AIM and Media Release
14 October 2021
BASE RESOURCES LIMITED
LTIP performance rights update
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that, following performance testing of the 2018 cycle performance rights issued under the Base Resources Long Term Incentive Plan (LTIP) as at 30 September 2021, 13,609,949 performance rights have vested, equivalent to approximately 60% of the total number of 2018 cycle performance rights on foot at the time of testing.
Vesting of performance rights issued under the LTIP is subject to achievement of specified performance criteria over a three-year performance period. The performance criteria for the 2018 cycle performance rights required achievement of total shareholder return (TSR) targets, with 50% subject to an absolute TSR performance hurdle and 50% subject to a relative TSR performance hurdle assessed against a set group of comparator companies. In accordance with the terms of the LTIP, 2018 cycle performance rights that did not vest following testing were automatically forfeited.
The LTIP participants whose 2018 cycle performance rights were tested, with subsequent vesting and forfeiture, included senior management of the Company classified as “persons discharging managerial responsibilities” for the purposes of the United Kingdom’s Market Abuse Regulation. Their updated securityholdings in the Company are set out below.
Name | Vested 2018 cycle performance rights | Holding of performance rights (vested and unvested) |
Holding of shares
(direct and indirect) |
Tim Carstens (Managing Director) | 1,694,164 | 7,298,620 | 8,442,833 |
Colin Bwye (Executive Director) | 1,694,164 | 7,298,620 | 7,199,238 |
Kevin Balloch | 594,418 | 2,464,994 | 3,039,313 |
Andre Greyling | 562,288 | 2,391,767 | 4,193,966 |
Stephen Hay | 624,812 | 2,591,034 | 1,697,999 |
Chadwick Poletti | 518,473 | 2,236,399 | 1,448,859 |
In addition, during the September quarter until the date of this release:
Further details about performance rights issued under the LTIP, including the applicable performance criteria for the 2018 cycle, 2019 cycle and 2020 cycle performance rights, are included in Base Resources’ 2021 Annual Report, which can be accessed from the Company’s website.
As a result of the above events, the Company has the following securities on issue:
The figure of 1,178,011,850 ordinary shares on issue may be used by shareholders as the denominator for calculations when determining if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
[Note (1): Vested performance rights have a nil cash exercise price. Unless exercised beforehand, performance rights expire five years after vesting.]
ENDS.
For further information contact:
James Fuller, Manager Communications and Investor Relations | UK Media Relations |
Base Resources | Tavistock Communications |
Tel: +61 (8) 9413 7426 | Jos Simson and Gareth Tredway |
Mobile: +61 (0) 488 093 763 | Tel: +44 (0) 207 920 3150 |
Email: jfuller@baseresources.com.au |
About Base Resources
Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance. The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar. Base Resources is an ASX and AIM listed company. Further details about Base Resources are available at www.baseresources.com.au
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