REG - Caledonia Mining Crp - Issue of Long-Term Incentive Awards

Caledonia MiningAnnouncement

11/04/2023 08:00

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RNS Number : 7234V  Caledonia Mining Corporation PLC  11 April 2023

Caledonia Mining Corporation Plc

(NYSE American: CMCL; AIM: CMCL; VFEX: CMCL)

Issue of Long-Term Incentive Awards

 

St Helier, April 11, 2023: Caledonia Mining Corporation Plc (the "Company" or
"Caledonia") announces that it has granted new long term incentive plan awards
under the Company's 2015 Omnibus Equity Incentive Compensation Plan (the
"Plan"). Awards that have been made to "Persons Discharging Managerial
Responsibility" ("PDMRs") within the meaning of the Market Abuse
Regulation (EU) No. 596/2014 are as follows:

 Name of PDMR      Position                              Value
 Mark Learmonth    Director and Chief Executive Officer  US$ 465,750.00
 Dana Roets        Director and Chief Operating Officer  US$ 207,352.40
 Victor Gapare     Executive Director                    US$ 194,579.97
 Chester Goodburn  Chief Financial Officer               US$ 184,164.50

The awards are in the form of Performance Units ("PUs") as defined in the
Plan. The vesting date for the PUs shall be the first business day in April
2026, in order to align with market practice of awarding and vesting dates
being after publication of annual financial results (previously these dates
were in January).

The Plan also extends to other group employees as well as senior management at
the mines; the Plan currently has 113 participants in Jersey, the UK, South
Africa and Zimbabwe.

The number of PUs awarded is equal to the monetary value of the award divided
by the "Fair Market Value" (as defined in the Plan) of the Company's shares,
being, in this case, the greater of (i) the closing price of Caledonia's
shares on the NYSE American on the trading day preceding the date of the award
or (ii) the volume-weighted average closing price of Caledonia's shares on the
NYSE American for the five days preceding the date of the award, which
resulted in a price of US$16.91.

The final number of PUs which vest on maturity of the awards will be adjusted
to reflect the actual performance of the Company in terms of various operating
metrics based on gold production and cost, subject to certain minimum and
maximum thresholds.

Each PU that vests entitles the PDMR to receive one Caledonia common share (or
a security representing a share) on the maturity of the award. Shares that are
issued to PDMRs pursuant to vesting PUs are subject to a minimum holding
period of one year in case vested awards become subject to forfeiture,
reduction or cancellation.

Enquiries:

 Caledonia Mining Corporation Plc

 Mark Learmonth                                             Tel: +44 1534 679 800

 Camilla Horsfall                                           Tel: +44 7817 841 793
 Cenkos Securities plc (Nomad and Joint Broker)

 Adrian Hadden                                              Tel: +44 207 397 1965

 Neil McDonald                                              Tel: +44 131 220 9771

 Pearl Kellie                                               Tel: +44 131 220 9775
 Liberum Capital Limited (Joint Broker)

 Scott Mathieson/Kane Collings                              Tel: +44 20 3100 2000
 BlytheRay Financial PR (UK)

 Tim Blythe/Megan Ray                                       Tel: +44 207 138 3204

 3PPB (Financial PR, North America)                         Tel: +1 917 991 7701

 Patrick Chidley                                            Tel: +1 203 940 2538

 Paul Durham
 Curate Public Relations (Zimbabwe)                         Tel: +263 77802131

 Debra Tatenda
 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)  Tel: +263 (242) 745 119/33/39

 Lloyd Mlotshwa

 

 

Note: This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.

 

 

 

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