AIM
and Media Release
13 October 2023
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 2020 cycle
performance rights granted under the Base Resources Long Term
Incentive Plan (LTIP)
as at 30 September 2023, 10,528,393
performance rights have vested.
Vesting of
performance rights granted under the LTIP is subject to achievement
of specified performance criteria over a three-year performance
period.
The
performance criteria for the 2020 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.
Base
Resources’ TSR over the three-year performance period for the 2020
cycle performance rights was approximately 43%, which resulted in
vesting of approximately 61% of the 2020 cycle performance
rights.
In
accordance with the terms of the LTIP, 2020 cycle performance
rights that did not vest were automatically forfeited.
The LTIP
participants whose 2020 cycle performance rights were tested, with
subsequent vesting and forfeiture, included Managing Director,
Tim Carstens.
Mr
Carstens’ updated securityholding in the Company is as
follows:
-
13,001,474
ordinary shares (held directly and indirectly);
-
1,654,556
vested 2020 cycle performance rights; and
-
5,350,234
unvested performance rights.
Immediately
following testing on 6 October 2023,
the Company had the following securities on issue:
-
1,178,011,850
ordinary shares.
-
47,000,451
performance rights granted under the terms of the LTIP,
comprising:
-
12,401,245
vested performance rights1;
and
-
34,599,206
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.
Unless
exercised beforehand, performance rights expire five years after
conclusion of the relevant performance period.]
ENDS.
For
further information contact:
Australian
Media Relations
|
UK Media
Relations
|
Citadel
Magnus
|
Tavistock
Communications
|
Cameron
Gilenko and Michael Weir
|
Jos Simson
and Gareth Tredway
|
Tel: +61 8
6160 4900
|
Tel: +44
207 920 3150
|
This
release has been authorised by Base Resources’ Disclosure
Committee.
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
8 9413 7400
Fax: +61 8
9322 8912
NOMINATED
ADVISER & JOINT BROKER
Canaccord
Genuity Limited
James Asensio / Raj Khatri / George
Grainger
Phone: +44
20 7523 8000
JOINT
BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44
20 3207 7800