Kendrick Resources PLC Issue of Options (7570O)
February 02 2023 - 6:05AM
UK Regulatory
TIDMKEN
RNS Number : 7570O
Kendrick Resources PLC
02 February 2023
2 February 2023
Kendrick Resources Plc
("Kendrick" or the "Company")
Issue of Options
Kendrick Resources Plc (LSE: KEN), the mineral exploration and
development company with nickel, vanadium and copper projects in
Norway, Sweden and Finland announces that, in aggregate, 22,550,000
options over ordinary shares of GBP0.0003 par value in the capital
of the Company ("Ordinary Shares") have been granted pursuant to
the Executive Share Option Scheme (the "Options"). Of the
22,550,000 Options, 13,750,000 have been awarded to directors of
the Company, as detailed further below and the balance of 8,800,000
to other eligible participants. The Company has not previously
issued any Options.
Summary of the Options awarded :
Total number of A total of 22,550,000 Options have been awarded.
options:
Exercise prices All the Options have an exercise price of
& award date: 3.5 pence per Ordinary Share and vested on
issue.
Purpose of options: To incentivise and retain directors, officers,
consultants and employees critical to enhancing
the future market value of the Company and
have been issued at a significant premium
to the 30 day volume weighted average share
price ("VWAP") when the Options were approved.
30 day VWAP when The 30 day VWAP to 2 February 2023, being
Options approved: the latest practicable date prior to the
approval of the Options by the Company's
Remuneration Committee was 0.94 pence per
share.
Prevailing share The Company's mid-market closing share price
price: on 2 February 2023, being the latest practicable
date prior to the issue of this announcement,
was 0.93 pence.
Exercise prices Premium to:
versus abovementioned
VWAP and prevailing
share price:
-------------------------------------------------------
Prevailing 30 day
closing VWAP
share price
Exercise price of 3.5
pence 278% 272%
Life of Options: The options expire on 3 February 2031 being
the date one day prior to the tenth anniversary
of the AGM at which the Share Option Plan
was approved.
Exercise period: The Options can be exercised any time after
vesting and prior to their scheduled expiry
and must be exercised within 6 months of
an option holder leaving the Company or within
12 months of the death of an option holder.
Options awarded Directors No. of Options
to the Directors Colin Bird Executive Chairman 6,000,000
Martyn Churchouse 5,000,000
Non Executive Directors:
Alex Borrelli 1,000,000
Evan Kirby 1,000,000
Kjeld Thygesen 750,000
Total Directors 13,750,000
Options awarded No. of Options
to PDMR Vassilios Carellas 2,500,000
Following the grant of Options, the total number of options
outstanding over unissued ordinary shares is 22,550,000
representing 9.4%% of the Company's current issued share capital.
The 13,750,000 Options issued to Directors represent 5.74% of the
Company's current issued share capital.
Further information on the Company's projects can be found on
the Company's website at: https://www.kendrickresources.com/
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
-S-
For additional information please contact:
Kendrick Resources Plc: Tel: +44 203 961 6086
Chairman Colin Bird
Novum Securities Tel: +44 7399 9400
Financial Adviser David Coffman / George Duxberry
Joint Broker Jon Bellis
Shard Capital Partners LLP Tel: +44 207 186 9952
Joint Broker Damon Heath / Isabella Pierre
Notification of Transactions of Directors/Persons Discharging
Managerial Responsibility and Connected Persons
Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Colin Bird Executive Chairman
Martyn Churchouse Executive Director
-----------------------
Alex Borrelli Non-Executive Director
-----------------------
Evan Kirby Non-Executive Director
-----------------------
Kjeld Thygesen Non-Executive Director
-----------------------
Vassilios Carellas PDMR
-----------------------
--------------------------- -------------------------------------------------------
2. Reason for the Notification
------------------------------------------------------------------------------------
a) Position/status See 1(a) above for positions
--------------------------- -------------------------------------------------------
b) Initial notification/ Initial Notification
Amendment
--------------------------- -------------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Kendrick Resources Plc
--------------------------- -------------------------------------------------------
b) LEI 213800U66STYS4VQZH68
--------------------------- -------------------------------------------------------
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 In each case, the grant of Options over
the Financial instrument, Ordinary Shares of GBP0.0003 par value
type of instrument
Identification ISIN: GB00BNBQZW49
code
--------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options over Ordinary Shares
--------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Person No. of Options Exercise Price
Colin Bird 6,000,000 3.5 pence
--------------- ---------------
Martyn Churchouse 5,000,000 3.5 pence
--------------- ---------------
Alex Borrelli 1,000,000 3.5 pence
--------------- ---------------
Evan Kirby 1,000,000 3.5 pence
--------------- ---------------
Kjeld Thygesen 750,000 3.5 pence
--------------- ---------------
Vassilios Carellas 2,500,000 3.5 pence
--------------- ---------------
--------------------------- -------------------------------------------------------
d) Aggregated information: N/A
* Aggregated volume
* Price
--------------------------- -------------------------------------------------------
e) Date of the transaction 2 February 2023
--------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- -------------------------------------------------------
About Kendrick Resources Plc
Kendrick Resources Plc is a mineral exploration and development
company with projects primarily based across Scandinavia. The
principal of its business is to explore the opportunities within
the natural resources sector with a focus on battery, base, and
precious metals including but not limited to nickel, vanadium and
copper. In doing so, the Company is looking to build a long-term
energy metals business in Scandinavia which delivers energy metals
to Europe to help enable its renewable energy transformation by
building a top tier energy metals production business.
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END
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