TIDMTRR
RNS Number : 5133A
Trident Royalties PLC.
02 February 2022
2 February 2022
Trident Royalties Plc
("Trident" or the "Company")
Grant of Options
The Company has granted options over a total of 8,000,000
Ordinary Shares of GBP0.01 in the Company ("Share Options") with an
exercise price of 50p per share (less any dividends paid from grant
until exercise) to senior management under the current long-term
incentive plan.
Each award of Share Options is being issued subject to the
following vesting conditions:
Share Options Target Share Price* Vesting Date
1/5 80p/share 31 December 2022
-------------------- -----------------
1/5 90p/share 31 December 2023
-------------------- -----------------
1/5 100p/share 31 December 2024
-------------------- -----------------
1/5 110p/share 31 December 2025
-------------------- -----------------
1/5 120p/share 31 December 2026
-------------------- -----------------
* Target share price is the volume weighted average price (less
any dividends paid from grant until exercise)
for a measurement period of 365 consecutive days prior to exercise.
The Share Options will lapse after the 7(th) anniversary of the
date of grant.
Included in the option grants are 3,150,000 Share Options for
Adam Davidson, Chief Executive Officer, and 1,600,000 Share Options
for Martin Page, Chief Financial Officer. Following the issue of
the Share Options, the Company will have a total of 15,835,000
options and 18,340,517 warrants in issue, representing
approximately 11.97% of the issued share capital and 10.69% of the
fully diluted share capital.
Further details of the Share Options granted to each of Mr
Davidson and Mr Page are set out in the PDMR forms below.
This information has been provided in accordance with Article
5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018.
Notification of Transactions of Persons Discharging Managerial
Responsibility and Persons Closely Associated with them:
1. Details of the person discharging managerial responsibilities
/ person closely associated
a. Name Adam Davidson
---------------------------------- -----------------------------------
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 Trident Royalties Plc
---------------------------------- -----------------------------------
b. LEI 213800V6U8KJ7U2BV956
---------------------------------- -----------------------------------
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
instrument, type of instrument of GBP0.01 each
Identification code For Ordinary Shares: GB00BF7J2535
---------------------------------- -----------------------------------
b. Nature of the transaction Grant of options over Ordinary
Shares
---------------------------------- -----------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
nil 3,150,000
----------
---------------------------------- -----------------------------------
d. Aggregated information
* Aggregated volume n/a single transaction
* Price
---------------------------------- -----------------------------------
e. Date of the transaction 1 February 2022
---------------------------------- -----------------------------------
f. Place of the transaction Outside a trading Venue
---------------------------------- -----------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a. Name Martin Page
---------------------------------- -----------------------------------
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 Trident Royalties Plc
---------------------------------- -----------------------------------
b. LEI 213800V6U8KJ7U2BV956
---------------------------------- -----------------------------------
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
instrument, type of instrument of GBP0.01 each
Identification code For Ordinary Shares: GB00BF7J2535
---------------------------------- -----------------------------------
b. Nature of the transaction Grant of options over Ordinary
Shares
---------------------------------- -----------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
nil 1,600,000
----------
---------------------------------- -----------------------------------
d. Aggregated information
* Aggregated volume n/a single transaction
* Price
---------------------------------- -----------------------------------
e. Date of the transaction 1 February 2022
---------------------------------- -----------------------------------
f. Place of the transaction Outside a trading Venue
---------------------------------- -----------------------------------
** Ends **
Contact details:
Trident Royalties Plc www.tridentroyalties.com
Adam Davidson / Paul Smith +1 (757) 208-5171 / +41 79
947 1348
Grant Thornton (Nominated Adviser) www.grantthornton.co.uk
Colin Aaronson / Samantha Harrison +44 020 7383 5100
/ Samuel Littler
----------------------------
Stifel Nicolaus Europe Limited (Joint www.stifelinstitutional.com
Broker) +44 20 7710 7600
Callum Stewart / Ashton Clanfield
----------------------------
Tamesis Partners LLP (Joint Broker) www.tamesispartners.com
Richard Greenfield +44 20 3882 2868
----------------------------
St Brides Partners Ltd (Financial www.stbridespartners.co.uk
PR & IR) +44 20 7236 1177
Susie Geliher / Catherine Leftley
----------------------------
About Trident
Trident is a growth-focused diversified mining royalty and
streaming company, providing investors with exposure to a mix of
base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
-- Building upon a royalty and streaming portfolio which broadly
mirrors the commodity exposure of the global mining sector
(excluding fossil fuels) with a bias towards production or
near-production assets, differentiating Trident from the majority
of peers which are exclusively, or heavily weighted, to precious
metals;
-- Acquiring royalties and streams in resource-friendly
jurisdictions worldwide, while most competitors have portfolios
focused on North and South America;
-- Targeting attractive small-to-mid size transactions which are
often ignored in a sector dominated by large players;
-- Active deal-sourcing which, in addition to writing new
royalties and streams, will focus on the acquisition of assets held
by natural sellers such as: closed-end funds, prospect generators,
junior and mid-tier miners holding royalties as non-core assets,
and counterparties seeking to monetise packages of royalties and
streams which are otherwise undervalued by the market;
-- Maintaining a low-overhead model which is capable of
supporting a larger scale business without a commensurate increase
in operating costs; and
-- Leveraging the experience of management, the board of
directors, and Trident's adviser team, all of whom have deep
industry connections and strong transactional experience across
multiple commodities and jurisdictions.
The acquisition and aggregation of individual royalties and
streams is expected to deliver strong returns for shareholders as
assets are acquired on terms reflective of single asset risk
compared with the lower risk profile of a diversified, larger scale
portfolio. Further value is expected to be delivered by the
introduction of conservative levels of leverage through debt. Once
scale has been achieved, strong cash generation is expected to
support an attractive dividend policy, providing investors with a
desirable mix of inflation protection, growth and income.
Forward-looking Statements
This news release contains forward -- looking information. The
statements are based on reasonable assumptions and expectations of
management and Trident provides no assurance that actual events
will meet management's expectations. In certain cases, forward --
looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Although Trident believes the
expectations expressed in such forward -- looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Trident will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the forward --
looking statements. These and other factors should be considered
carefully and readers should not place undue reliance on
forward-looking information.
Third Party Information
As a royalty and streaming company, Trident often has limited,
if any, access to non-public scientific and technical information
in respect of the properties underlying its portfolio of royalties
and investments, or such information is subject to confidentiality
provisions. As such, in preparing this announcement, the Company
often largely relies upon information provided by or the public
disclosures of the owners and operators of the properties
underlying its portfolio of royalties, as available at the date of
this announcement.
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END
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