Kefi Gold and Copper - Award of Options and Issue of Equity
05/05/2026 07:00
RNS Number : 9098C
Kefi Gold and Copper PLC
05 May 2026
5 May 2026
KEFI Gold and Copper plc
("KEFI" or the "Company")
Award of Options
Issue of Equity
KEFI Gold and Copper plc (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces the award of options under the Company's Share Option Scheme (the "Scheme") to the Company's senior leadership team, including the Executive Directors and other Persons Discharging Managerial Responsibility ("PDMRs"). In addition, equity is conditionally being issued to Jeff Rayner, Head of Exploration, and to a service provider to the Company.
Issue of Options
The Scheme was implemented in March 2014 and all options previously issued to Directors, PDMRs and employees have lapsed. At the Company's 2025 Annual General Meeting shareholder approval was given for the issue of options over KEFI ordinary shares of 0.1p each ("Ordinary Shares") up to an aggregate amount of 928,257,000 Ordinary Shares, being approximately 10% of the Company's then issued share capital. The Company's Remuneration Committee considered it appropriate to wait until the assembly of the project financing package for the Company's Tulu Kapi Gold Project and its full launch before granting options, in order to set what it believed would be a more appropriate exercise price than the prevailing 0.555p share price at the time of the 2025 AGM. The purpose of the Scheme is to align the interests of the Company's senior leadership team with the objective of maximising shareholder value, and to ensure that the structure of their overall remuneration packages supports the delivery of this objective.
The options granted ("Options") will ordinarily vest in three equal annual instalments on 31 December 2027, 31 December 2028 and 31 December 2029 and expire on 31 December 2030. The Options have an exercise price of 2 pence per ordinary share, representing a 48.15% premium to the closing market price on 1 May 2026 of 1.35 pence, and a 67% premium to the price of the equity fundraise announced on 19 March 2026.
The following PDMRs have received Option awards under the Scheme. It is noted that Jeff Rayner, who led KEFI from 2006 to 2014 when its initial discoveries were made, has rejoined the Company as Head of Exploration.
| PDMR | Title | Number of Options to be issued to the person or his service company |
| Harry Anagnostaras-Adams | Executive Chairman | 232,064,250 |
| John Leach | Finance Director | 139,238,550 |
| Eddy Solbrandt | Chief Operating Officer | 139,238,550 |
| Jeff Rayner | Head of Exploration | 139,238,550 |
| PDMR | Total direct shareholding in the Company | Number of Options | Total potential percentage shareholding of the person and his service company, on exercise of the Options |
| Harry Anagnostaras-Adams* | 114,493,216 | 232,064,250 | 2.48% |
| John Leach | 107,432,668 | 139,238,550 | 1.77% |
| Eddy Solbrandt | 56,788,636 | 139,238,550 | 1.41% |
| Jeff Rayner | 34,802,222 | 139,238,550 | 1.25% |
| KEFI Gold and Copper plc | |
| Harry Anagnostaras-Adams (Executive Chairman) | Tel: +357 2225 6161 |
| John Leach (Finance Director) | |
| SP Angel Corporate Finance LLP (Nominated Adviser) | Tel: +44 20 3470 0470 |
| Caroline Rowe / Adam Cowl | |
| Tavira Financial Limited (Broker) | Tel: +44 20 7100 5100 |
| Oliver Stansfield / Jonathan Evans | |
| IFC Advisory Ltd (Financial PR and IR) | Tel: +44 20 3934 6632 |
| Tim Metcalfe / Florence Staton |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Names | 1) Harry Anagnostaras-Adams 2) John Leach 3) Eddy Solbrandt 4) Jeff Rayner | ||||||||
| 2 | Reason for the notification | |||||||||
| a) | Position/status | 1) Executive Chairman 2) Finance Director 3) Chief Operating Officer 4) Head of Exploration | ||||||||
| b) | Initial notification/ Amendment | Initial Notification | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | KEFI Gold and Copper Plc | ||||||||
| b) | LEI | 213800OO6ETVDGE3QY15 | ||||||||
| 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 Identification code | In each case the grant of options over Ordinary Shares GB00BD8GP619 | ||||||||
| b) | Nature of the transaction | Grant of Options over new Ordinary Shares each with an exercise price of 2 pence per new Ordinary Share | ||||||||
| c) | Price(s) and volume(s) | Options over Ordinary Shares exercisable at 2p per Ordinary share
| ||||||||
| d) | Aggregated information - Aggregated volume - Price | n/a | ||||||||
| e) | Date of the transaction | 5 May 2026 | ||||||||
| f) | Place of the transaction | Off Market | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name | Jeff Rayner | ||
| 2 | Reason for the notification | |||
| a) | Position/status | Head of Exploration | ||
| b) | Initial notification/ Amendment | Initial Notification | ||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
| a) | Name | KEFI Gold and Copper Plc | ||
| b) | LEI | 213800OO6ETVDGE3QY15 | ||
| 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 Identification code | Ordinary Shares GB00BD8GP619 | ||
| b) | Nature of the transaction | Issue of Ordinary Shares | ||
| c) | Price(s) and volume(s) |
| ||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||
| e) | Date of the transaction | 5 May 2026 | ||
| f) | Place of the transaction | Off Market | ||