REG-Base Resources Limited: LTIP performance rights update

Base ResourcesAnnouncement

13/10/2023 07:30

 

 

 

AIM and Media Release 

13 October 2023

 

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
2020 cycle performance rights granted under the Base Resources Long Term
Incentive Plan (LTIP) as at 30 September 2023, 10,528,393 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 2020 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. 

 

Base Resources’ TSR over the three-year performance period for the 2020
cycle performance rights was approximately 43%, which resulted in vesting of
approximately 61% of the 2020 cycle performance rights.  In accordance with
the terms of the LTIP, 2020 cycle performance rights that did not vest were
automatically forfeited.

 

The LTIP participants whose 2020 cycle performance rights were tested, with
subsequent vesting and forfeiture, included Managing Director, Tim Carstens. 
Mr Carstens’ updated securityholding in the Company is as follows:

 
* 13,001,474 ordinary shares (held directly and indirectly);
* 1,654,556 vested 2020 cycle performance rights; and
* 5,350,234 unvested performance rights. 
 

Immediately following testing on 6 October 2023, the Company had the following
securities on issue:

 
* 1,178,011,850 ordinary shares.
* 47,000,451 performance rights granted under the terms of the LTIP,
comprising:
* 12,401,245 vested performance rights1; and
* 34,599,206 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 conclusion of
the relevant performance period.]

 

ENDS.

 

For further information contact:

 Australian Media Relations        UK Media Relations             
 Citadel Magnus                    Tavistock Communications       
 Cameron Gilenko and Michael Weir  Jos Simson and Gareth Tredway  
 Tel: +61 8 6160 4900              Tel: +44 207 920 3150          

 

This release has been authorised by Base Resources’ Disclosure Committee.

 

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 ADVISER & JOINT BROKER
Canaccord Genuity Limited
James Asensio / Raj Khatri / George Grainger
Phone: +44 20 7523 8000

 

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



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