REG - Rainbow Rare Earths - Issue of Shares to Directors under Incentive Plan
04/07/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250704:nRSD7251Pa&default-theme=true
RNS Number : 7251P Rainbow Rare Earths Limited 04 July 2025
4 July 2025
Rainbow Rare Earths Limited
("Rainbow" or "the Company" and together with its subsidiaries "the Group")
LSE: RBW
Issue of Shares to Directors under Long Term Incentive Plan
On 3 September 2024, Rainbow announced that its Long Term Incentive Plan had
been amended in August 2024 to incorporate Restricted Share Units ("RSU") for
the benefit of US resident individuals in order to comply with US tax
requirements. Accordingly, the first tranche of RSUs vested on 30 June 2025,
as per the vesting schedule below.
30/6/25 30/6/26 30/6/27
Atul Bali 166,666 166,667 83,334
J Peter Pham 166,666 166,667 83,334
Shawn McCormick 250,000 250,000 83,334
Total 583,332 583,334 250,002
An application will be made for the 583,332 Ordinary Shares to be admitted to
the Official List (by way of a Standard Listing) and to trading on the London
Stock Exchange Plc's Main Market for listed securities ("Admission"). It is
expected that Admission will become effective and that dealing in the Ordinary
Shares will commence on or around 9 July 2025. The new Ordinary Shares will
rank pari passu with the existing Ordinary Shares. Following Admission, the
Company will have 644,271,482 Ordinary Shares in issue. This figure 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.
Following the admission of the new Ordinary Shares, the beneficial ownership
of the Company by persons discharging managerial responsibility ("PDMR") are
as follows:
Name No. of Ordinary Shares held prior to the Award % interest in Ordinary Shares held prior to the Award No. of Ordinary Shares held immediately following Admission % interest in Ordinary Shares immediately following Admission
Atul Bali 4,504,325 0.70% 4,670,991 0.73%
J Peter Pham 714,833 0.11% 881,499 0.14%
Shawn McCormick 9,483,237 1.47% 9,733,237 1.51%
Further disclosures as required for the notification of PDMRs are included in
the Appendix to this announcement.
Appendix
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 Director
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 Issue of incentive award shares
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 166,666
d) Aggregated information
Aggregated volume 166,666
- Price Nil
e) Date of the transaction 9 July 2025
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
166,666
Nil
e)
Date of the transaction
9 July 2025
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 J Peter Pham
2 Reason for the notification
a) Position/status Director
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 Issue of incentive award shares
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 166,666
d) Aggregated information
Aggregated volume 166,666
- Price Nil
e) Date of the transaction 9 July 2025
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
166,666
Nil
e)
Date of the transaction
9 July 2025
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 Director
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 Issue of incentive award 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 9 July 2025
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
9 July 2025
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
IR Cathy Malins +44 7876 796 629
cathym@rainbowrareearths.com (mailto:cathym@rainbowrareearths.com)
Berenberg Broker Matthew Armitt +44 (0) 20 3207 7800
Jennifer Lee
Stifel Broker Ashton Clanfield +44 20 7710 7600
Varun Talwar
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk (mailto: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
pioneering the first commercial recovery of rare earth elements from
phosphogypsum that occurs as the by-product of phosphoric acid production.
These projects eliminate the cost and risk of typical rare earth projects,
which involve mining and the production of a rare earth concentrate that must
be chemically cracked to form a mixed rare earth carbonate before further
downstream processing. As such, Rainbow's projects can be brought into
production quicker and at a lower cost than traditional hard rock mining
projects.
The Company is focused on the development of the Phalaborwa Project in South
Africa and the earlier stage Uberaba Project in Brazil. Rainbow's process will
deliver separated rare earth oxides through a single hydrometallurgical plant
on site, with a focus on the recovery of neodymium, praseodymium, dysprosium
and terbium. These are critical components of the high-performance permanent
magnets used in electric vehicles, wind turbines, defence and exciting new
markets such as robotics and advanced air mobility.
The Phalaborwa updated interim economic study released in December 2024 has
confirmed strong base line economics for the project, which has a base case
NPV(10) of US$611 million. Given Phalaborwa is a chemical processing
operation, with its resource sitting at surface in a chemically cracked form,
it has a much lower operating cost than traditional rare earth mining
projects, and it is therefore estimated to be the highest margin rare earth
project in development today outside of China.
More information is available at www.rainbowrareearths.com
(http://www.rainbowrareearths.com/) or please visit the Company's Curation
Connect showcase at: Curation Connect - Rainbow Rare Earths Showcase
(https://app.curationconnect.com/company/Rainbow-Rare-Earths-90903?utm_source=media&utm_campaign=media&utm_id=media)
or https://app.curationconnect.com/company/Rainbow-Rare-Earths-90903
(https://app.curationconnect.com/company/Rainbow-Rare-Earths-90903)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IOEUPUAAMUPAPWWRecent news on Rainbow Rare Earths
See all newsREG - Official List - Official List Notice
AnnouncementREG - Stock Exch Notice - Admission to Trading - 09/07/2025
AnnouncementREG - Rainbow Rare Earths - Issue of Shares to Directors under Incentive Plan
AnnouncementREG - Rainbow Rare Earths - Economic Assessment for Uberaba Project in Brazil
AnnouncementREG - Rainbow Rare Earths - Update on Laboratory Test Work in South Africa
Announcement