REG - Emmerson PLC - Share Options Scheme & Director Shareholdings

EmmersonAnnouncement

22/07/2022 09:00

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RNS Number : 4357T  Emmerson PLC  22 July 2022

 

 

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

22 July 2022

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

 

Approval of Employee Share Option Scheme, Grant of Share Options and Allotment
of Shares to Directors/PDMRs

 

Emmerson, which is developing the world class Khemisset Potash Project in
Morocco, is pleased to make the following announcements:

 

Approval of Employee Share Option scheme

 

As part of ongoing enhancements to corporate governance and remuneration, the
Company yesterday adopted an Employee Share Option scheme. This scheme
provides a framework for the award of future share options to eligible
employees, and will include awards to be made, where appropriate, under the
HMRC-approved Enterprise Management Incentive scheme.

 

Award of Share Options

 

On 21 July 2022, 6,013,000 share options were granted to employees and
eligible contractors, including the CEO Graham Clarke (a PDMR) at an exercise
price of 7 pence per share (the mid-market close price at the day prior to the
award) as per the following table:

 

 Director / Senior Management   New Options  Exercise price  Grant date    Vesting Date
 Graham Clarke                  1,821,000    7 pence         21 July 2022  20 July 2024
 Other staff and contractors    4,192,000    7 pence         21 July 2022  20 July 2024
 Total                          6,013,000

 

These awards were made in recognition of performance during 2021. Following
these awards, Graham Clarke holds 19,321,000 share options.

 

Allotment of New Ordinary Shares to Directors

 

As part of their remuneration package as Non-executive Directors, Rupert Joy
and James Kelly are entitled to receive shares to the value of £10,000 and
£20,000 respectively each year, based on the 10-day VWAP prior to the date of
allotment, and pro rated since their dates of appointment in 2021.
Accordingly, 66,371 new ordinary shares will be allotted to Rupert Joy and
218,406 new ordinary shares to James Kelly.

 

 Director / Senior Management   Ordinary Shares allotted     Total shareholding after allotment  % of shares in issue
 Rupert Joy                                66,371              356,371                           0.039%
 James Kelly                             218,406               968,406                           0.106%
 Total                                   284,777

 

 

The Company has applied for the 284,777 new shares to be admitted for trading
on the AIM Market and admission is expected to take place on 27 July 2022.

 

Following this allotment, the total number of shares in issue will be
916,080,771.

 

**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:                                                         Graham Clarke
 2.     Reason for the notification
 a)     Position/status:                                              CEO
 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:                                    Grant of Options
 c)     Price(s) and volume(s):

                                                                        Volume Price (£)

                                                                      1,821,000  0.07
 d)     Aggregated information:

        Aggregated volume:                                            n/a

        Price:
 e)     Date of the transaction:                                      21 July 2022
 f)     Place of the transaction:                                     Outside a trading Venue

 

        Details of the person discharging managerial responsibilities/person closely

      associated
 1.
 a)     Name:                                                         1.    James Kelly

                                                                      2.    Rupert Joy
 2.     Reason for the notification
 a)     Position/status:                                              1.    Non-Executive Chairman

                                                                      2.    Non-Executive 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:                                    Grant of Ordinary Shares
 c)     Price(s) and volume(s):

                                                                        Volume Price (£)

                                                                      1.    218,406     0.07

                                                                      2.    66,371       0.07

 d)     Aggregated information:

        Aggregated volume:                                            284,777

        Price:                                                        0.07

 e)     Date of the transaction:                                      21 July 2022
 f)     Place of the transaction:                                     Outside a trading Venue

 

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