AIM and Media Release
14 October 2021
BASE RESOURCES
LIMITED
LTIP performance rights update
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises that, following performance testing of the 2018 cycle
performance rights issued under the Base Resources Long Term
Incentive Plan (LTIP) as at 30 September 2021,
13,609,949 performance rights have vested, equivalent to
approximately 60% of the total number of 2018 cycle performance
rights on foot at the time of testing.
Vesting of performance rights issued under the LTIP is subject
to achievement of specified performance criteria over a three-year
performance period. The performance criteria for the 2018
cycle performance rights required achievement of total shareholder
return (TSR) targets, with 50% subject to an absolute TSR
performance hurdle and 50% subject to a relative TSR performance
hurdle assessed against a set group of comparator companies.
In accordance with the terms of the LTIP, 2018 cycle performance
rights that did not vest following testing were automatically
forfeited.
The LTIP participants whose 2018 cycle performance rights were
tested, with subsequent vesting and forfeiture, included senior
management of the Company classified as “persons discharging
managerial responsibilities” for the purposes of the United
Kingdom’s Market Abuse Regulation. Their updated
securityholdings in the Company are set out below.
Name |
Vested 2018 cycle
performance rights |
Holding of
performance rights (vested and unvested) |
Holding of
shares
(direct and indirect) |
Tim Carstens (Managing
Director) |
1,694,164 |
7,298,620 |
8,442,833 |
Colin Bwye (Executive
Director) |
1,694,164 |
7,298,620 |
7,199,238 |
Kevin Balloch |
594,418 |
2,464,994 |
3,039,313 |
Andre Greyling |
562,288 |
2,391,767 |
4,193,966 |
Stephen Hay |
624,812 |
2,591,034 |
1,697,999 |
Chadwick Poletti |
518,473 |
2,236,399 |
1,448,859 |
In addition, during the September quarter until the date of this
release:
- 2020 cycle performance rights were granted on a pro rata basis
to employees that became eligible to participate in the LTIP
following the initial grant of performance rights for that cycle in
October 2020; and
- some vested 2017 cycle performance rights were exercised, with
the relevant employee’s entitlement to ordinary shares satisfied by
the allocation of shares previously acquired on-market by the LTIP
trustee.
Further details about performance rights issued under the LTIP,
including the applicable performance criteria for the 2018 cycle,
2019 cycle and 2020 cycle performance rights, are included in
Base Resources’ 2021 Annual Report, which can be accessed from the
Company’s website.
As a result of the above events, the Company has the following
securities on issue:
- 1,178,011,850 ordinary shares.
- 62,435,197 performance rights issued under the terms of the
LTIP, comprising:
- 13,835,392 vested performance rights;1 and
- 48,599,805 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
and Investor Relations |
UK Media Relations |
Base Resources |
Tavistock Communications |
Tel: +61 (8) 9413 7426 |
Jos Simson and Gareth Tredway |
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 3, 46 Colin Street
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
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio /
Patrick Dolaghan
Phone: +44 20 7523 8000