Issue of Options

RNS Number : 8720E

Bezant Resources PLC

10 November 2020

 

10 November 2020

Bezant Resources Plc

  ("Bezant" or the "Company") 

Issue of Options

Bezant (AIM: BZT), the copper-gold exploration and development company, announces that, in aggregate, 220 million options over ordinary shares of 0.002 pence each in the capital of the Company ("Ordinary Shares") have today been granted pursuant to the Executive Share Option Scheme approved at the Company's Annual General Meeting ("AGM") held on 22 June 2018 (the "Options"). Of the 220,000,000 Options, 158,000,000 have been awarded to directors of the Company, 30,000,000 to a non-director PDMR as detailed further below and the balance of 32,000,000 to other eligible participants.

Summary of the Options awarded :

Total number of options:	A total of 220,000,000 Options have been awarded.
Exercise prices & award date:	110,000,000 Options have an exercise price of 0.425 pence per Ordinary Share and vest on 9 November 2020 and the balance of 110,000,000 Options have an exercise price of 0.565 pence per Ordinary Share and vest on the earlier of i) 31 March 2021 or ii) an offer for a change of control of the Company.
Purpose of options:	To Incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company and note the significant premium of the respective exercise prices relative to the share price and 30 day VWAP.
30 day VWAP when Options approved:	The 30 day volume weighted average share price ("VWAP") to 5 November 2020, being the latest practicable date prior to the approval of the Options by the Company's Remuneration Committee and Board, was 0.281 pence per share.
Prevailing share price:	The Company's mid-market closing share price on 5 November 2018, being the latest practicable date prior to the approval of the Option awards, was 0.28 pence.
Exercise prices versus abovementioned VWAP and prevailing share price:		Premium to:
			Prevailing share price	30 day VWAP
	Exercise price of 0.425 pence		52%	51%
	Exercise price of 0.565 pence		102%	101%
Life of Options:	The options expire on 21 June 2028 being the date one day prior to the tenth anniversary of the passing of the resolution at the Company's AGM held on 22 June 2018 to approve the Executive Share Option Scheme.
Exercise period:	The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder.
Options awarded to the Directors (No. of options in millions)	Exercise price & vesting date Director 0.425 pence (vesting on 9 Nov 2020) 0.565 pence (vesting on 31 March 2021) Options in millions Colin Bird 24 24 Raju Samtani 20 20 Edward Patrick Slowey 20 20 Dr. Evan Kirby 10 10 Ronnie Siapno 5 5 Total Directors 79 79
Options awarded to PDMRs (No. of options in millions)	Exercise price & vesting date Person 0.425 pence (vesting on 9 Nov 2020) 0.565 pence (vesting on 31 March 2021) Options in millions Michael Allardice (awarded to Quantum Capital and Consulting Ltd) 15 15 Total other PDMRs 15 15

Following the vesting of the above options the Company will have 307,500,000 options in issue and the directors will hold the following options over Ordinary Shares all of which expire 21 June 2028

Options in millions	Exercise Price
Director	0.425 pence	0.565 pence	0.500 pence	1.000 pence	Total No. of Options
Colin Bird	24.0	24.0	15.0	12.5	75.5
Raju Samtani	20.0	20.0	-	-	40.0
Edward Patrick Slowey	20.0	20.0	-	-	40.0
Dr. Evan Kirby	10.0	10.0	5.0	2.5	27.5
Ronnie Siapno	5.0	5.0	7.5	5.0	22.5
	79.0	79.0	27.5	20.0	205.5

For further information, please contact :

Bezant Resources Plc Colin Bird Executive Chairman	[phone]
Beaumont Cornish (Nominated Adviser)  Roland Cornish	[phone]
Novum Securities Limited (Broker) Jon Belliss	[phone]

or visit http://www.bezantresources.com  

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

PDMR Notification Forms :

The notifications below are made in accordance with the requirements of MAR.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Colin Bird
2.	Reason for the Notification
a)	Position/status	Executive Chairman & Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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 instrument, type of instrument	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.425p 24,000,000 0.565p 24,000,000
d)	Aggregated information Aggregated volume	A total of 48,000,000 options
e)	Date of the transaction	2020/11/09
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Raju Samtani
2.	Reason for the Notification
a)	Position/status	Finance Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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 instrument, type of instrument	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.425p 20,000,000 0.565p 20,000,000
d)	Aggregated information Aggregated volume	A total of 40,000,000 options
e)	Date of the transaction	2020/11/09
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Edward Patrick Slowey
2.	Reason for the Notification
a)	Position/status	Technical Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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 instrument, type of instrument	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.425p 20,000,000 0.565p 20,000,000
d)	Aggregated information Aggregated volume	A total of 40,000,000 options
e)	Date of the transaction	2020/11/09
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dr. Evan Kirby
2.	Reason for the Notification
a)	Position/status	Non-Executive Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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 instrument, type of instrument	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.425p 10,000,000 0.565p 10,000,000
d)	Aggregated information Aggregated volume	A total of 20,000,000 options
e)	Date of the transaction	2020/11/09
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ronnie Siapno
2.	Reason for the Notification
a)	Position/status	Non-Executive Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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 instrument, type of instrument	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.425p 5,000,000 0.565p 5,000,000
d)	Aggregated information Aggregated volume	A total of 10,000,000 options
e)	Date of the transaction	2020/11/09
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Michael Graham Allardice / Quantum Capital and Consulting Limited
2.	Reason for the Notification
a)	Position/status	Group Company Secretary / Consulting company of Michael Graham Allardice
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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 instrument, type of instrument	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.425p 15,000,000 0.565p 15,000,000
d)	Aggregated information Aggregated volume	A total of 30,000,000 options
e)	Date of the transaction	2020/11/09
f)	Place of the transaction	Outside a trading venue

 

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