Grant of Options
January 20 2010 - 12:13PM
UK Regulatory
TIDMATH
RNS Number : 8843F
ATH Resources plc
20 January 2010
+-------------------------------------+-------------------------------------+
| | 20 January 2010 |
+-------------------------------------+-------------------------------------+
ATH Resources plc
("ATH Resources" or "the Group")
Grant of Options
ATH Resources has today granted options over ordinary shares in the Company
("Options") under the terms of its Long Term Incentive Plan ("LTIP") and its
Unapproved Share Option Plan ("Unapproved Plan"). A total of up to 1,071,778
Options have been granted pursuant to the terms of the LTIP and up to 636,616
Options have been granted pursuant to the terms of the Unapproved Plan.
The Options granted pursuant to the LTIP and under the Unapproved Plan will only
be capable of exercise if certain performance criteria have been achieved
measured by reference to pre-tax EPS achieved each year and the Options will be
not exercisable for a period of 3 years and will lapse on the expiry of the 5th
anniversary of grant.
Pursuant to the terms of the LTIP the Options will be exercisable at 1p per
share. Options issued under the Unapproved Plan will be exercisable at 81.25p
per share being the mid-market closing price of the ATH Resources ordinary
shares on 19 January 2010, the day immediately prior to the grant of the
Options.
The Directors set out below have been granted the following maximum number of
Options under each plan which will only be exercisable if the performance
criteria have been achieved and if the Director is in employment at the time the
options are exercised and is not under notice of dismissal:
+----------------------------------+----------------------+---------------+
| Name of Director | Unapproved Plan | LTIP |
+----------------------------------+----------------------+---------------+
| Tom Allchurch | 215,976 | 215,976 |
+----------------------------------+----------------------+---------------+
| Steven Beaumont | 162,496 | 162,496 |
+----------------------------------+----------------------+---------------+
| Alistair Black | 139,870 | 139,870 |
+----------------------------------+----------------------+---------------+
- Ends -
For further information:
+-------------------------------------------+------------------------+
| ATH Resources plc | |
+-------------------------------------------+------------------------+
| Tom Allchurch, Chief Executive | Tel: +44 (0) 1302 760 |
| | 462 |
+-------------------------------------------+------------------------+
| tom.allchurch@ath.co.uk | www.ath.co.uk |
+-------------------------------------------+------------------------+
+-------------------------------------------+------------------------+
| Seymour Pierce Ltd | |
+-------------------------------------------+------------------------+
| Sarah Jacobs | Tel: +44 (0) 207 107 |
| | 8000 |
+-------------------------------------------+------------------------+
| | www.seymourpierce.com |
+-------------------------------------------+------------------------+
Media enquiries:
+-------------------------------------------+------------------------+
| Abchurch | |
+-------------------------------------------+------------------------+
| George Parker | Tel: +44 (0) 20 7398 |
| | 7719 |
+-------------------------------------------+------------------------+
| george.parker@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+------------------------+
Notes to Editors
ATH Resources is an AIM-listed operator of surface coal mines in the UK with
five operational mines in Scotland; Skares Road, Grievehill and Laigh Glenmuir
in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife.
The Company is currently the third largest producer of coal in the UK producing
approximately 2 million tonnes per annum. Coal is used to generate around a
third of the UK's electricity and the Company now holds coal supply contracts
with four of the UK's main electricity generating companies.
The management team has been in place since 1998. It acquired the rights to
operate (and subsequently acquire) the Skares Road mine with support from The
Alchemy Plan. Following ATH Resources' incorporation in October 2003, and backed
by a follow on investment from The Alchemy Plan, the Company acquired the
Garleffan mine in November 2003. Garleffan is currently being restored having
finished coaling in June 2006. ATH Resources listed on the AIM market of the
London Stock Exchange in June 2004.
In June 2005, having raised GBP18 million by way of an Open Offer, the Group
acquired two new opencast sites, Grievehill and Glenmuckloch in Scotland. The
acquisition increased the Group's reserve base by 160%.
In May 2006, the Group acquired ATH Regeneration a successful coal recovery,
land remediation and regeneration business with a particular focus on colliery
spoil heap reclamation projects. The acquisition, which was earnings enhancing,
allowed ATH to build on its skills as a regenerator of land, whilst developing
strong relationships with key English planning authorities. The Company has been
successfully integrated into the Group. The operational diversification that the
acquisition brings to the Group will be a significant driver of ATH's organic
growth going forward both in the UK and overseas and the business is actively
pursuing a number of projects in Australia.
For the 53 week period ended 4 October 2009, the Group achieved turnover of
GBP77.5 million and generated an operating profit of GBP8.6 million for the
same period.
Further information on ATH Resources can be found at www.ath.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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