REG - Chaarat Gold Hlgs Ld - Award & Concurrent Cancellation of Options
22/12/2023 07:00
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RNS Number : 6696X Chaarat Gold Holdings Ltd 22 December 2023
22 December 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Award & Concurrent Cancellation of Options
Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company, with development
projects in the Kyrgyz Republic, is pleased to announce the introduction of a
rationalised share option package for the Board and the concurrent
cancellation of certain historic options.
The Board recognises the importance of share options to appropriately
incentivise and retain talent as well as to ensure their interests are aligned
with that of the Company and its shareholders. Following a review, the
Remuneration Committee of the Board recommended that, given the operational
and corporate changes during 2023, the directors' share options package was no
longer appropriate and that it should be replaced to re-align the option
scheme with the current strategic focus of the Company (as a development
company, rather than a current producer). The Board of Directors approved this
recommendation and is issuing a new set of options.
Accordingly, the Company has cancelled, with mutual agreement and immediate
effect, 20,449,894 options over Ordinary Shares (the "Historic Options").
On 20 December 2023 (the "Grant Date"), the Company granted a total of
22,500,000 options over Ordinary Shares (the "New Options"), a portion of
which are to replace the Historic Options alongside the grant of options to a
new holder - as detailed below.
PDMR Number of New Options Granted Exercise Price of New Options Granted Number of Historic Options cancelled Total number of options held following the grant and cancellation of options
Martin Andersson 15,000,000 £0.20 16,300,639 15,000,000
Robert Benbow 1,500,000 £0.20 1,778,252 1,500,000
Gordon Wylie 1,500,000 £0.20 1,185,501 1,500,000
Robert Edwards 1,500,000 £0.20 592,751 1,500,000
Hussein Barma 1,500,000 £0.20 592,751 1,500,000
Sandy Stash 1,500,000 £0.20 - 1,500,000
Total 22,500,000 N/A 20,449,894 22,500,000
The New Options granted vest in two equal tranches on the first and second
anniversaries of the Grant Date and expire five years from the Grant Date.
Following the cancellation of the Historic Options and grant of the New
Options, the Company now has 37,852,880 options outstanding over a total of
728,056,182 existing Ordinary Shares.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.
For further information visit www.chaarat.com (http://www.chaarat.com/) or
please contact:
Chaarat Gold Holdings Limited +44 (0)20 7499 2612
David Mackenzie (Chief Financial Officer) IR@chaarat.com (mailto:IR@chaarat.com)
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
Ritchie Balmer / James Spinney / Robert Collins
Axis Capital Markets Limited (Joint Broker) +44 (0)20 3026 0449
Ben Tadd / Lewis Jones
Panmure Gordon (UK) Limited (Joint Broker) +44 (0)20 7886 2500
John Prior / Hugh Rich
About Chaarat
Chaarat is an exploration and development company which owns the Tulkubash and
Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear
strategy to build a leading emerging markets gold company through organic
growth and selective M&A.
Chaarat aims to create value for its shareholders, employees and communities
from its high-quality gold and mineral deposits by building relationships
based on trust and operating to the best environmental, social and employment
standards.
The notification below, made in accordance with the requirements of the UK
Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name i) Martin Andersson Executive Chairman
ii) Robert Benbow Non-Executive Director
iii) Gordon Wylie Senior Independent Director
iv) Robert Edwards Independent Non-Executive Director
v) Hussein Barma Independent Non-Executive Director
2. Reason for the notification
a) Position / status See 1(a) above
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Chaarat Gold Holdings Limited
b) Legal entity identifier 213800T2A5CV84VTFJ70
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 Ordinary shares of US$0.01 each
Identification code VGG203461055
b) Nature of the transaction Cancellation of Options
c) Currency GBP
d) Price(s) and volume(s) Name Price(s) Volume(s)
Martin Andersson £0.42 16,300,639
Robert Benbow £0.42 1,778,252
Gordon Wylie £0.42 1,185,501
Robert Edwards £0.42 592,751
Hussein Barma £0.42 592,751
e) Aggregated information
· Aggregated volume 20,449,894
· Aggregated price N/A
f) Date of the transaction 20 December 2023
g) Place of the transaction XLON
e)
Aggregated information
· Aggregated volume
· Aggregated price
20,449,894
N/A
f)
Date of the transaction
20 December 2023
g)
Place of the transaction
XLON
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name i) Martin Andersson Executive Chairman
ii) Robert Benbow Non-Executive Director
iii) Gordon Wylie Senior Independent Director
iv) Robert Edwards Independent Non-Executive Director
v) Hussein Barma Independent Non-Executive Director
vi) Sandy Stash Independent Non-Executive Director
2. Reason for the notification
a) Position / status See 1(a) above
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Chaarat Gold Holdings Limited
b) Legal entity identifier 213800T2A5CV84VTFJ70
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 Ordinary shares of US$0.01 each
Identification code VGG203461055
b) Nature of the transaction Grant of Options
c) Currency GBP
d) Price(s) and volume(s) Name Price(s) Volume(s)
Martin Andersson £0.20 15,000,000
Robert Benbow £0.20 1,500,000
Gordon Wylie £0.20 1,500,000
Robert Edwards £0.20 1,500,000
Hussein Barma £0.20 1,500,000
Sandy Stash £0.20 1,500,000
e) Aggregated information
· Aggregated volume 22,500,000
· Aggregated price N/A
f) Date of the transaction 20 December 2023
g) Place of the transaction XLON
e)
Aggregated information
· Aggregated volume
· Aggregated price
22,500,000
N/A
f)
Date of the transaction
20 December 2023
g)
Place of the transaction
XLON
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