Zanaga Iron Ore Company Ltd Grant of Options (6695N)
July 30 2014 - 2:02AM
UK Regulatory
TIDMZIOC
RNS Number : 6695N
Zanaga Iron Ore Company Ltd
30 July 2014
30 July 2014
Grant of Options
Zanaga Iron Ore Company ("ZIOC" or the "Company") announces that
on 29 July 2014 the Board approved the grant of 9,027,274 share
options over ordinary shares of no par value in the Company
("Ordinary Shares") to certain Directors, key employees of and
consultants to the Company ("Share Options") in recognition of the
achievement of key corporate and project milestones since 2012 and
to incentivise key employees and consultants to achieve certain new
performance targets.
1,613,856 of the Share Options have been awarded to Directors in
the amounts and with the vesting terms and exercise prices stated
below.
The remaining 7,413,418 Share Options have the following vesting
terms and exercise prices:
-- 5,513,418 will vest immediately and 1,900,000 will vest on 31
December 2015 or sooner on the satisfaction of certain performance
or other vesting conditions; and
-- 5,813,418 have an exercise price of 0.01p per Ordinary Share
and the remaining 1,600,000 have an exercise price of 18.50p per
Ordinary Share, being the mid-market closing price on 28 July
2013.
All of the Share Options are exercisable within 10 years of the
date of award and are being made as part of the Company's overall
management incentivisation plan by way of individual share option
agreements. Such arrangements fall outside the 2010 LTIP trust
scheme which was set up at the time of the Company's IPO and which
remains in place.
Directors' Options
The Share Options granted to Directors were as follows:
Director Share Options
David Elzas 400,924
Colin Harris 611,085*
Clinton Dines 201,847
Alistair Franklin 400,000**
*This includes 409,237 options awarded to Harris GeoConsult Ltd,
the company which provides the services of Colin Harris as a
consultant and in which company Colin Harris has an interest.
**This includes 199,076 options awarded to Alistair Franklin
upon his appointment as a Director in February 2013 with a nil
consideration exercise price, which were disclosed in the Company's
2013 Annual Report but which are only now being formally
issued.
The Share Options issued to the Directors have an exercise price
of 0.01p per Ordinary Share, other than those awarded to Alistair
Franklin, as mentioned above.
409,237 of the Share Options awarded to Harris GeoConsult Ltd
vest on the date of grant. The remaining 1,204,619 Share Options
granted to Directors will vest in three equal tranches, being the
date of grant, February 2015 and February 2016.
Messrs Clifford Elphick (Chairman) and Michael Haworth
(Non-executive Director) have agreed not to participate in any new
share option awards.
Total Shares Under Option
Following the award as disclosed in this announcement, in
aggregate the newly issued Share Options and existing unexercised
share options will represent 4.64% of the Company's current issued
share capital.
For further information please contact:
Zanaga Iron Ore
Corporate Development and Andrew Trahar
Investor Relations Manager +44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial Simon Atkinson and Christopher Britton
and Corporate Broker +44 20 3100 2000
Bell Pottinger
Financial PR Daniel Thöle and Marianna Bowes
+44 20 7861 3232
About us:
Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is the owner
of 50% less one share in the Zanaga Iron Ore Project based in the
Republic of Congo (Congo Brazzaville) through its joint venture
partnership with Glencore. The Zanaga Iron Ore Project is one of
the largest iron ore deposits in Africa and has the potential to
become a world-class iron ore producer.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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