REG - Oriole Resources PLC - Issue of Salary Sacrifice Shares
12/05/2023 07:00
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RNS Number : 1752Z Oriole Resources PLC 12 May 2023
Oriole Resources PLC
('Oriole' or 'the Company')
Issue of Salary Sacrifice Shares
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed
on West Africa, announces that a total of 2,116,259 ordinary shares will be
issued to members of the Board in relation to £7k of gross salary foregone
during April 2023. The shares will be issued at a 25% premium to their
previously agreed pricing under the six-month salary sacrifice scheme
(announcement dated 2 November 2022).
Highlights
· A total of 2,116,259 shares will be issued to members of the Board in
relation to £7k of gross salary foregone, at a price of 0.205 pence ('p')
which, in recognition of the recent uplift in share price, is at a 25% premium
to the price agreed when the scheme was set up;
· Since June 2022, the Board has collectively committed to salary
sacrifices totalling £140k of gross salaries;
· Immediately following settlement of the Salary Sacrifice shares, the
Directors will collectively hold 8.41% of the issued share capital of the
Company.
Further Details on Salary Sacrifice Scheme
In November 2022, the Company entered into a six-month commitment whereby 20%
of Director's gross salaries would be subject to a salary sacrifice scheme
(announcement dated 2 November 2022). Under that agreement, the net sacrificed
salary would be applied to subscribe for new ordinary shares at the end of
each month or as soon as practically possible thereafter and the number of
such Salary Sacrifice Shares to be issued would be calculated based on the
price equal to the 30-day VWAP at the end of each month. The first, second,
and third tranches of Salary Sacrifice Shares issued under that scheme were
announced on 15 December 2022, 4 January 2023, and 20 April 2023 respectively.
During April 2023, the Board has sacrificed a further £7k gross cumulative
salary and will be undertaking a conversion to shares. Due to the increase in
the Company's share price over the last month, the Board has agreed that,
rather than using a 30-day WVAP at the end of April, it would be more
appropriate for the conversion price to be the mid-market closing price on 10
May 2023. Using this price of 0.205p, 2,116,259 new ordinary shares in the
Capital of the Company ('Ordinary Shares') will be issued as set out below:
Name Number of Ordinary Shares Issued Resultant shareholding in the Company Percentage of the issued share capital of the Company( 1
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/xle2dpw#_ftn1)
)
Eileen Carr 273,170 152,672,969 5.36%
Tim Livesey 692,073 38,308,323 1.34%
David Pelham 182,115 6,681,075 0.23%
Claire Bay 415,243 9,739,901 0.34%
Bob Smeeton 553,658 32,436,378 1.14%
( 1 )Note: Discrepancies may occur due to rounding.
Further information on these dealings is included in the PDMR dealing
notifications below.
Following Admission of the Subscription Shares and the Salary Sacrifice
Shares, the Directors will collectively hold 8.41% of the issued share capital
of the Company as outlined in the above table.
Admission and Dealings of the Shares
The Salary Sacrifice Shares will be issued as fully paid and will rank pari
passu in all respects with the existing Ordinary Shares, including the right
to receive dividends and other distributions declared on or after the date on
which they are issued.
Application will be made to the London Stock Exchange for the Subscription
Shares and Salary Sacrifice Shares to be admitted to trading on AIM
('Admission') at 8.00 a.m. on or around 17 May 2023.
Total Voting Rights
Following Admission of the Subscription Shares and the Salary Sacrifice
Shares, the Company's issued share capital will be 2,850,839,005 Ordinary
Shares. This figure of 2,850,839,005 may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.
** ENDS **
For further information please visit www.orioleresources.com
(http://www.orioleresources.com/) , @OrioleResources on Twitter,
or contact:
Oriole Resources PLC Tel: +44 (0)23 8065 1649
Tim Livesey / Bob Smeeton / Claire Bay
BlytheRay (IR/PR contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / George Grainger / Ciara Donnelly
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Harry Davies-Ball
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company, operating
in West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has a maiden Resource of 305,000 oz Au in the
JORC Inferred category at the Bibemi project and has identified
multi-kilometre gold and lithium anomalism within the district-scale Central
Licence Package project. At the more advanced Senala gold project in Senegal,
IAMGOLD had earned an initial 51% beneficial interest by spending US$4 million
and has the option to spend up to a further US$4 million by 28 February 2024
to earn a further 19% interest. On 26 April 2023, IAMGOLD announced that it
had completed the sale of its portfolio of projects in West Africa, including
its interest in Senala, to Managem Group. The Company also has several
interests and royalties in companies operating in East Africa and Turkey that
could deliver future cash flow.
ANNEX - PDMR notifications
Template for 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) Name Eileen Carr
2 Reason for the notification
a) Position/status Non-Executive Chair
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Ordinary shares of 0.1 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
c) Price(s) and volume(s)
Price(s) Volume(s)
0.205p 273,170
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023.05.11
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Timothy James Livesey
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Ordinary shares of 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
c) Price(s) and volume(s)
Price(s) Volume(s)
0.205p 692,073
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023.05.11
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Robert Smeeton
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Ordinary shares of 0.1 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
c) Price(s) and volume(s)
Price(s) Volume(s)
0.205p 553,658
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023.05.11
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name David Pelham
2 Reason for the notification
a) Position/status Non-executive Director
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Ordinary shares of 0.1 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
c) Price(s) and volume(s)
Price(s) Volume(s)
0.205p 182,115
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023.05.11
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Claire Bay
2 Reason for the notification
a) Position/status Executive Director - Exploration & Business Development
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Ordinary shares of 0.1 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
c) Price(s) and volume(s)
Price(s) Volume(s)
0.205p 415,243
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023.05.11
f) Place of the transaction Outside a trading venue
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