AIM and Media Release
4 March 2022
BASE RESOURCES
LIMITED
LTIP performance rights update
African mineral sands producer and developer, Base Resources
Limited (ASX & AIM: BSE) (Base Resources or the
Company) advises that 6,638,312 vested performance
rights issued pursuant to the Base Resources Long Term Incentive
Plan (LTIP) have been exercised and 1,209,119 unvested
performance rights have been forfeited.
For each performance right that was exercised, LTIP participants
were allocated one fully paid ordinary share in Base Resources
previously acquired on-market by the LTIP trustee. In
accordance with the terms of the LTIP, the exercise price was nil
and the shares were allocated for nil cash consideration.
The LTIP participants that exercised vested performance rights
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
security holdings in the Company are set out below.
Name |
Vested performance
rights exercised and shares allocated |
Holding of
performance rights* |
Holding of
shares
(direct and indirect) |
Tim
Carstens (Managing Director) |
1,694,164 |
8,251,795 |
10,136,997 |
Colin
Bwye (Executive Director) |
1,694,164 |
5,604,456 |
8,893,402 |
Kevin
Balloch |
594,418 |
2,789,557 |
3,633,731 |
Andre
Greyling |
562,288 |
2,799,046 |
3,193,966** |
Stephen
Hay |
624,812 |
2,931,573 |
2,322,811 |
Chadwick
Poletti |
518,473 |
2,603,183 |
1,967,332 |
* Performance rights are unvested
and therefore remain subject to vesting conditions.
** Mr Greyling’s holding reflects the
sale of 1,562,288 ordinary shares on market on 1 March 2022 at
an average price of A$0.345 per share
for the purpose of funding future tax liabilities arising from his
exercise of vested performance rights and to rebalance his
investment portfolio.
The 6,638,312 performance rights that were exercised were from
the 2018 LTIP cycle that vested following performance testing as at
30 September 2021. The 1,209,119 unvested performance rights
that were forfeited followed cessation of employment other than for
a “Qualifying Reason” (as that term is defined in the LTIP).
As a result of the exercise of the vested performance rights and
forfeiture of unvested performance rights, the Company has the
following securities on issue:
- 1,178,011,850 ordinary shares.
- 68,722,900 performance rights issued pursuant to the terms of
the LTIP, comprising:
- 1,510,890 vested performance rights, which remain subject to
exercise1.
- 67,212,010 unvested performance rights subject to performance
testing in accordance with their terms of issue.
[Note (1): Vested performance rights
have a nil cash exercise price and, unless exercised beforehand,
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 (0) 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 (0) 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio /
Patrick Dolaghan
Phone: +44 (0) 20 7523 8000