TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Adoption of New Option Scheme
Grant of Options
Extension of Existing Options
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, announces that the
Board has approved the adoption of a new share option incentive
scheme (the "New Option Scheme"), pursuant to which new options
will be issued to key staff and management. In addition, the
Company has extended the exercise period in respect of certain
existing options.
The Company considers that the award of options linked to the
performance of the Company are critical to the incentivisation of
its key staff and management and to ensure that there is alignment
between management and shareholders.
Terms of the New Option Scheme
Tranche A Options
Pursuant to the New Option Scheme, 3,000,000 new options will be
issued on the terms summarised below (the "Tranche A Options") to
certain Directors and a PDMR:
-- The exercise price will be 27.5p and an expiry date of 30 June 2028.
-- 40% of the Tranche A Options will vest over four years in equal tranches.
-- 30% of the Tranche A Options will vest when Metal Tiger's shares have
traded at or in excess of 45 pence per share on a rolling 10 day VWAP
basis.
-- 30% of the Tranche A Options will vest when Metal Tiger's shares have
traded at or in excess of 60 pence per share on a rolling 10 day VWAP
basis.
-- The issue of any new options will be restricted if the total number of
options outstanding would represent in excess of 10% of the Company's
issued share capital.
-- In the event that a holder of Tranche A Options leaves the Company on
good leaver status after the performance options vest, then the holder of
Tranche A Options will be entitled to retain their Tranche A Options.
The following Directors and PDMR will be issued with Tranche A
Options:
Director and PDMR Number of Tranche A Options
Michael McNeilly 1,000,000
Mark Potter 600,000
Adrian Bock 800,000
In addition, 600,000 Tranche A Options will be allocated to an
option pool, which the Board can grant on a discretionary
basis.
Tranche B Options
Pursuant to the New Option Scheme, 2,300,000 new options will be
issued on the terms summarised below (the "Tranche B Options"):
-- The Tranche B Options will vest on issue, have an exercise price of 27.5p
and an expiry date of 30 June 2023.
-- The issue of any new options will be restricted if the total number of
options outstanding would represent in excess of 10% of the Company's
issued share capital.
-- In the event that a holder of Tranche B Options leaves the Company on
good leaver status after the performance options vest, then the holder of
Tranche B Options will be entitled to retain their Tranche B Options.
The following Directors and PDMR will be issued with Tranche B
Options:
Director and PDMR Number of Tranche B Options
Charles Hall 200,000
Neville Bergin 200,000
David Wargo 200,000
Adrian Bock 400,000
In addition, 800,000 Tranche B Options have been allocated to
certain employees and 500,000 Tranche B Options have been allocated
to an option pool, which the Board can grant on a discretionary
basis.
Extension of Existing Options
In order to continue to appropriately incentivise certain key
staff and management, the Board has resolved to extend expiry dates
of the following options (the "Option Extension") alongside the
adoption of the New Option Scheme:
-- The outstanding 2,100,000 options with an exercise price of 60 pence
granted on 11 May 2017, from 11 May 2022 to 22 May 2025.
-- The outstanding 4,500,000 options with an exercise price of 45 pence
granted on 21 July 2018 and 1 October 2018, from 20 July 2023 to 20 July
2024.
Following the issue of the Tranche A Options and the Tranche B
Options pursuant to the New Option Scheme, the total number of
options in issue will be 14,950,000 (including the unallocated
pools), representing approximately 9.76% of the Company's issued
share capital, of which the following are held by the Board and
PDMRs:
Number of Exercise
Director and PDMR Options Price (p) Expiry Date
Charles Hall 300,000 35.0 20 July 2023
450,000 45.0 20 July 2024
500,000 60.0 22 May 2025
200,000 27.5 30 June 2023
Michael McNeilly 1,000,000 35.0 20 July 2023
1,500,000 45.0 20 July 2024
1,000,000 60.0 22 May 2025
1,000,000 27.5 30 June 2028
Mark Potter 1,000,000 35.0 20 July 2023
1,500,000 45.0 20 July 2024
400,000 60.0 22 May 2025
600,000 27.5 30 June 2028
Neville Bergin 200,000 35.0 20 July 2023
300,000 45.0 20 July 2024
200,000 27.5 30 June 2023
David Wargo 200,000 27.5 30 June 2023
Adrian Bock 800,000 27.5 30 June 2028
400,000 27.5 30 June 2023
Following the issue of the Tranche A Options and the Tranche B
Options pursuant to the New Option Scheme, the Directors and PDMRs
will, in aggregate, hold options over approximately 7.54% of the
Company's issued share capital.
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014).
1. Details of the person discharging managerial responsibilities / person
closely associated
a) Name Charles Hall
2. Reason for the Notification
a) Position/status Non-Executive Chairman
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name METAL TIGER PLC
b) LEI 213800K1IN6M1VCVPA93
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 the Financial Options over ordinary shares of 0.1p
instrument, type of instrument each in the share capital of Metal
Tiger plc
Identification code ISIN for Ordinary Shares:
GB00BMQC0691
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) 27.5p
Volume(s) 200,000
d) Aggregated information 200,000 27.5p
Aggregated volume
Price
e) Date of the transaction 1 October 2020
f) Place of the transaction London Stock Exchange (AIM)
1. Details of the person discharging managerial responsibilities / person
closely associated
a) Name Michael McNeilly
2. Reason for the Notification
a) Position/status Chief Executive Officer
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name METAL TIGER PLC
b) LEI 213800K1IN6M1VCVPA93
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 the Financial Options over ordinary shares of 0.1p
instrument, type of instrument each in the share capital of Metal
Tiger plc
Identification code ISIN for Ordinary Shares:
GB00BMQC0691
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) 27.5p
Volume(s) 1,000,000
d) Aggregated information 1,000,000 27.5p
Aggregated volume
Price
e) Date of the transaction 1 October 2020
f) Place of the transaction London Stock Exchange (AIM)
1. Details of the person discharging managerial responsibilities / person
closely associated
a) Name Mark Potter
2. Reason for the Notification
a) Position/status Chief Investment Officer
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name METAL TIGER PLC
b) LEI 213800K1IN6M1VCVPA93
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 the Financial Options over ordinary shares of 0.1p
instrument, type of instrument each in the share capital of Metal
Tiger plc
Identification code ISIN for Ordinary Shares:
GB00BMQC0691
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) 27.5p
Volume(s) 600,000
d) Aggregated information 600,000 27.5p
Aggregated volume
Price
e) Date of the transaction 1 October 2020
f) Place of the transaction London Stock Exchange (AIM)
1. Details of the person discharging managerial responsibilities / person
closely associated
a) Name Neville Bergin
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name METAL TIGER PLC
b) LEI 213800K1IN6M1VCVPA93
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 the Financial Options over ordinary shares of 0.1p
instrument, type of instrument each in the share capital of Metal
Tiger plc
Identification code ISIN for Ordinary Shares:
GB00BMQC0691
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) 27.5p
Volume(s) 200,000
d) Aggregated information 200,000 27.5p
Aggregated volume
Price
e) Date of the transaction 1 October 2020
f) Place of the transaction London Stock Exchange (AIM)
1. Details of the person discharging managerial responsibilities / person
closely associated
a) Name David Wargo
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name METAL TIGER PLC
b) LEI 213800K1IN6M1VCVPA93
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 the Financial Options over ordinary shares of 0.1p
instrument, type of instrument each in the share capital of Metal
Tiger plc
Identification code ISIN for Ordinary Shares:
GB00BMQC0691
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) 27.5p
Volume(s) 200,000
d) Aggregated information 200,000 27.5p
Aggregated volume
Price
e) Date of the transaction 1 October 2020
f) Place of the transaction London Stock Exchange (AIM)
1. Details of the person discharging managerial responsibilities / person
closely associated
a) Name Adrian Bock
2. Reason for the Notification
a) Position/status Chief Financial Officer
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name METAL TIGER PLC
b) LEI 213800K1IN6M1VCVPA93
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 the Financial Options over ordinary shares of 0.1p
instrument, type of instrument each in the share capital of Metal
Tiger plc
Identification code ISIN for Ordinary Shares:
GB00BMQC0691
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) 27.5p
Volume(s) 1,200,000
d) Aggregated information 1,200,000 27.5p
Aggregated volume
Price
e) Date of the transaction 1 October 2020
f) Place of the transaction London Stock Exchange (AIM)
For further information on the Company, visit:
www.metaltigerplc.com
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited (Nominated Tel +44 (0)20 7409 3494
James Dance Adviser)
Jack Botros
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Hugo Liddy
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") with the trading code MTR and
invests in high potential mineral projects with a base, precious
and strategic metals focus.
The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. Metal Tiger has two investment divisions: Equity
Investments and Project Investments.
Equity Investments invests in undervalued natural resource
companies. The majority of its investments are listed on AIM, the
TSX and the ASX, which includes its interest in Sandfire Resources
Limited (ASX: SFR). The Company also considers selective
opportunities to invest in private natural resource companies,
typically where there is an identifiable path to IPO. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment for the Project Investments division.
Project Investments is focused on the development of its key
project interests in Botswana, where Metal Tiger has a growing
interest in the large and highly prospective Kalahari copper/silver
belt through its interest in Kalahari Metals Limited.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
END
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201001006115/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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