REG - Kendrick Resources - Issue of Options
02/02/2023 11:15
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RNS Number : 7570O Kendrick Resources PLC 02 February 2023
2 February 2023
Kendrick Resources Plc
("Kendrick" or the "Company")
Issue of Options
Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company with nickel, vanadium and copper projects in Norway, Sweden and
Finland announces that, in aggregate, 22,550,000 options over ordinary shares
of £0.0003 par value in the capital of the Company ("Ordinary Shares") have
been granted pursuant to the Executive Share Option Scheme (the "Options"). Of
the 22,550,000 Options, 13,750,000 have been awarded to directors of the
Company, as detailed further below and the balance of 8,800,000 to other
eligible participants. The Company has not previously issued any Options.
Summary of the Options awarded:
Total number of options: A total of 22,550,000 Options have been awarded.
Exercise prices & award date: All the Options have an exercise price of 3.5 pence per Ordinary Share and
vested on issue.
Purpose of options: To incentivise and retain directors, officers, consultants and employees
critical to enhancing the future market value of the Company and have been
issued at a significant premium to the 30 day volume weighted average share
price ("VWAP") when the Options were approved.
30 day VWAP when Options approved: The 30 day VWAP to 2 February 2023, being the latest practicable date prior to
the approval of the Options by the Company's Remuneration Committee was 0.94
pence per share.
Prevailing share price: The Company's mid-market closing share price on 2 February 2023, being the
latest practicable date prior to the issue of this announcement, was 0.93
pence.
Exercise prices versus abovementioned VWAP and prevailing share price: Premium to:
Prevailing closing 30 day
share price
VWAP
Exercise price of 3.5 pence 278% 272%
Life of Options: The options expire on 3 February 2031 being the date one day prior to the
tenth anniversary of the AGM at which the Share Option Plan was approved.
Exercise period: The Options can be exercised any time after vesting and prior to their
scheduled expiry and must be exercised within 6 months of an option holder
leaving the Company or within 12 months of the death of an option holder.
Options awarded to the Directors Directors No. of Options
Colin Bird Executive Chairman 6,000,000
Martyn Churchouse 5,000,000
Non Executive Directors:
Alex Borrelli 1,000,000
Evan Kirby 1,000,000
Kjeld Thygesen 750,000
Total Directors 13,750,000
Options awarded to PDMR No. of Options
Vassilios Carellas 2,500,000
Options awarded to PDMR
No. of Options
Vassilios Carellas 2,500,000
Following the grant of Options, the total number of options outstanding over
unissued ordinary shares is 22,550,000 representing 9.4%% of the Company's
current issued share capital. The 13,750,000 Options issued to Directors
represent 5.74% of the Company's current issued share capital.
Further information on the Company's projects can be found on the Company's
website at: https://www.kendrickresources.com/
(https://www.kendrickresources.com/)
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
-ENDS-
For additional information please contact:
Kendrick Resources Plc: Tel: +44 203 961 6086
Chairman Colin Bird
Novum Securities Tel: +44 7399 9400
Financial Adviser David Coffman / George Duxberry
Joint Broker Jon Bellis
Shard Capital Partners LLP Tel: +44 207 186 9952
Joint Broker Damon Heath / Isabella Pierre
Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons
Details of the person discharging managerial responsibilities / person closely
associated
a) Names Colin Bird Executive Chairman
Martyn Churchouse Executive Director
Alex Borrelli Non-Executive Director
Evan Kirby Non-Executive Director
Kjeld Thygesen Non-Executive Director
Vassilios Carellas PDMR
2. Reason for the Notification
a) Position/status See 1(a) above for positions
b) Initial notification/ Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Kendrick Resources Plc
b) LEI 213800U66STYS4VQZH68
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 In each case, the grant of Options over Ordinary Shares of £0.0003 par
value
Identification code ISIN: GB00BNBQZW49
b) Nature of the transaction Grant of Options over Ordinary Shares
c) Price(s) and volume(s) Person No. of Options Exercise Price
Colin Bird 6,000,000 3.5 pence
Martyn Churchouse 5,000,000 3.5 pence
Alex Borrelli 1,000,000 3.5 pence
Evan Kirby 1,000,000 3.5 pence
Kjeld Thygesen 750,000 3.5 pence
Vassilios Carellas 2,500,000 3.5 pence
d) Aggregated information: N/A
·Aggregated volume
·Price
e) Date of the transaction 2 February 2023
f) Place of the transaction Outside a trading venue
2.
Reason for the Notification
a)
Position/status
See 1(a) above for positions
b)
Initial notification/ Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Kendrick Resources Plc
b)
LEI
213800U66STYS4VQZH68
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
In each case, the grant of Options over Ordinary Shares of £0.0003 par
value
Identification code
ISIN: GB00BNBQZW49
b)
Nature of the transaction
Grant of Options over Ordinary Shares
c)
Price(s) and volume(s)
Person No. of Options Exercise Price
Colin Bird 6,000,000 3.5 pence
Martyn Churchouse 5,000,000 3.5 pence
Alex Borrelli 1,000,000 3.5 pence
Evan Kirby 1,000,000 3.5 pence
Kjeld Thygesen 750,000 3.5 pence
Vassilios Carellas 2,500,000 3.5 pence
d)
Aggregated information:
·Aggregated volume
·Price
N/A
e)
Date of the transaction
2 February 2023
f)
Place of the transaction
Outside a trading venue
About Kendrick Resources Plc
Kendrick Resources Plc is a mineral exploration and development company with
projects primarily based across Scandinavia. The principal of its business is
to explore the opportunities within the natural resources sector with a focus
on battery, base, and precious metals including but not limited to nickel,
vanadium and copper. In doing so, the Company is looking to build a long-term
energy metals business in Scandinavia which delivers energy metals to Europe
to help enable its renewable energy transformation by building a top tier
energy metals production business.
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