REG - Hummingbird Res. - 2022 LTIP & Deferred Share Awards

Hummingbird ResourcesAnnouncement

02/03/2022 07:16

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RNS Number : 2933D  Hummingbird Resources PLC  02 March 2022

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

02 March 2022

Hummingbird Resources plc

("Hummingbird" or the "Company")

2022 LTIP & Deferred Share Awards

Hummingbird Resources plc (AIM: HUM) announces that under the 2022 Long Term
Incentive Plan ("LTIP"), the Remuneration Committee ("RemCo") has approved the
grant of 13,828,161 restricted share units ("RSU") awards to employee
participants. The Company has also awarded an annual deferred share award to
Hummingbird's Non-executive Directors.

Annual Employee Long Term Incentive Plans

As announced in May 2021 in our 2020 Audited Annual Results, the Company
adopted a long term employee incentive scheme that comprises an annual
discretionary cash award, which is based on both corporate and personal
targets being met, and an equity based LTIP, intended to better align
Hummingbird employee participants with shareholders, to create medium to long
term shareholder value.

The 2022 annual awards have been made in line with the LTIP rules, with the
Remuneration Committee removing the Absolute Total Shareholder Return ("TSR")
criteria for the 2022 LTIP in favour of a relative TSR performance criteria
over the S&P Commodity Producer Gold Index (as detailed below) in order to
reduce the impact of the gold price in favour of relative outperformance.

LTIP award vesting is subject to the performance criteria being met for each
respective tranche and continuous employment with positive performance. The
RSUs are expected to vest on 4 February 2025 in two tranches as follows:

A.   Retention Tranche: 1/3 of the RSUs will be based on continuous
employment, malice provisions and the employee meeting personal and Company
targets.

 

B.   Relative TSR Tranche: 2/3 of the RSUs will be based on Relative Total
Shareholder Return against the S&P Commodity Producers Gold Index, with
25% vesting for meeting the index rising on a straight-line basis to 100% for
5% outperformance.

Under the 2022 LTIP, 13,828,161 RSU awards have been approved and issued,
which include 3,079,455 in respect of Daniel Betts and 1,979,649 in respect of
Thomas Hill.

The RSUs under the 2022 LTIP consist of options granted over ordinary shares
in the Company of £0.01 each ("Shares"), which have an exercise price of
£0.01 per Share.  Once vested, any RSUs may be exercised by the holder
during a set exercise period determined by the Company and notified to the
option holders.  This is intended to be a minimum of a one-week period per
year when the Company is in an "open period" under MAR.  Unvested RSUs will
normally lapse on cessation of employment for any reason.  The RSU holders
will normally retain vested RSUs following cessation of employment and will
have two years from the date of cessation of employment to exercise, after
which the RSUs shall lapse.

Non-executive Director Deferred Share Awards

In the same way as 2021, in recognition of the experience and the ongoing
level of commitment of the Non-executive Directors, each Non-executive
Director (including the Chairman) will receive an annual deferred share award
with a value of £25,000, vesting one year from the award date, subject to
remaining in office. These awards must be retained and cannot normally be sold
until the individual ceases to hold office.  For the year to 31 December
2022, the awards are as follows:

 

 Name                 Position                Total number of Deferred Share Awards
 Russell King         Non-executive Chairman  214,495
 Attie Roux           Non-executive Director  214,495
 Ernie Nutter         Non-executive Director  214,495
 Stephen Betts        Non-executive Director  214,495
 David Straker-Smith  Non-executive Director  214,495
 Total                                        1,072,475

 

**ENDS**

Notes to Editors:

Hummingbird Resources (AIM: HUM) is a multi-asset, multi-jurisdiction gold
production, development and exploration Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com
(http://www.singlemineorigin.com) ). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa
Gold Mine in Guinea, which will more than double current gold production
when in production, scheduled for first gold pour end of Q2 2023. Further, the
Company has a controlling interest in the Dugbe Gold
Project in Liberia that is being developed by Pasofino Gold Limited through
an earn-in agreement. Our vision is to continue to grow our asset base,
producing profitable ounces, while placing our Environmental, Social &
Governance ('ESG') policies and practices at the heart of all we do.

For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/)  or subscribe to our investor
releases via  investor email alerts
(https://www.hummingbirdresources.co.uk/investors/regulatory-news-alerts/#subscribe)
 

 Daniel Betts, CEO                  Hummingbird Resources plc  Tel: +44 (0) 20 7409 6660

 Thomas Hill, FD

 Anthony Köcken, COO

 Edward Montgomery, CSO & ESG
 James Spinney                      Strand Hanson Limited      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer                     Nominated Adviser

 James Asensio                      Canaccord Genuity Limited  Tel: +44 (0) 20 7523 8000

 Thomas Diehl                       Broker
 Bobby Morse                        Buchanan                   Tel:  +44 (0) 20 7466 5000

 Ariadna Peretz                     Financial PR/IR            Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)

 James Husband

 

 

 

 

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