Stratmin Global Resources PLC Option Restructuring & Grant of Warrants & Options (6344A)

TIDMSTGR

RNS Number : 6344A

Stratmin Global Resources PLC

30 September 2015

StratMin Global Resources Plc

("StratMin" or the "Company")

Option Restructuring and Grant of Warrants & Options

During the course of 2014 and 2015, Directors, senior management and staff of the Company have, as a result of the difficult financial and operational climate, been forced to work from time to time for extended periods without cash salaries. In certain cases, and as previously announced, Ordinary Shares in the Company were issued in lieu of foregone cash salary. The majority of the Ordinary Shares issued under this arrangement were issued at a price of 9 pence per share, a premium of 71 per cent. to yesterday's closing mid-market price of 5.25 pence.

Following a review of the Company's existing share option scheme, the Independent Directors (being Brett Boynton, Shishir Poddar and David Premraj) have determined that the current share option pricing structure should be amended so as to reward certain members of the Board and certain employees for their effort and commitment to the Company to date and to ensure that they are provided with appropriate performance incentives going forward. Accordingly, the Independent Directors have decided to re-price a number of the options previously granted to Laurie Hunter (Non-Executive Chairman of the Company), Jeffrey Marvin (Non-Executive Director) and Manoli Yannaghas (the previous Managing Director of the Company, in accordance with the terms of his compromise agreement) and certain other employees and consultants of the Company.

The table below sets out, inter alia, the option holdings of Mr Hunter, Mr Marvin and Mr Yannaghas following the re-pricing. All other terms of the previous grant of options remain unchanged (which occurred on 12 March 2014, following the completion of a GBP2.5 million placing at a price of 9 pence per Ordinary Share), although Mr Yannaghas has forfeited 750,000 of his option holding by reason of his leaving the Company.

 
 Director/former     Number of       Exercise price   New exercise 
  director/other      Options to      as at date       price (pence) 
                      be re-priced    of award (12 
                                      March 2014) 
                                      (pence) 
 Laurie                                               50% at 6.0 and 
  Hunter             1,000,000       14.0              50% at 9.0 
                                                      50% at 6.0 and 
                     500,000         17.0              50% at 9.0 
                                                      50% at 6.0 and 
                     500,000         21.0              50% at 9.0 
 
 Manoli                                               50% at 6.0 and 
  Yannaghas          1,150,000       14.0              50% at 9.0 
                                                      50% at 6.0 and 
                     350,000         17.0              50% at 9.0 
 
 Jeffrey                                              50% at 6.0 and 
  Marvin             479,040         22.5              50% at 9.0 
 
 Employees           1,000,000       14.0             50% at 6.0 and 
  and Consultants                                      50% at 9.0 
                      500,000         17.0             50% at 6.0 and 
                                                        50% at 9.0 
 
 TOTAL               5,479,040

Separately, the Company has awarded a further 650,000 options over Ordinary Shares to certain employees and consultants, with an exercise price of 6 pence per share, and a warrant over 300,000 Ordinary Shares to Strand Hanson Limited, with an exercise price of 6 pence per share, as per the Company's engagement letter with Strand Hanson Limited dated 10 March 2014.

Following the above, the Company will have 39,529,347 options and warrants outstanding, representing 26.2 per cent. of the Company's currently issued ordinary share capital.

Related Party Transaction

The amendment to the share option pricing is considered a related party transaction under the AIM Rules. The Independent Directors (being Brett Boynton, Shishir Poddar and David Premraj) consider, having consulted with Strand Hanson Limited, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as Stratmin's shareholders are concerned.

Enquiries

For further information please visit www.stratminglobal.com or contact:

 
                                         +44 (0) 20 
 StratMin Global Resources Plc            3691 6160 
 Brett Boynton (CEO) / Laurie Hunter 
  (Chairman) 
 
 Strand Hanson (Nominated & Financial 
  Adviser)                               +44 (0) 20 
  James Spinney / Ritchie Balmer          7409 3494 
 
                                         +44 (0) 20 
 Beaufort Securities (Sole Broker)        7382 8311 
 Jon Belliss 
 
 Blytheweigh (Financial PR)              +44 (0) 20 
  Camilla Horsfall / Megan Ray            7138 3204

-ends

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 30, 2015 02:02 ET (06:02 GMT)

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