REG - Kefi Gold and Copper - Grant of Share Options
17 March 2021
KEFI Gold and Copper plc
("KEFI" or the "Company")
GRANT OF SHARE OPTIONS
KEFI Gold and Copper, the AIM-quoted gold and copper exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, announces that it has allocated options to certain of the Company's directors and senior management in accordance with the Company's long-standing long-term incentive plan (the "Option Scheme"). This is the first such allocation since 1 February 2018.
Allocation of Options under the Shareholder-Approved Incentive Options Scheme
In accordance with the Option Scheme, the directors have approved the issue of 119,747,339 Options over new ordinary shares of the Company ("Ordinary Shares") to certain directors and senior managers (the "Options"). The Options have an exercise price of 2.55p per Ordinary Share, representing a c.27% premium to the VWAP during the week ending 12 March 2021. The Options expire after 4 years and, in normal circumstances, vest in three equal instalments, the first after one year, the second after two years and the third after three years from the date of grant.
Following this grant of Options, there will be 145,229,182 options outstanding under the Option Scheme over approximately 6.8% of the currently issued Ordinary Share capital of the Company. Under the terms of the Option Scheme options over a maximum of 10% of the Company's share capital may be issued.
Details of the Options granted today to the following persons who discharge managerial responsibilities ("PDMRs") are set out below, with further details contained in the appended tables below:
Name
Title
Number of new Options granted
Number of Ordinary Shares subject to Option following the grant of new Options
Harry Anagnostaras-Adams
Executive Chairman
37,766,978
43,734,926
John Leach
Finance Director
7,189,168
10,318,899
Mark Tyler
Non-executive Director
2,735,688
2,735,688
Adam Taylor
Non-executive Director
2,735,688
2,735,688
Richard Richardson
Non-executive Director
2,735,688
2,735,688
David Munro
Head of Operations
9,054,169
10,254,169
Eddy Solbrandt
Head of Systems
9,054,169
10,254,169
Brian Hosking
Head of Exploration & Planning
9,230,640
10,607,110
Wayne Nicoletto
Managing Director-Ethiopia
5,311,660
10,623,320
A further 33,933,491 Options have also today been granted to other members of the Company's management team.
Following the grant of Options the allocations under the Company's Option Scheme are approximately 20% to the Executive Chairman, 39% to other management, 4% to Non-Executive Directors and 37% remain unallocated at this time.
The Company's practice over many years was to make an annual allocation of options at the end of each calendar year. However, allocations in recent years were deferred pending the announcement that the project financing was proceeding for the Company's Tulu Kapi Gold Project.
The Option Scheme and the Company's approach to remuneration generally is designed to align the interest of senior management with those of shareholders and to promote the retention of the Company's senior management team. The senior executive team of KEFI has indicated its intention to remain with KEFI for a minimum of three years so as to oversee the Tulu Kapi Gold Project's physical development, the organisational development in Ethiopia for the start-up of production at Tulu Kapi and the aggressive pursuit of the Company's pipeline of other projects at various stages of exploration, notably the exploration of satellite targets in the Tulu Kapi district, as well as the exploration in Saudi Arabia, in particular the discoveries at Hawiah (gold and copper) and Jibal Qutman (gold).
Related Party Transaction
As Harry Anagnostaras-Adams, John Leach, Mark Tyler, Richard Robinson and Adam Taylor are all directors of the Company, the grant of the Options is being treated as a related party transaction. Norman Ling, being the only director independent of the grant of Options, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries
KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Executive Chairman)
+357 99457843
John Leach (Finance Director)
+357 99208130
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)
+44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Brandon Hill Capital Ltd (Joint Broker)
+44 (0) 20 7936 5200
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR)
+44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
1.
Details of the person discharging managerial responsibilities/person closely associated
(a)
Full name of person Dealing
Harry Anagnostaras-Adams
2.
Reason for notification
(a)
Position/status
Executive Chairman
(b)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name of entity
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
Share options over ordinary shares of 0.1 pence
(b)
Identification code
GB00BD8GP619
(c)
Nature of the transaction
Grant of options over ordinary shares
(d)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
37,766,978
(e)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55 pence
37,766,978
(f)
Date of transaction
16 March 2021
(g)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
h)
Full name of person Dealing
John Leach
2.
Reason for notification
(a)
Position/status
Finance Director
(b)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name of entity
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
Share options over ordinary shares of 0.1 pence
(b)
Identification code
GB00BD8GP619
(c)
Nature of the transaction
Grant of options over ordinary shares
(d)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
7,189,168
(e)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55 pence
7,189,168
(f)
Date of transaction
16 March 2021
(g)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
h)
Full name of person Dealing
Mark Tyler
5.
Reason for notification
(i)
Position/status
Non Executive Director
j)
Initial notification/ Amendment
Initial notification
6.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(k)
Name of entity
KEFI Gold and Copper Plc
l)
LEI
213800OO6ETVDGE3QY15
7.
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
(m)
Description of the financial instrument, type of instrument
Share options over ordinary shares of 0.1 pence
n)
Identification code
GB00BD8GP619
o)
Nature of the transaction
Grant of options over ordinary shares
p)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
2,735,688
q)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55 pence
2,735,688
r)
Date of transaction
16 March 2021
s)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Full name of person Dealing
Adam Taylor
2.
Reason for notification
(b)
Position/status
Non Executive Director
c)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)
Name of entity
KEFI Gold and Copper Plc
e)
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
(f)
Description of the financial instrument, type of instrument
Share options over ordinary shares of 0.1 pence
g)
Identification code
GB00BD8GP619
h)
Nature of the transaction
Grant of options over ordinary shares
i)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
2,735,688
j)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55 pence
2,735,688
k)
Date of transaction
16 March 2021
l)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Full name of person Dealing
Richard Robinson
2.
Reason for notification
(b)
Position/status
Non Executive Director
c)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)
Name of entity
KEFI Gold and Copper Plc
e)
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
(f)
Description of the financial instrument, type of instrument
Share options over ordinary shares of 0.1 pence
g)
Identification code
GB00BD8GP619
h)
Nature of the transaction
Grant of options over ordinary shares
i)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
2,735,688
j)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55 pence
2,735,688
k)
Date of transaction
16 March 2021
l)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Full name of person Dealing
Wayne Nicoletto
2.
Reason for notification
(a)
Position/status
Managing Director - Ethiopia
(b)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name of entity
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
Share options over ordinary shares of 0.1 pence
(b)
Identification code
GB00BD8GP619
(c)
Nature of the transaction
Grant of options over ordinary shares
(d)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
5,311,660
(e)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55pence
5,311,660
(f)
Date of transaction
16 March 2021
(g)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
(a)
Full name of person Dealing
David Munro
2.
Reason for notification
(b)
Position/status
Head of Operations
(c)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)
Name of entity
KEFI Gold and Copper Plc
(e)
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
(f)
Description of the financial instrument, type of instrument
Share options over ordinary shares of 0.1 pence
(g)
Identification code
GB00BD8GP619
(h)
Nature of the transaction
Grant of options over ordinary shares
(i)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
9,054,169
(j)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55pence
9,054,169
(k)
Date of transaction
16 March 20211
(l)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
(a)
Full name of person Dealing
Eddy Solbrandt
2.
Reason for notification
(b)
Position/status
Head of Systems
(c)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)
Name of entity
KEFI Gold and Copper Plc
(e)
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
(f)
Description of the financial instrument, type of instrument
Share options over ordinary shares of 0.1 pence
(g)
Identification code
GB00BD8GP619
(h)
Nature of the transaction
Grant of options over ordinary shares
(i)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
9,054,169
(j)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55pence
9,054,169
(k)
Date of transaction
16 March 2021
(l)
Place of transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
(a)
Full name of person Dealing
Brian Hosking
2.
Reason for notification
b)
Position/status
Head of Planning
(c)
Initial notification/ Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
d)
Name of entity
KEFI Gold and Copper Plc
(e)
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
f)
Description of the financial instrument, type of instrument
Share options over ordinary shares of 0.1 pence
(g)
Identification code
GB00BD8GP619
(h)
Nature of the transaction
Grant of options over ordinary shares
(i)
Price(s) and volume(s)
Prices(s)
Volume(s)
2.55 pence
9,230,640
(j)
Aggregated information:
- Aggregated volume
- Price
Single transaction as in 4(d) above
Prices(s)
Volume(s)
2.55pence
9,230,640
(k)
Date of transaction
16 March 2021
(l)
Place of transaction
Outside a trading venue
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