REG - East Star Resources - Adoption of Long-Term Incentive Plan
01/03/2023 07:00
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RNS Number : 4162R East Star Resources PLC 01 March 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
1 March 2023
East Star Resources Plc
("East Star" or the "Company")
Adoption of Long-Term Incentive Plan
Grant of Options
East Star Resources Plc (LSE:EST), the Kazakhstan-focused minerals exploration
company, announces that the Company's Remuneration Committee has approved the
adoption of a long term incentive plan ("LTIP"). On the recommendation of the
Remuneration Committee, the Company has granted an aggregate of 4,794,686
options over new ordinary shares in the Company to employees and non-executive
directors of the Company (the "Options") to be approved by shareholders at the
next Annual General Meeting.
The Options will vest in three equal tranches on each of the first three
anniversaries of the grant date (being 1 March 2023) and will expire on 28
February 2033. The exercise price of the Options is 4.3p and was calculated by
a 30-day VWAP prior to the approval of the LTIP on 28 February 2023 and
represents a 27.2 percent premium to the Company's closing share price on 28
February 2023.
2,898,551 of the Options have been granted to the Company's Chief Executive
Officer, Alex Walker, and the notification below, provided in accordance with
the UK MAR Regulation (as defined below), provides further details.
869,565 of the Options have been granted to the Company's non-executive
directors and the notification below, provided in accordance with the UK MAR
Regulation, provides further details.
A further 1,026,570 Options have been granted to employees of the Company in
Kazakhstan on the same terms as described above.
It is East Star's objective to establish a strong sense of ownership in the
Company's future by all its employees. The granting of the Options under the
employee LTIP recognises the loyalty of employees to date as well as their
achievements and the work ethic they have demonstrated since joining the
Company.
An ordinary resolution will be proposed at the next Annual General Meeting of
the Company to approve the terms of the LTIP and the grant of the Options
referred to in this announcement.
The Notification of Dealing Forms set out in the appendix below are provided
in accordance with the requirements of the retained EU law version of the
Market Abuse Regulation (596/2014) that has applied in the UK following Brexit
(UK MAR Regulation).
For further information visit the Company's website at www.eaststarplc.com
(http://www.eaststarplc.com) , or contact:
East Star Resources Plc
Alex Walker, Chief Executive Officer
Tel: +44 (0)20 7390 0234 (via Vigo Consulting)
Peterhouse Capital Limited (Corporate Broker and Placing Agent)
Duncan Vasey / Lucy Williams
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
Tel: +44 (0)20 7390 0234
About East Star Resources Plc
East Star Resources is focused on the discovery and development of gold, rare
earth, and copper deposits in Kazakhstan. With an initial nine licences
covering 1,687 square kilometres in three mineral rich districts, East Star is
undertaking an intensive exploration programme, applying modern geophysics and
out-of-the-box geological concepts to discover minerals under cover and at
depths not previously explored. The Company also intends to further expand its
licence portfolio in Kazakhstan. East Star's management are based permanently
on the ground, supported by local expertise, and joint ventures with the state
mining company.
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/east-star-resources/
(https://www.linkedin.com/company/east-star-resources/)
Twitter: https://twitter.com/EastStar_PLC (https://twitter.com/EastStar_PLC)
Subscribe to our email alert service to be notified whenever East Star
releases news:
www.eaststarplc.com/newsalerts (http://www.eaststarplc.com/newsalerts)
The person who arranged for the release of this announcement was Alex Walker,
CEO of the Company.
Appendix - Notification of Dealing Forms
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name Alex Walker
2. Reason for notification
a) Position/Status Director
b) Initial notification/ Initial notification
Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name East Star Resources PLC
b) LEI 2138001Y6SMQC8DX2B40
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 one pence each
Identification Code
ISIN: GB00BN92HZ16
b) Nature of the transaction Grant of awards over Ordinary Shares under the Company's Long Term Incentive
Plan. No consideration was paid for the grant of awards.
c) Price(s) and volume(s) LTIP Award
Price Volume
Nil cost award 2,898,551
d) Aggregated information Awards granted over 2,898,551 shares in total
- Aggregated Volume
- Price N/A
e) Date of the transaction 28/02/2023
f) Place of the transaction Off-market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name Sandy Barblett
2. Reason for notification
a) Position/Status Director
b) Initial notification/ Initial notification
Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name East Star Resources PLC
b) LEI 2138001Y6SMQC8DX2B40
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 one pence each
Identification Code
ISIN: GB00BN92HZ16
b) Nature of the transaction Grant of awards over Ordinary Shares under the Company's Long Term Incentive
Plan. No consideration was paid for the grant of awards.
c) Price(s) and volume(s) LTIP Award
Price Volume
Nil cost award 289,855
d) Aggregated information Awards granted over 289,855 shares in total
- Aggregated Volume
- Price N/A
e) Date of the transaction 28/02/2023
f) Place of the transaction Off-market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name David Minchin
2. Reason for notification
a) Position/Status Director
b) Initial notification/ Initial notification
Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name East Star Resources PLC
b) LEI 2138001Y6SMQC8DX2B40
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 one pence each
Identification Code
ISIN: GB00BN92HZ16
b) Nature of the transaction Grant of awards over Ordinary Shares under the Company's Long Term Incentive
Plan. No consideration was paid for the grant of awards.
c) Price(s) and volume(s) LTIP Award
Price Volume
Nil cost award 289,855
Aggregated information Awards granted over 289,855 shares in total
- Aggregated Volume
- Price N/A
d) Date of the transaction 28/02/2023
e) Place of the transaction Off-market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name Anthony Eastman
2. Reason for notification
a) Position/Status Director
b) Initial notification/ Initial notification
Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name East Star Resources PLC
b) LEI 2138001Y6SMQC8DX2B40
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 one pence each
Identification Code
ISIN: GB00BN92HZ16
b) Nature of the transaction Grant of awards over Ordinary Shares under the Company's Long Term Incentive
Plan. No consideration was paid for the grant of awards.
c) Price(s) and volume(s) LTIP Award
Price Volume
Nil cost award 289,855
Aggregated information Awards granted over 289,855 shares in total
- Aggregated Volume
- Price N/A
d) Date of the transaction 28/02/2023
e) Place of the transaction Off-market transaction
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