Vast Resources plc Award Of Rights Under The Company's Share Appreciation Rights Scheme
November 26 2020 - 7:30AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
26 November 2020
Vast Resources plc
("Vast" or the "Company")
Award of rights under the Company's Share Appreciation Rights Scheme
Vast Resources plc, the AIM-listed mining company, announces the offer
of rights as set out below (the 'Award') under the Share Appreciation
Rights Scheme (the 'Scheme') which was set up to incentivise directors
and senior executives/consultants of the Company.
The basis of the Scheme
The basis of the Scheme, for which new authorities were last granted at
the Annual General Meeting of the Company in 2019, is to grant a fixed
number of 'share appreciations rights' ('SARs') to participants. Each
SAR consists of rights at the discretion of the Company either to
receive ordinary shares in Vast (the 'Shares') based on a price equal to
the six month VWAP of a Share immediately preceding the grant of the SAR
(the 'Exercise Price') or to receive cash to a value equal to the
difference between the Exercise Price and the daily VWAP on the date of
exercise of a SAR. A SAR may be exercised at any time between a given
Vesting date ('Vesting Date') and the final date (the 'Vesting Period').
The Vesting Date is the date on which the Company confirms that any
performance or other condition attached to the SAR has been satisfied.
The Award
Aggregate SARs Vesting date Vesting
awarded quantities
------------------------ ----------------- -------------- -----------------
Paul Fletcher 35,000,000 Immediate 17,500,000
Finance Director 31 March 2021 17,500,000
------------------------ ----------------- -------------- -----------------
Roy Tucker 22,500,000 Immediate 11,250,000
Executive Director 31 March 2021 11,250,000
------------------------ ----------------- -------------- -----------------
Craig Harvey 20,000,000 Immediate 10,000,000
Chief Operating Officer 31 March 2021 10,000,000
------------------------ ----------------- -------------- -----------------
Nick Hatch 10,000,000 Immediate 5,000,000
Non-Executive Director 31 March 2021 5,000,000
------------------------ ----------------- -------------- -----------------
Other participants 52,500,000 Immediate 26,250,000
31 March 2021 26,250,000
------------------------ ----------------- -------------- -----------------
The first half of each grant of Award vests immediately as the Company
customarily makes grants in or about March of each year. The Exercise
Price for this grant of Award is 0.198p.
The SARs which have not vested are subject to satisfactory continued
employment or engagement with the Company or its subsidiaries. All SARs
that are issued in accordance with the grant of Award have a Vesting
Period of three years.
**ENDS**
For further information, visit
https://www.globenewswire.com/Tracker?data=yXzwE4VKtMvCzNeor8L5gqVINrQai2ZxizXbpMcOuiI_9INPv8AtRsUChWKN7C01ZlUdxAZoqSQLiERhm6v46g==
www.vastplc.com, follow the Company on Twitter @vast_resources and
LinkedIn, or please contact:
Vast Resources plc www.vastplc.com
Andrew Prelea - CEO +44 (0) 20 7846 0974
Andrew Hall
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
SP Angel Corporate Finance LLP -- Joint Broker www.spangel.co.uk
Richard Morrison +44 (0) 20 3470 0470
Caroline Rowe
Axis Capital Markets Limited -- Joint Broker www.axcap247.com
Richard Hutchison +44 (0) 20 3206 0320
St Brides Partners Limited www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
The information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 ("MAR").
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with
mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously producing
mines.
The Company's Romanian portfolio includes 100% interest in the producing
Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic mines.
The mine has a JORC compliant Reserve & Resource Report which underpins
the initial mine production life of approximately 3-4 years with an
in-situ total mineral resource of 15,695 tonnes copper equivalent with a
further 1.8M--3M tonnes exploration target. The Company is now working
on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which
was commissioned in 2015, currently on care and maintenance. The Company
has been granted the Manaila Carlibaba Extended Exploitation License
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, the Company is focused on the commencement of the joint
venture mining agreement on the Community Diamond Concession, Chiadzwa,
in the Marange Diamond Fields.
(END) Dow Jones Newswires
November 26, 2020 07:30 ET (12:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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