REG - Rainbow Rare Earths - Grant of Share Options
22/05/2023 14:15
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RNS Number : 2326A Rainbow Rare Earths Limited 22 May 2023
22 May 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Grant of Share Options
Rainbow Rare Earths announces that pursuant to its Long Term Incentive Plan
("LTIP") approved in January 2021 its Board of Directors, on the
recommendation of the Remuneration Committee, has approved the grant of 3.15
million nil priced share options to Directors and Persons Discharging
Managerial Responsibility of the Company as follows:
Director Number of share options
George Bennett 900,000
Pete Gardner 500,000
Adonis Pouroulis 500,000
Alex Lowrie 250,000
Atul Bali 250,000
Peter Pham 250,000
Shawn McCormick 500,000
The options will vest in equal tranches over three years: one third after 12
months, one third after 24 months and one third after 36 months; there are no
other vesting conditions.
In aggregate the share options granted above represent 0.53% of the existing
issued share capital of the Company. Following this award the Company has
18,399,400 share options in issue under the existing share option schemes,
representing 3.1% of the existing issued share capital of the Company,
including 6,858,000 nil priced options issued under the LTIP and 11,541,400
options with a weighted average exercise price of 13.33 pence per share under
the unapproved share option plan.
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 George Bennett
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. Bennett holds 3,958,000 options to purchase ordinary shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 900,000
d) Aggregated information
Aggregated volume 900,000
- Price Nil
e) Date of the transaction 19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
900,000
Nil
e)
Date of the transaction
19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
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 Pete Gardner
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. Gardner holds 2,400,000 options to purchase ordinary shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 500,000
d) Aggregated information
Aggregated volume 500,000
- Price Nil
e) Date of the transaction 22 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
500,000
Nil
e)
Date of the transaction
22 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
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 Adonis Pouroulis
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. Pouroulis holds 1,902,000 options to purchase ordinary
shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 500,000
d) Aggregated information
Aggregated volume 500,000
- Price Nil
e) Date of the transaction 19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
500,000
Nil
e)
Date of the transaction
19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
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 Alex Lowrie
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. Lowrie holds 1,250,000 options to purchase ordinary shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 250,000
d) Aggregated information
Aggregated volume 250,000
- Price Nil
e) Date of the transaction 19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
250,000
Nil
e)
Date of the transaction
19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
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 Atul Bali
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. Bali holds 1,250,000 options to purchase ordinary shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 250,000
d) Aggregated information
Aggregated volume 250,000
- Price Nil
e) Date of the transaction 19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
250,000
Nil
e)
Date of the transaction
19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
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 Peter Pham
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. Pham holds 750,000 options to purchase ordinary shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 250,000
d) Aggregated information
Aggregated volume 250,000
- Price Nil
e) Date of the transaction 19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
250,000
Nil
e)
Date of the transaction
19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
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 Shawn McCormick
2 Reason for the notification
a) Position/status PDMR
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
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 no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Award of option to purchase ordinary shares of the Company. Following the
transaction, Mr. McCormick holds 1,850,000 options to purchase ordinary
shares.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 500,000
d) Aggregated information
Aggregated volume 500,000
- Price Nil
e) Date of the transaction 19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
- Price
500,000
Nil
e)
Date of the transaction
19 May 2023
Note: the Company is not considered in a close period at the time of this
transaction.
f)
Place of the transaction
Outside a trading venue
For further information, please contact:
Rainbow Rare Earths Ltd Company George Bennett +27 82 652 8526
Pete Gardner
Cathy Malins (IR) +44 7876 796 629
cathym@rainbowrareearths.com
Berenberg Broker Matthew Armitt +44 20 3207 7800
Jennifer Lee
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
Rainbow Rare Earths aims to be a forerunner in the establishment of an
independent and ethical supply chain of the rare earth elements that are
driving the green energy transition. It is doing this successfully via the
identification and development of secondary rare earth deposits that can be
brought into production quicker and at a lower cost than traditional hard rock
mining projects, with a focus on the magnet rare earth elements neodymium and
praseodymium ("NdPr"), dysprosium and terbium.
The Phalaborwa Rare Earths Project, located in South Africa, comprises a total
Mineral Resource Estimate of 30.4 Mt at 0.44% TREO contained within
unconsolidated gypsum stacks derived from historic phosphate hard rock mining.
High value NdPr oxide represents 29.0% of the total contained rare earth
oxides, with economic Dysprosium and Terbium oxide credits enhancing the
overall value of the rare earth basket in the stacks. Rainbow will use a
proprietary separation technique developed by its partner K-Technologies, Inc.
for the plant at Phalaborwa, which simplifies the process of producing
separated rare earth oxides (versus traditional solvent extraction), leading
to cost benefits, as well as being more environmentally friendly.
The Phalaborwa Preliminary Economic Assessment has confirmed strong base line
economics for the project, which has a base case NPV(10) of US$627 million 1
(#_ftn1) , an average EBITDA operating margin of 75% and a payback period of
< two years. Pilot plant operations will commence in 2023, with the project
expected to reach commercial production in 2026, just five years after work
began on the project by Rainbow.
1 (#_ftnref1) Net present value using a 10% forward discount rate
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