Cancellation and re-issue of options

RNS Number : 1609B

Regency Mines PLC

14 June 2016

 

Regency Mines Plc

("Regency" or the "Company")

Cancellation and Re-issue of Options

Directors' Shareholdings

14 June 2016

Regency Mines Plc ("Regency" or the "Company"), on 1 February 2016 announced the grant of 7,060,000 options to directors and key staff. The grants other than those to Edmund Bugnosen were made under an EMI (Enterprise Management Incentive) scheme ("EMI Grants"). 

For administrative reasons, it has become necessary to cancel and reissue the EMI options on the same terms and conditions (including exercise price), as described below.

The Company announces the immediate cancellation of the EMI Grants and the reissue with immediate effect of the same number of EMI options to the same grantees and upon the same conditions, with the designation "Series 1".

	Tranche 1	Tranche 2	Tranche 3	Tranche 4
Andrew Bell	740,000	740,000	740,000	740,000
Scott Kaintz	740,000	740,000	670,000	670,000
Other personnel	180,000	180,000	180,000	180,000
Vesting (from Date):	Immediate	29 June 2016	29 January 2017	29 June 2017
Performance condition:	N/A	Share price close 3 days over 0.7p	Share price close 3 days over 1p	Share price close 3 days over 1.3p

All options have an exercise price of 0.45p and lapse on 29 January 2022.

The vesting in respect of tranches not yet vested will be accelerated, though the performance condition will be retained, in the event of a takeover event.

Following the cancellation and reissue, the resultant total directors' shareholdings are as follows:

Directors	Ordinary Shares		Total Shares	% of Issued Share Capital	Warrants	Options
	Direct	Indirect
Andrew R M Bell	2,302,435	3,535,590	5,838,025	2.31%	-	2,960,000
Edward Sr Bugnosen	10,000	2,634,710	2,644,710	1.05%	-	560,000
Scott Kaintz	-	2,709,262	2,709,262	1.07%	-	2,820,000

*Mr A Bell and Mr S Kaintz are each beneficiaries of 2,688,210 shares held on their behalf by the Share Incentive Plan Trustees whilst Mr E Bugnosen is a beneficiary of 2,634,710 shares held on his behalf by the Share Incentive Plan Trustees. In addition, Mr A Bell holds 847,380 shares in the account of Brewin 1762 Nominees Limited and Mr. Kaintz holds 21,052 in the account of HSBC Client Holdings Nominee UK Ltd.

For further information contact:

Andrew Bell 0207 747 9960                                                       Chairman Regency Mines Plc

Scott Kaintz 0207 747 9960                                                        Executive Director Regency Mines Plc

Roland Cornish/Rosalind Hill Abrahams 0207 628 3396          NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd.

 

END

 

 

MSCSFAFFLFMSEIM