REG - Emmerson PLC - Exercise & Allotment of Shares

EmmersonAnnouncement

06/06/2023 07:00

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RNS Number : 7078B  Emmerson PLC  06 June 2023

 

 

Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining

6 June 2023

Emmerson PLC ("Emmerson" or the "Company")

 

Exercise of Share Options and Allotment of Shares to Director/PDMR

 

Emmerson PLC announces the allotment of a total of 12,250,000 shares in
satisfaction of 24,750,000 share options at 3 pence held by current and former
employees and consultants of the Company.

 

Of these, 6,000,000 share options were exercised gross, while 18,750,000 were
exercised through a cashless exercise mechanism, as a result of which
6,250,000 shares are to be allotted with no exercise price paid, based on a
mid-market close share price of 4.5 pence on 2 June 2023.

 

This cashless exercise includes 2,000,000 shares to be allotted to Robert
Wrixon, a director of the Company. Following the allotment, Robert Wrixon will
hold a beneficial interest in 46,233,411 shares in the Company (4.5% of the
issued share capital), and 5,000,000 share options at an average exercise
price of 8 pence.

 

Application has been made to the London Stock Exchange for the admission of
the 12,250,000 new Ordinary Shares to trading on AIM. Admission is expected to
take place on or around 8.00 a.m. on Monday 12 June 2023.

 

Following Admission, the Company's issued share capital will consist of
1,026,743,224 Ordinary Shares with voting rights. This figure may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

The Company does not hold any Ordinary Shares in treasury.

 

**ENDS**

 

For further information, please visit www.emmersonplc.com
(http://www.emmersonplc.com/) , follow us on Twitter (@emmerson_plc), or
contact:

 

 Emmerson PLC                                                  +44 (0) 20 7236 1177

 Graham Clarke / Jim Wynn / Charles Vaughan

 Liberum Capital Limited (Nominated Advisor and Joint Broker)  +44 (0)20 3100 2000

 Scott Mathieson / Kane Collings / Will King

 Shard Capital (Joint Broker)                                  +44 (0)20 7186 9927

 Damon Heath / Isabella Pierre

 BlytheRay (Financial PR and IR)                               +44 (0) 207 138 3204

 Tim Blythe / Megan Ray / Said Izagaren

 

Notes to Editors

Emmerson is focused on advancing the Khemisset project ("Khemisset" or the
"Project") in Morocco into a low cost, high margin supplier of potash, and the
first primary producer on the African continent.  With an initial 19-year
life of mine, the development of Khemisset is expected to deliver long-term
investment and financial contributions to Morocco including the creation of
permanent employment, taxation and a plethora of ancillary benefits.  As a
UK-Moroccan partnership, the Company is committed to bringing in significant
international investment over the life of the mine.

 

Morocco is widely recognised as one of the leading phosphate producers
globally, ranking third in the world in terms of tonnes produced annually, and
the development of this mine is set to consolidate its position as the most
important fertiliser producer in Africa. The Project has a large JORC Resource
Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential,
and is perfectly located to support the expected growth of African fertiliser
consumption whilst also being located on the doorstep of European markets. The
need to feed the world's rapidly increasing population is driving demand for
potash and Khemisset is well placed to benefit from the opportunities this
presents. The Feasibility Study released in June 2020 indicated the Project
has the potential to be among the lowest capital cost development stage potash
projects in the world and also, as a result of its location, one of the
highest margin projects. This delivered outstanding economics, including a
post-tax NPV8 of approximately US$1.4 billion using industry expert Argus'
price forecasts, and the spot price for granular MOP fertiliser has since
risen, further enhancing the valuations.

 

 

        Details of the person discharging managerial responsibilities/person closely

      associated
 1.
 a)     Name:                                                         Robert Wrixon
 2.     Reason for the notification
 a)     Position/status:                                              Director
 b)     Initial notification/Amendment:                               Initial notification
 3.     Details of the issuer, emission allowance market participant, auction
        platform, auctioneer or auction monitor
 a)     Name:                                                         Emmerson PLC
 b)     LEI:                                                          213800JA8ZK1K6CWYP61

 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 NPV

        Identification code:

                                                                      ISIN: IM00BDHDTX83

 b)     Nature of the transaction:                                    Allotment of shares in satisfaction of option exercise
 c)     Price(s) and volume(s):

                                                                        Volume Price (£)

                                                                      2,000,000 at £0.045
 d)     Aggregated information:

        Aggregated volume:                                            n/a

        Price:
 e)     Date of the transaction:                                      5 June 2023
 f)     Place of the transaction:                                     Outside a trading Venue

 

 

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