TIDMATM
RNS Number : 4961K
AfriTin Mining Ltd
04 January 2021
4 January 2021
AfriTin Mining Limited
("AfriTin", "ATM" or the "Company"
and with its subsidiaries the "Group")
Repricing of Share Options
Directors and PDMRs Remuneration
Total Voting Rights
PDMR Disclosures
AfriTin Mining Limited (AIM: ATM), an African tin mining company
with its flagship asset, the Uis Tin Mine ("Uis") in Namibia
announces today that it has repriced share options to certain
PDMRs, employees and Anthony Viljoen (Chief Executive Officer
("CEO")). The Company is also pleased to announce that it has
issued shares to certain Directors, PDMRs and employees in lieu of
payment of remuneration and discretionary bonuses (in recognition
of achieving certain milestones).
Repricing of Share Options
The Remuneration Committee and independent Board wish to align
Company and shareholder expectations with Executive long-term
incentivisation goals. A key goal of the Company is to ensure it
has long term incentivisation in place to meaningfully retain staff
and which aligns with shareholder expectations. The Company's
previous pricing did not meet the criteria and therefore the
Company has repriced existing options to a more achievable level
bringing a direct line of sight to long-term incentivisation.
The new exercise price reflects what the Remuneration Committee
consider to be an appropriate share price target given the current
stage of development of the Company and its current share price.
The Remuneration Committee sought to set the price at a level which
they believe was both achievable, but which still motivated the
Executive team to drive value into the business and hence increase
the share value.
Options held by Anthony Viljoen (CEO) have been repriced as
follows:
Director Number of Current New Exercise First Exercise Expiry Date
Options Exercise Price Date
Held Price
Anthony 3 500 000 4.5 pence 3 pence 4 January At any time
Viljoen 2022 until 14
(CEO) June 2023
---------- ----------- ------------- --------------- ------------
Anthony 1 750 000 6 pence 3.5 pence 4 January At any time
Viljoen 2022 until 14
(CEO) June 2023
---------- ----------- ------------- --------------- ------------
Anthony 1 750 000 8 pence 4 pence 4 January At any time
Viljoen 2022 until 14
(CEO) June 2023
---------- ----------- ------------- --------------- ------------
Anthony 1 200 000 3.75 pence 3 pence 4 January At any time
Viljoen 2022 until 18
(CEO) October
2024
---------- ----------- ------------- --------------- ------------
Anthony 1 200 000 4.5 pence 3.5 pence 4 January At any time
Viljoen 2022 until 18
(CEO) October
2024
---------- ----------- ------------- --------------- ------------
Anthony 1 200 000 5 pence 4 pence 4 January At any time
Viljoen 2022 until 18
(CEO) October
2024
---------- ----------- ------------- --------------- ------------
Options held by certain PDMRs (who are not directors) have also
been repriced as follows:
PDMR Number of Current New Exercise First Exercise Expiry Date
Options Exercise Price Date
Held Price
Robert Sewell 1 736 842 4.5 pence 3 pence 4 January At any time
(CFO) 2022 until 1
October
2023
---------- ----------- ------------- --------------- ------------
Robert Sewell 868 421 6 pence 3.5 pence 4 January At any time
(CFO) 2022 until 1
October
2023
---------- ----------- ------------- --------------- ------------
Robert Sewell 868 421 8 pence 4 pence 4 January At any time
(CFO) 2022 until 1
October
2023
---------- ----------- ------------- --------------- ------------
Robert Sewell 800 000 3.75 pence 3 pence 4 January At any time
(CFO) 2022 until 18
October
2024
---------- ----------- ------------- --------------- ------------
Robert Sewell 800 000 4.5 pence 3.5 pence 4 January At any time
(CFO) 2022 until 18
October
2024
---------- ----------- ------------- --------------- ------------
Robert Sewell 800 000 5 pence 4 pence 4 January At any time
(CFO) 2022 until 18
October
2024
---------- ----------- ------------- --------------- ------------
Frans van 3 000 000 4.5 pence 3 pence 4 January At any time
Daalen (COO) 2022 until 1
October
2023
---------- ----------- ------------- --------------- ------------
Frans van 1 500 000 6 pence 3.5 pence 4 January At any time
Daalen (COO) 2022 until 1
October
2023
---------- ----------- ------------- --------------- ------------
Frans van 1 500 000 8 pence 4 pence 4 January At any time
Daalen (COO) 2022 until 1
October
2023
---------- ----------- ------------- --------------- ------------
Frans van 800 000 3.75 pence 3 pence 4 January At any time
Daalen (COO) 2022 until 18
October
2024
---------- ----------- ------------- --------------- ------------
Frans van 800 000 4.5 pence 3.5 pence 4 January At any time
Daalen (COO) 2022 until 18
October
2024
---------- ----------- ------------- --------------- ------------
Frans van 800 000 5 pence 4 pence 4 January At any time
Daalen (COO) 2022 until 18
October
2024
---------- ----------- ------------- --------------- ------------
It should be noted that the Company is also changing the terms
of all option holders under the scheme with the exception of the
Non-Executive Directors.
Discretionary Bonus
The Remuneration Committee of AfriTin have issued a
discretionary bonus to Anthony Viljoen (to be satisfied by the
issue of ordinary shares) in recognition of achieving the following
milestones:
-- Completion of construction of Phase 1 of the Uis Phase 1 Pilot Plant; and
-- Reaching name plate production for Phase 1.
Accordingly, Anthony Viljoen will receive a bonus of GBP128,868
to be issued at a share price of 2.50p (being the share price at
close of business on 30 December 2020) ("Bonus Shares").
Bonuses will also be paid to Frans van Daalen (Chief Operating
Officer ("COO")) and Robert Sewell (Chief Financial Officer
("CFO")) who are not directors but who are PDMRs. The amount of
these bonuses are GBP85,676 and GBP65,919 respectively. These
bonuses will also be settled through the issue of shares at a share
price of 2.50p.
A further 1,874,920 Bonus Shares will be issued to other
employees in lieu of a discretionary bonus.
Related Party Transactions
The change of Anthony Viljoen's share options is deemed to be a
related party transaction pursuant to AIM Rule 13 of the AIM Rules.
The Company's independent directors (Glen Parsons, Terence Goodlace
and Laurence Robb) consider, having consulted with WH Ireland
Limited, the Company's Nominated Adviser, that the change of share
options is fair and reasonable insofar as the Company's
shareholders are concerned.
The bonus to Anthony Viljoen is deemed a related party
transaction pursuant to AIM Rule 13 of the AIM Rules, by virtue of
Anthony Viljoen's position as a director of the Company and the
size of the bonus being outside normal remuneration practices
pursuant to the AIM Rules (Inside AIM 3). The Company's independent
directors (Glen Parsons, Terence Goodlace and Laurence Robb)
consider, having consulted with WH Ireland Limited, the Company's
Nominated Adviser, that the discretionary bonus is fair and
reasonable insofar as the Company's shareholders are concerned.
Director fees and employee salaries settled through issue of
shares
Furthermore, the AfriTin Board has approved the issue of
3,040,000 Ordinary shares of no-par value (the "Remuneration
Shares") to various directors and employees in lieu of payment of
director fees and employee salaries in the usual way, pursuant to
the ongoing understanding between the relevant directors and the
Company in order to conserve the company's cash, as detailed
below.
The Remuneration Shares are being issued at a price of 2.50p,
being the closing market price on 30 December 2020.
The Remuneration Shares are being issued in lieu of payment of
director fees (for the period 9 November 2019 through to 8 November
2020) for Glen Parsons and Laurence Robb and in lieu of part
settlement of salaries (for the period 1 October 2019 through to 30
September 2020) for Anthony Viljoen, a director of the Company and
other employees.
Name No of Remuneration No of Bonus Total no of
Shares Shares (please ordinary shares
see above) held after
issue of Bonus
Shares and
Remuneration
Shares
Glen Parsons
- Chairman 1,600,000 - 4,307,486
------------------- ---------------- -----------------
Laurence Robb
- Non-Executive
Director 480,000 - 1,300,815
------------------- ---------------- -----------------
Anthony Viljoen
- Director 600,000 5,154,720 11,296,690
------------------- ---------------- -----------------
Robert Sewell - 2,636,760 5,941,834
------------------- ---------------- -----------------
Frans van Daalen - 3,427,040 6,232,734
------------------- ---------------- -----------------
A further 360,000 Remuneration Shares were issued to other
employees in lieu of salary.
Application for Admission
An application has been made for the Bonus Shares and
Remuneration Shares (being a total of 16,133,440 Ordinary Shares)
to be admitted to trading on AIM ("Admission"). Dealings in the
Remuneration Shares are expected to commence on or around 11
January 2021.
Disclosure and Transparency Rules
In accordance with the provisions of the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, the Company
confirms that, following the issue of the Bonus Shares and
Remuneration Shares its issued share capital will comprise
829,791,382 Ordinary Shares of no-par value upon Admission (the
"Enlarged Share Capital"). All of these Ordinary Shares have equal
voting rights and none of the Ordinary Shares are held in treasury.
The total number of voting rights in the Company will therefore be
829,791,382 upon Admission. This total voting rights figure may be
used by shareholders as the denominator for the calculations by
which they will determine whether they are required to notify their
interests in, or a change to their interest in, the Company under
the DTRs.
For further information, please visit www.afritinmining.com or
contact:
AfriTin Mining Limited +27 (11) 268 6555
Anthony Viljoen, CEO
Nominated Adviser +44 (0) 207 220 1666
WH Ireland Limited
Katy Mitchell
James Sinclair-Ford
Corporate Advisor and Joint Broker
H&P Advisory Limited
Andrew Chubb
Jay Ashfield
Nilesh Patel +44 (0) 20 7907 8500
Tavistock Financial PR (United
Kingdom) +44 (0) 207 920 3150
Jos Simson
Emily Moss (nee Fenton)
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining Limited is the first pure tin company listed in
London and its vision is to create a portfolio of globally
significant, conflict-free, tin-producing assets. The Company's
flagship asset is the Uis Tin Mine in Namibia, formerly the world's
largest hard-rock open cast tin mine.
AfriTin is managed by an experienced board of directors and
management team with a current strategy to ramp-up production at
the Uis Tin Mine in Namibia to 5,000 tonnes of concentrate in a
Phase 2 expansion, having reached Phase 1 commercial production in
2020. The Company strives to capitalise on the solid supply/demand
fundamentals of tin by developing a critical mass of tin resource
inventory, achieving production in the near term and further
scaling production by consolidating tin assets in Africa.
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 Anthony Viljoen
---------------------------- ----------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------
a) Position/status Chief Executive Officer
---------------------------- ----------------------------------------------
b) Initial notification/ Initial notification
Amendment
---------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name AfriTin Mining plc
---------------------------- ----------------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
---------------------------- ----------------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
---------------------------- ----------------------------------------------
b) Nature of the transaction Issue of shares in lieu of bonus and salary
---------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2.50p 5,754,720
----------
---------------------------- ----------------------------------------------
d) Aggregated information
* Aggregated volume 5,754,720
2.50p
* Price
---------------------------------- ----------------------------------------------
e) Date of the transaction 4 January 2021
---------------------------- ----------------------------------------------
f) Place of the transaction XLON, AIM
---------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Robert Sewell
---------------------------- ---------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------
a) Position/status Chief Financial Officer
---------------------------- ---------------------------------------------
b) Initial notification/ Initial notification
Amendment
---------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name AfriTin Mining plc
---------------------------- ---------------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
---------------------------- ---------------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
---------------------------- ---------------------------------------------
b) Nature of the transaction Issue of shares in lieu of bonus
---------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2.50p 2,636,760
----------
---------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume 2,636,760
2.50p
* Price
---------------------------------- ---------------------------------------------
e) Date of the transaction 4 January 2021
---------------------------- ---------------------------------------------
f) Place of the transaction XLON, AIM
---------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Frans van Daalen
---------------------------- ---------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------
a) Position/status Chief Operating Officer
---------------------------- ---------------------------------------------
b) Initial notification/ Initial notification
Amendment
---------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name AfriTin Mining plc
---------------------------- ---------------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
---------------------------- ---------------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
---------------------------- ---------------------------------------------
b) Nature of the transaction Issue of shares
---------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2.50p 3,427,040
----------
---------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume 3,427,040
2.50p
* Price
---------------------------------- ---------------------------------------------
e) Date of the transaction 4 January 2021
---------------------------- ---------------------------------------------
f) Place of the transaction XLON, AIM
---------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Laurence Robb
----------------------------- -----------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------------- -----------------------------------------
b) Initial notification/ Initial notification
Amendment
----------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name AfriTin Mining plc
----------------------------- -----------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
----------------------------- -----------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
----------------------------- -----------------------------------------
b) Nature of the transaction Issue of shares in lieu of director fees
----------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2.50p 480,000
----------
----------------------------- -----------------------------------------
d) Aggregated information
* Aggregated volume 480,000
2.50p
* Price
---------------------------------- -----------------------------------------
e) Date of the transaction 4 January 2021
----------------------------- -----------------------------------------
f) Place of the transaction XLON, AIM
----------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Glen Parsons
----------------------------- -----------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Chairman
----------------------------- -----------------------------------------
b) Initial notification/ Initial notification
Amendment
----------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name AfriTin Mining plc
----------------------------- -----------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
----------------------------- -----------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
----------------------------- -----------------------------------------
b) Nature of the transaction Issue of shares in lieu of director fees
----------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
2.50p 1,600,000
----------
----------------------------- -----------------------------------------
d) Aggregated information
* Aggregated volume 1,600,000
2.50p
* Price
---------------------------------- -----------------------------------------
e) Date of the transaction 4 January 2021
----------------------------- -----------------------------------------
f) Place of the transaction XLON, AIM
----------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Anthony Viljoen
--------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------- -------------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name AfriTin Mining plc
--------------------------- -------------------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
--------------------------- -------------------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
--------------------------- -------------------------------------------------
b) Nature of the transaction Change of exercise price of existing options
--------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
3.00p 3,500,000
3.50p 1,750,000
4.00p 1,750,000
3.00p 1,200,000
3.50p 1,200,000
4.00p 1,200,000
-----------
--------------------------- -------------------------------------------------
d) Aggregated information
* Aggregated volume 10,600,000
Various price levels as shown in 4(c)
* Price
--------------------------- -------------------------------------------------
e) Date of the transaction 4 January 2021
--------------------------- -------------------------------------------------
f) Place of the transaction XLON, AIM
--------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Robert Sewell
--------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------------- -------------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name AfriTin Mining plc
--------------------------- -------------------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
--------------------------- -------------------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
--------------------------- -------------------------------------------------
b) Nature of the transaction Change of exercise price of existing options
--------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
3.00p 1,736,842
3.50p 868,421
4.00p 868,421
3.00p 800,000
3.50p 800,000
4.00p 800,000
----------
--------------------------- -------------------------------------------------
d) Aggregated information
* Aggregated volume 5,873,684
Various price levels as shown in 4(c)
* Price
--------------------------- -------------------------------------------------
e) Date of the transaction 4 January 2021
--------------------------- -------------------------------------------------
f) Place of the transaction XLON, AIM
--------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Frans van Daalen
--------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
--------------------------- -------------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name AfriTin Mining plc
--------------------------- -------------------------------------------------
b) LEI
* 213800FKOXWBL6JBVH90
--------------------------- -------------------------------------------------
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 Ordinary share
the financial instrument,
type of instrument
GG00BD95V148
Identification
code
--------------------------- -------------------------------------------------
b) Nature of the transaction Change of exercise price of existing options
--------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
3.00p 3,000,000
3.50p 1,500,000
4.00p 1,500,000
3.00p 800,000
3.50p 800,000
4.00p 800,000
-----------
--------------------------- -------------------------------------------------
d) Aggregated information
* Aggregated volume 8,400,000
Various price levels as shown in 4(c)
* Price
--------------------------- -------------------------------------------------
e) Date of the transaction 4 January 2021
--------------------------- -------------------------------------------------
f) Place of the transaction XLON, AIM
--------------------------- -------------------------------------------------
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