees under the Base Resources Long Term Incentive
Plan (LTIP) for the 2022 cycle.  The performance rights were granted for nil
cash consideration and form the equity and long-term incentive component of
the at-risk remuneration of relevant employees for the financial year ending
30 June 2023.

Vesting of the 2022 cycle performance rights is subject to satisfaction of
performance criteria tied to the Company’s total shareholder return
performance, either in absolute or relative terms, and certain other gates to
vesting over a three-year performance period that commenced on 1 October 2022
and concludes on 30 September 2025. 

The employees granted 2022 cycle performance rights included senior management
of the Company classified as persons discharging managerial
responsibilities.  Their updated securityholdings in the Company are set out
below.

 Name               New 2022 cycle performance rights  Vested 2019 cycle performance rights  Total unvested performance rights (1)  Holding of shares  (direct and indirect) 
 Kevin Balloch                                962,757                               956,065                              2,780,045                                 3,633,731 
 Andre Greyling                               962,757                               935,060                              2,810,895                                 3,193,966 
 Stephen Hay                                  958,770                             1,004,950                              2,868,360                                 2,022,811 
 Chadwick Poletti                             918,904                               878,044                              2,629,161                                 1,967,332 
 Michael Rose                                 837,180                             1,026,285                              2,679,793                                    61,994 

[Note (1): Includes 2022 cycle performance rights.]

The grant of 2022 cycle performance rights to Tim Carstens will be considered
by shareholders at Base Resources’ upcoming 2022 Annual General Meeting to
be held on Friday, 25 November 2022.  For further details about the terms of
the 2022 cycle performance rights, refer to the Company’s Notice of 2022
Annual General Meeting released to ASX on 26 October 2022.

Further, since the Company’s LTIP update as at 12 October 2022, some vested
2019 cycle performance rights were exercised by participants, with the
resultant entitlement to ordinary shares satisfied by the allocation of shares
previously acquired on-market by the LTIP trustee.

As a result of the above events, the Company has the following securities on
issue:
* 1,178,011,850 fully paid ordinary shares; and
* 69,909,540 performance rights issued under the LTIP, comprising: *
16,542,312 vested performance rights, which remain subject to exercise; and
* 53,367,228 unvested performance rights subject to performance testing in
accordance with their terms of issue.
ENDS.

For further information contact:

 James Fuller, Manager Communications and Investor Relations  UK Media Relations             
 Base Resources                                               Tavistock Communications       
 Tel: +61 8 9413 7426                                         Jos Simson and Gareth Tredway  
 Mobile: +61 488 093 763                                      Tel: +44 207 920 3150          
 Email: jfuller@baseresources.com.au                                                         

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer
and developer with a track record of project delivery and operational
performance.  The Company operates the established Kwale Operations in Kenya
and is developing the Toliara Project in Madagascar.  Base Resources is an
ASX and AIM listed company.  Further details about Base Resources are
available at www.baseresources.com.au

PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 8 9480 2500

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800

JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
Phone: +44 20 7523 8000
 



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