Base Resources Limited 2020 LTIP Cycle Performance Rights

 
TIDMBSE 
 
AIM and Media Release 
 
29 October 2020 
 
BASE RESOURCES LIMITED 
2020 LTIP Cycle Performance Rights 
 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises that 17,982,206 performance rights have been 
issued pursuant to the Base Resources Long Term Incentive Plan (LTIP).  The 
performance rights issued comprise: 
 
  * 17,584,823 performance rights issued to senior management (other than 
    Executive Directors, Tim Carstens and Colin Bwye) for the current 2020 LTIP 
    cycle, the performance period for which commenced on 1 October 2020 and 
    will conclude on 30 September 2023; and 
  * 397,383 performance rights for the 2019 LTIP cycle issued on a pro rata 
    basis to an employee that joined the group after the start of that cycle on 
    1 October 2019. 
 
The performance rights were issued for nil cash consideration and form the 
equity component of the at-risk remuneration of the relevant employees for the 
applicable financial year. 
 
The LTIP participants issued 2020 LTIP cycle performance rights included 
employees classified as "persons discharging managerial responsibilities" for 
the purposes of the European Union's Market Abuse Regulation.  Their updated 
securityholdings in the Company are set out below. 
 
Name       New 2020 LTIP     Vested      Unvested        Total         Total shares 
               cycle      performance  performance    performance       (direct and 
            performance      rights      rights*       rights**          indirect) 
              rights 
 
Kevin         898,307       347,980     2,855,253      3,203,233         2,691,333 
Balloch 
 
Andre         878,571       308,337     2,760,931      3,069,268         3,885,629 
Greyling 
 
Stephen       944,239       365,908     3,001,249      3,367,157         1,512,091 
Hay 
 
Chadwick      825,000       286,313     2,576,797      2,863,110         1,162,546 
Poletti 
 
*    Includes 2020 LTIP cycle performance rights. 
 
**  Includes both vested and unvested LTIP performance rights which remain 
subject to vesting conditions. 
 
The issue of 2020 LTIP cycle performance rights to Mr Carstens and Mr Bwye is 
subject to approval by shareholders at Base Resources' upcoming 2020 Annual 
General Meeting on 20 November 2020.  Further details about performance rights 
issued under the LTIP are set out in Base Resources' 2020 Annual Report and, in 
the case of 2020 LTIP cycle performance rights, the Company's 2020 Notice of 
Annual General Meeting released on 19 October 2020. 
 
As a result of the issue of the new performance rights, the Company has the 
following securities on issue: 
 
  * 1,178,011,850 fully paid ordinary shares; 
  * 69,614,880 performance rights issued pursuant to the terms of the LTIP, 
    comprising: 
      + 4,009,286 vested performance rights, which remain subject to exercise;1 
        and 
      + 65,605,594 unvested performance rights subject to performance testing 
        in accordance with their terms of issue. 
 
The figure of 1,178,011,850 ordinary shares on issue may be used by 
shareholders as the denominator for calculations when determining 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. 
 
[Note (1):  Vested performance rights have a nil cash exercise price.  Unless 
exercised beforehand, performance rights expire five years after vesting.] 
 
ENDS. 
 
For further information contact: 
 
James Fuller, Manager Communications   UK Media Relations 
and Investor Relations 
 
Base Resources                         Tavistock Communications 
 
Tel: +61 (8) 9413 7426                 Jos Simson and Barnaby 
                                       Hayward 
 
Mobile: +61 (0) 488 093 763            Tel: +44 (0) 207 920 3150 
 
Email: jfuller@baseresources.com.au 
 
About Base Resources 
 
Base Resources is an Australian based, African focused, mineral sands producer 
and developer with a track record of project delivery and operational 
performance.  The company operates the established Kwale Operations in Kenya 
and is developing the Toliara Project in Madagascar.  Base Resources is an ASX 
and AIM listed company.  Further details about Base Resources are available at 
www.baseresources.com.au 
 
PRINCIPAL & REGISTERED OFFICE 
Level 1, 50 Kings Park Road 
West Perth, Western Australia, 6005 
Email:  info@baseresources.com.au 
Phone: +61 (0)8 9413 7400 
Fax: +61 (0)8 9322 8912 
 
NOMINATED ADVISOR 
RFC Ambrian Limited 
Stephen Allen 
Phone: +61 (0)8 9480 2500 
 
BROKER 
Berenberg 
Matthew Armitt / Detlir Elezi 
Phone: +44 20 3207 7800 
 
 
 
 
END
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