REG - Emmerson PLC - Exercise of Options & Director/PDMR Shareholding

EmmersonAnnouncement

16/08/2022 16:30

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RNS Number : 2219W  Emmerson PLC  16 August 2022

 

 

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

16 August 2022

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

 

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

 

Emmerson PLC announces that it has received notice of the exercise of
13,100,000 share options, including 12,000,000 share options held by Benson
Capital Limited, a consulting company controlled by Hayden Locke, a Director
of the Company.

 

These exercises were settled through a cashless exercise mechanism, as a
result of which 7,509,673 shares are to be allotted, and no exercise price
paid (including 6,879,090 to Hayden Locke).

 

Following the allotment, Hayden Locke will hold a beneficial interest in
8,909,660 shares in the Company (0.96% of the issued share capital), and
10,000,000 share options at an average exercise price of 8 pence.

 

Application has been made to the London Stock Exchange for the admission of
the 7,509,673 new Ordinary Shares to trading on AIM. Admission is expected to
take place on or around 8.00 a.m. on Monday 22 August 2022.

 

Following Admission, the Company's issued share capital will consist of
923,590,444 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

 Shore Capital (Nominated Adviser and Joint Broker)  +44 (0)20 7408 4090

 Toby Gibbs / John More

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

 Scott Mathieson / Lydia Zychowska
 Shard Capital (Joint Broker)                        +44 (0)20 7186 9927

 Damon Heath / Isabella Pierre

 St Brides Partners (Financial PR/IR)                +44 (0)20 7236 1177

 Susie Geliher / Charlotte Page

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:                                                         Hayden Locke
 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 share in satisfaction of option exercise
 c)     Price(s) and volume(s):

                                                                        Volume Price (£)

                                                                      6,879,090 at 0.07030
 d)     Aggregated information:

        Aggregated volume:                                            n/a

        Price:
 e)     Date of the transaction:                                      16 August 2022
 f)     Place of the transaction:                                     Outside a trading Venue

 

 

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