TIDMDKL
RNS Number : 2415V
Dekel Agri-Vision PLC
02 December 2019
DekelOil Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
2 December 2019
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
Grant of Options
Dekel Agri-Vision Plc, the West African focused agriculture
company, announces that it has awarded a total of 17,600,000 new
options ('2019 Options') over ordinary shares of EUR0.0003367 each
in the Company ('Ordinary Shares') to certain Directors of, and
advisers to, the Company. In addition, the Company announces that
16,300,000 options previously granted to Directors and senior
management of the Company in 2015 and 2017 ("Existing Options")
have been amended to bring them in line with the terms of the 2019
Options. Accordingly, the revised exercise price and vesting
conditions of the Existing Options, being more closely aligned with
the current market price of the Ordinary Shares, will provide a
more relevant incentive and reward package to the option
holders.
Grant of new 2019 Options
The Directors and advisers granted 2019 Options are set out in
the table below. The 2019 Options expire 10 years from the date of
grant and have an exercise price of 2.45p per Ordinary Share, being
the closing price of an Ordinary Share on 29 November 2019. Certain
of the 2019 Options are also subject to two vesting conditions
being:
- One third of the 2019 Options may only be exercised if at any
point following the date of grant, the 30 day VWAP (volume weighted
average price) of the Ordinary Shares achieves a price per share
equal to or exceeding 4.0p, representing a 63.3% increase on the
current 2.45p per Ordinary Share. These options vest 12 months
after the date of grant.
- A further one third of the 2019 Options may only be exercised
if at any point following the date of grant, the 30 day VWAP of the
Ordinary Shares achieves a price per share equal to or exceeding
6.0p, representing a 144.9% increase on the current 2.45p per
Ordinary Share. These options vest 24 months after the date of
grant.
Name No. of 2019 Options granted
Youval Rasin 4,700,000
Shai Kol 4,700,000
Lincoln Moore 4,700,000
Optiva Securities 3,500,000
----------------------------
17,600,000
Amendments to the Existing Options
The Existing Options were previously awarded as part of a
long-term incentive plan for key members of the Board and executive
team of the Company, the exercise prices of which are now multiple
times higher than the current price of the Ordinary Shares. In
order to provide a more relevant incentive and reward package to
the Board and management team, the Remuneration Committee
recommended to the Board, who have agreed, that the exercise price
and vesting conditions of the Existing Options be adjusted and
aligned with the 2019 Options, as set out in the table below:
Option Holder No. of Options issued in 2015 No. of Options issued in 2017 No. of
Options
Youval Rasin 1,800,000 2,000,000 3,800,000
Shai Kol 1,800,000 2,000,000 3,800,000
Lincoln Moore 1,800,000 2,000,000 3,800,000
Andrew Tillery 1,800,000 - 1,800,000
Other employees - 3,100000 3,100,000
----------
16,300,000
The exercise period of the Existing Options will also expire in
10 years on the same date as the 2019 Options. Similarly, the
vesting conditions and exercise price of the Existing Options, will
be the same as those for the 2019 Options.
Following the grant of the 2019 Options, the total number of
options over Ordinary Shares in issue represents approximately 8.0%
of the total 423,064,443 issued share capital of the Company. The
table below sets out the total number of options held by the
Directors following the grant of the 2019 Options:
Total no.
of Options
Youval Rasin 8,500,000
Shai Kol 8,500,000
Lincoln Moore 8,500,000
Andrew Tillery 1,800,000
------------
27,300,000
Separately, pursuant to his remuneration contract the local
General Manager, Alon Levy, shall be issued 400,000 Ordinary Shares
per year at par value over the next 3 years, vesting on a monthly
basis. These new Ordinary Shares will be issued annually in
arrears, with the first year of 400,000 shares being issued on or
around 1 December 2020.
**S **
For further information please visit the Company's website
www.dekelagrivision.com or contact:
Dekel Agri-Vision Plc
Youval Rasin
Shai Kol
Lincoln Moore +44 (0) 207 236 1177
Cantor Fitzgerald Europe (Nomad and
Joint Broker)
David Foreman +44 (0) 207 894 7000
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
St Brides Partners Ltd (Investor Relations)
Frank Buhagiar
Megan Dennison +44 (0) 207 236 1177
Notes
Dekel Agri-Vision Plc is a multi-project, multi-commodity
agricultural company focused on West Africa. It has a portfolio of
projects in Côte d'Ivoire at various stages of development: a fully
operational palm oil project in Ayenouan where fruit produced by
local smallholders is processed at the Company's 70,000tpa crude
palm oil mill; a cashew processing project in Tiebissou, which is
due to commence production in 2020; and a second palm oil project
in Guitry which is under development.
Notification and public disclosure of transactions by Persons
Discharging Managerial Responsibilities ("PDMR") and persons
closely associated with them ("PCA")
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Youval Rasin
------------------------------- -----------------------------------------------
2. Reason for the Notification
--------------------------------------------------------------------------------
a) Position/status CEO
------------------------------- -----------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -----------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name DekelOil Public Limited
------------------------------- -----------------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- -----------------------------------------------
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 Options over ordinary shares of EUR0.0003367
Financial instrument,
type of instrument
Identification code CY0106502111
------------------------------- -----------------------------------------------
b) Nature of the transaction Grant of options
------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Exercise price
2.45 pence per
share 4,700,000
------------------------------- -----------------------------------------------
d) Aggregated information:
* Aggregated volume Grant of 4,750,000 options over ordinary
shares of EUR0.0003367, at the exercise
price of 2.45p
* Price
------------------------------- -----------------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- -----------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Youval Rasin
------------------------------- ---------------------------------------
2. Reason for the Notification
------------------------------------------------------------------------
a) Position/status CEO
------------------------------- ---------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name DekelOil Public Limited
------------------------------- ---------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- ---------------------------------------
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 Options over ordinary
Financial instrument, shares of EUR0.0003367
type of instrument
Identification code CY0106502111
------------------------------- ---------------------------------------
b) Nature of the transaction Alteration to the exercise price
of existing options.
------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Reduced to an
exercise price
of 2.45 pence
per share 3,800,000
------------------------------- ---------------------------------------
d) Aggregated information:
* Aggregated volume The amendment of the exercise price
of 3,800,000 existing options over
ordinary shares of EUR0.0003367
* Price There are now 3,800,000options with
the new exercise price of 2.45 pence
per share.
------------------------------- ---------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- ---------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Shai Kol
------------------------------- -------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------
a) Position/status Deputy CEO and CFO
------------------------------- -------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name DekelOil Public Limited
------------------------------- -------------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- -------------------------------------------
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 Options over ordinary
Financial instrument, shares of EUR0.0003367
type of instrument
Identification code CY0106502111
------------------------------- -------------------------------------------
b) Nature of the transaction Grant of Options
------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Exercise price
2.45 pence per
share 4,700,000
----------
------------------------------- -------------------------------------------
d) Aggregated information:
* Aggregated volume Grant of 4,700,000 options over ordinary
shares of EUR0.0003367, at the exercise
price of 2.45p
* Price
------------------------------- -------------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- -------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Shai Kol
------------------------------- --------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status Deputy CEO and CFO
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name DekelOil Public Limited
------------------------------- --------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- --------------------------------------
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 Options over ordinary
Financial instrument, shares of EUR0.0003367
type of instrument
Identification code CY0106502111
------------------------------- --------------------------------------
b) Nature of the transaction Alteration to the exercise price of
existing options.
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Reduced exercise
price 2.45 pence
per share 3,800,000
----------
------------------------------- --------------------------------------
d) Aggregated information: The amendment of the exercise price
* Aggregated volume of 3,800,000 existing options over
ordinary shares of EUR0.0003367
There are now 3,800,000 options with
* Price the new exercise price of 2.45 pence
per share.
------------------------------- --------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Lincoln Moore
------------------------------- -------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------
a) Position/status 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 DekelOil Public Limited
------------------------------- -------------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- -------------------------------------------
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 Options over ordinary
Financial instrument, shares of EUR0.0003367
type of instrument
Identification code CY0106502111
------------------------------- -------------------------------------------
b) Nature of the transaction Grant of Options
------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Exercise price
2.45 pence per
share 4,700,000
----------
------------------------------- -------------------------------------------
d) Aggregated information:
* Aggregated volume Grant of 4,700,000 options over ordinary
shares of EUR0.0003367, at the exercise
price of 2.45p
* Price
------------------------------- -------------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- -------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Lincoln Moore
------------------------------- --------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status 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 DekelOil Public Limited
------------------------------- --------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- --------------------------------------
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 Options over ordinary
Financial instrument, shares of EUR0.0003367
type of instrument
Identification code CY0106502111
------------------------------- --------------------------------------
b) Nature of the transaction Alteration to the exercise price of
existing options.
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Reduced exercise
price 2.45 pence
per share 3,800,000
----------
------------------------------- --------------------------------------
d) Aggregated information: The amendment of the exercise price
* Aggregated volume of 3,800,000 existing options over
ordinary shares of EUR0.0003367
There are now 3,800,000 options with
* Price the new exercise price of 2.45 pence
per share.
------------------------------- --------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Tillery
------------------------------- --------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status Non 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 DekelOil Public Limited
------------------------------- --------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- --------------------------------------
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 Options over ordinary
Financial instrument, shares of EUR0.0003367
type of instrument
Identification code CY0106502111
------------------------------- --------------------------------------
b) Nature of the transaction Alteration to the exercise price of
existing options.
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Reduced exercise
price 2.45 pence
per share 1,800,000
----------
------------------------------- --------------------------------------
d) Aggregated information: The amendment of the exercise price
* Aggregated volume of 1,800,000 existing options over
ordinary shares of EUR0.0003367
There are now 3,800,000 options with
* Price the new exercise price of 2.45 pence
per share.
------------------------------- --------------------------------------
e) Date of the transaction 29 November 2019
------------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- --------------------------------------
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END
DSHLFFLFFRLLIIA
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