Company share option scheme

RNS Number : 0082D

Equatorial Mining & Exploration PLC

24 March 2014

 



Equatorial Mining & Exploration Plc

Company Share Option Plan

Equatorial Mining & Exploration Plc (''EME or the Company'') announces that HMRC approval has been granted to the Company's recent company share option plan ("CSOP") application.  The application covered two separate schemes, an "Unapproved" and an "Approved".  The two differ in the way that they are treated for income and capital gains tax and restrictions vary between the two.

The CSOP was conceived to enable EME to implement a share based bonus scheme to reward and incentivise directors and key staff.  The Company existed within tight budgetary constraints throughout 2013 and this position hasn't changed in the current year.

The CSOP reflects personal achievement with a share bonus pool which was allocated throughout 2013 against a list of targets for each director to meet.

Under the Unapproved scheme a total 253,240,000 options over the Company's ordinary shares of £0.0001 have been granted as follows:

Nicholas Nelson, 114,490,000

Alyn Evans, 88,750,000

Shane Moloney, 27,500,000

EME's manager of operations in Nigeria, 22,500,000

The options have been granted with an exercise price of £0.0001 per share and can be exercised from the date of grant on 17^th March 2014 for a period of ten years.

There are currently 2,150,000,000 ordinary shares of £0.0001 in issue and therefore the exercise of these options would result in a 10.54% dilution of the share capital.

24 March 2014

Enquiries:

Equatorial Mining & Exploration PLC Nicholas Nelson, Chairman	[phone] [e-mail]
ISDX Adviser - Alfred Henry Corporate Finance Ltd. Jon Isaacs	[phone] [e-mail]

The Directors take responsibility for this announcement.

 

END

 

 

STRLLFVLVFISFIS