REG - Greatland Gold PLC - Grant of Performance Rights

Greatland GoldAnnouncement

08/02/2022 12:30

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RNS Number : 0565B  Greatland Gold PLC  08 February 2022

8 February 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATION.  WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc
("Greatland" or "the Company")

 

Grant of Performance Rights and Amendment of Existing Options

 

Greatland Gold plc (AIM:GGP), a mining development and exploration company
with a focus on precious and base metals,  announces  the proposed grant of
share based incentive awards to certain employees and an executive director,
and the extension of the expiry date of existing share options held by a
director.

 

The Company proposes to award Performance Share Rights under the terms of a
new long term incentive scheme which will give the holders the right to
subscribe for up to 26,250,000 ordinary shares at 0.1p each (inclusive of
2,000,000 Performance Share Rights previously announced on 8 July 2021).

 

The Performance Share Rights will vest at the end of a three year performance
period and will, in addition, be subject to a one year retention period, for a
total of four years. The vesting of the Performance Share Rights will be
subject to the satisfaction of a number of performance conditions reflecting
operational and shareholder value criteria. Performance will be assessed by
the Remuneration Committee.

 

The grant of the Performance Share Rights is intended to provide a long-term
incentive to employees acting as a retention mechanism, rewarding outcomes
consistent with the performance conditions, and creating additional alignment
with shareholders. The expiry date of Performance Share Rights will be 10
years from grant.

 

Included in the above figure is a Performance Share Right over up to
12,000,000 ordinary shares awarded to Shaun Day, Chief Executive Officer.

 

As Shaun Day is a related party, the proposed award of Performance Share Right
to him is regarded as a related party transaction under the AIM Rules.
Accordingly, the Independent Directors, being the Directors other than Shaun
Day, consider, having consulted with SPARK Advisory Partners Limited, the
Company's nominated adviser, that the award of Performance Share Right is fair
and reasonable insofar as shareholders are concerned.

 

In addition, the Company has amended the terms of existing share options held
by Alex Borrelli, Non-executive Chairman.  Without amendment, all of the
share options held by Mr Borrelli would expire in 2022.  The Company believes
that a more progressive sequence of expiry dates would better serve the
interests of shareholders and the Company as a whole.  The Company has
therefore determined to extend the expiry dates of all of the options held by
Mr Borrelli by 12 months from their current expiry dates, as follows:

 

 

 

 Number      Exercise price (p)  Grant date  Vesting date  Original expiry date  Amended expiry date  Revised

                                                                                 on 28 Jan 2021       expiry date
 25,000,000  0.20                20/04/2016  20/04/2016    20/04/2021            20/04/2022           20/04/2023
 14,000,000  0.28                18/01/2017  18/07/2017    18/07/2022                                 18/07/2023
 7,500,000   0.70                18/08/2017  18/02/2018    16/02/2021            16/02/2022           16/02/2023
 2,500,000   1.40                07/09/2018  07/09/2019    06/09/2022                                 06/09/2023
 2,500,000   2.00                07/09/2018  07/09/2019    06/09/2022                                 06/09/2023

 

All other terms of the options remain unchanged.

 

The amendment of these existing options is regarded as a related party
transaction under the AIM Rules.  Accordingly, the Independent Directors,
being the Directors other than Alex Borrelli, consider, having consulted with
SPARK Advisory Partners Limited, the Company's nominated adviser, that the
amendments to the terms of the share options held by Alex Borrelli are fair
and reasonable insofar as shareholders are concerned.

 

The notification set out below is provided in accordance with the requirements
of the UK Market Abuse Regulation:

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name

Company directors/officers:
                                                                   Shaun Day          Chief Executive Officer

                                                                   Christopher Toon   Chief Financial Officer
 2    Reason for the notification
 a)   Position/status                                              See 1(a) above for all positions - all classified as PDMRs of the Company
 b)   Initial notification /Amendment                              Initial Notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Greatland Gold plc
 b)   LEI                                                          213800KMN7LDF4VRPQ10
 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  Performance Share Right over Ordinary Shares of 0.1p each

      Identification code                                          GB00B15XDH89

 b)   Nature of the transaction                                    Award of Performance Share Right
 c)   Price(s) and volume(s)                                       Shaun Day

Date             Transaction Type                  Amount      Price
                                                                   8February 2022  Award of Performance Share Right  12,000,000  0.1p per share

 

                                                                   Christopher Toon

Date             Transaction Type                  Amount     Price
                                                                   8February 2022  Award of Performance Share Right  3,000,000  0.1p per share
 d)   Aggregated information                                       n/a - single transaction

      Volume

      Price
 e)   Date of the transaction                                      8 February 2022
 f)   Place of the transaction                                     Outside a trading venue

2

Reason for the notification

a)

Position/status

See 1(a) above for all positions - all classified as PDMRs of the Company

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor

a)

Name

Greatland Gold plc

b)

LEI

213800KMN7LDF4VRPQ10

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

Performance Share Right over Ordinary Shares of 0.1p each

Identification code

GB00B15XDH89

b)

Nature of the transaction

Award of Performance Share Right

c)

Price(s) and volume(s)

Shaun Day

 Date             Transaction Type                  Amount      Price
 8 February 2022  Award of Performance Share Right  12,000,000  0.1p per share

 

Christopher Toon

 Date             Transaction Type                  Amount     Price
 8 February 2022  Award of Performance Share Right  3,000,000  0.1p per share

d)

 

Aggregated information

Volume

Price

n/a - single transaction

e)

Date of the transaction

8 February 2022

f)

Place of the transaction

Outside a trading venue

 

Enquiries:

 

 Greatland Gold PLC                                                    +44 (0)20 3709 4900

 Shaun Day                                                             info@greatlandgold.com

                                                                       www.greatlandgold.com

 SPARK Advisory Partners Limited (Nominated Adviser)                   +44 (0)20 3368 3550

 Andrew Emmott/James Keeshan

 Berenberg (Joint Corporate Broker and Financial Adviser)              +44 (0)20 3207 7800

 Matthew Armitt/ Varun Talwar/Alamgir Ahmed/Detlir Elezi

 Canaccord Genuity (Joint Corporate Broker and Financial Adviser)      +44 (0)20 7523 8000

 James Asensio/Patrick Dolaghan

 Hannam & Partners (Joint Corporate Broker and Financial Adviser)      +44 (0)20 7907 8500

 Andrew Chubb/Matt Hasson/Jay Ashfield

 SI Capital Limited (Joint Broker)                                     +44 (0)14 8341 3500

 Nick Emerson/Alan Gunn

 Luther Pendragon (Media and Investor Relations)                       +44 (0)20 7618 9100

 Harry Chathli/Alexis Gore

 

 

 

 

Notes for Editors:

 

Greatland Gold plc (AIM:GGP) is a mining development and exploration company
with a focus on precious and base metals. The Company's flagship asset is the
world-class Havieron gold-copper deposit in the Paterson region of Western
Australia, discovered by Greatland and presently under development in Joint
Venture with Newcrest Mining Ltd.

 

Greatland has a proven track record of discovery and exploration success. It
is pursuing the next generation of tier-one mineral deposits by applying
advanced exploration techniques in under-explored regions. The Company is
focused on safe, low-risk jurisdictions and is strategically positioned in the
highly prospective Paterson region. Greatland has a total six projects across
Australia with a focus on becoming a multi-commodity mining company of
significant scale.

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