REG-Base Resources Limited: LTIP performance rights update

Base ResourcesAnnouncement

14/10/2022 10:00

AIM and Media Release 

14 October 2022

BASE RESOURCES LIMITED
LTIP performance rights update

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that, following performance testing of the
2019 cycle performance rights granted under the Base Resources Long Term
Incentive Plan (LTIP) as at 30 September 2022, 20,458,045 performance rights
have vested.

Vesting of performance rights granted under the LTIP is subject to achievement
of specified performance criteria over a three-year performance period.  The
performance criteria for the 2019 cycle performance rights required
achievement of total shareholder return (TSR) targets, with 50% subject to an
absolute TSR performance hurdle and 50% subject to a relative TSR performance
hurdle assessed against a set group of comparator companies.  The TSR for the
2019 cycle performance rights over the three-year performance period was
80.6%, which resulted in vesting of approximately 98% of the 2019 cycle
performance rights on issue at the time of testing.  In accordance with the
terms of the LTIP, 2019 cycle performance rights that did not vest following
testing were automatically forfeited. 

The LTIP participants whose 2019 cycle performance rights were tested, with
subsequent vesting and forfeiture, included senior management of the Company
classified as key management personnel.  Their updated securityholdings in
the Company are set out below.

 Name                               Vested 2019 cycle performance rights  Holding of unvested performance rights  Holding of shares  (direct and indirect) 
 Tim Carstens (Managing Director)                              2,864,477                               5,338,768                                10,136,997 
 Kevin Balloch                                                   956,065                               1,817,288                                 3,633,731 
 Andre Greyling                                                  935,060                               1,848,138                                 3,193,966 
 Stephen Hay                                                   1,004,950                               1,909,590                                 2,022,811 
 Chadwick Poletti                                                878,044                               1,710,257                                 1,967,332 
 Michael Rose                                                  1,026,285                               1,842,613                                    61,994 

In addition, during the September quarter and up to (and including) 12 October
2022:
* some vested 2018 cycle and 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;
and
* unvested performance rights were forfeited following cessation of employment
other than for a “Qualifying Reason” (as that term is defined in the
LTIP).
As a result of the above events, as at 12 October 2022, the Company had the
following securities on issue:
* 1,178,011,850 ordinary shares.
* 56,850,643 performance rights granted under the terms of the LTIP,
comprising: * 19,782,733 vested performance rights;(1) and
* 37,067,910 unvested performance rights subject to performance testing in
accordance with their terms of issue.
[Note (1): Vested performance rights have a nil cash exercise price.  Unless
exercised beforehand, performance rights expire five years after vesting.]

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 (0) 488 093 763                                  Tel: +44 (0) 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 (0)8 9413 7400
Fax: +61 (0)8 9322 8912

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)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
 



Copyright (c) 2022 PR Newswire Association,LLC. All Rights Reserved