Issue of Equity

RNS Number : 7627L

Kore Potash PLC

15 January 2021

 

15 January 2021

Kore Potash Plc

("Kore Potash" or the "Company")

Issue of Equity

Kore Potash plc advises that a total of 2,909,389 ordinary shares of US$0.001 each in the Company have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 December 2020, as approved at the General Meeting of the Company held on 18 September 2020 ("Remuneration Shares").

In addition, the Company has also issued 3,071,251 ordinary shares to certain employees and ex-employees, following the vesting of Performance Rights awarded under the Company's Employee Performance Incentive Plans ("Performance Shares") (together with the Remuneration Shares the "New Ordinary Shares").

Non-Executive Director shares in lieu of cash fees

The number of New Ordinary Shares issued to each Non-Executive Director in lieu of remuneration for the quarter ended 31 December 2020 was calculated as follows:

	Annual fee	Quarterly fee	Percentage of Remuneration	GBP/USD	7 day VWAP	Number of shares
David Hathorn	US$100,000	US$25,000	55%	1.37	0.84	1,194,821
David Netherway	US$80,500	US$20,125	55%	1.37	0.84	961,831
Jonathan Trollip	US$63,000	US$15,750	55%	1.37	0.84	752,737
Total						2,909,389

Total voting rights

A total of 5,980,640 New Ordinary Shares have today been issued.  Application has been made for the admission of 5,980,640 New Ordinary Shares on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on 20 January 2021.

Following this issue, the Company's issued share capital consists of 2,451,768,173 ordinary shares.  No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 2,451,768,173.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For ASX's purposes, these securities are issued under Listing Rule 10.11 (Remuneration Shares) and exception 9 of ASX Listing Rule 7.2 (Performance Shares) respectively.

Cancellation of certain Performance Rights, Performance Shares and Options

Following the determination by the Company that the applicable vesting conditions within each category would not be achieved, a total of 9,297,751 Performance Rights, Performance Shares and Unlisted Options previously issued have been cancelled as follows:

Performance Rights expiring 6 December 2020 (Employees)	1,253,750
Performance Shares under Short Term Incentive Scheme Plan	1,015,001
Performance Shares under Long Term Incentive Plan	499,000
Performance Shares vesting on 31 May 2019	530,000
Unlisted Options exercisable at £0.022 each, expiring on 1 January 2024	6,000,000

This announcement has been approved for release by the Board.

ENDS

For further information, please visit  www.korepotash.com  or contact:

Kore Potash Brad Sampson - CEO		Tel: [phone]
Tavistock Communications Jos Simson Edward Lee		Tel: [phone]
Canaccord Genuity -  Nomad and Broker James Asensio Henry Fitzgerald-O'Connor		Tel: [phone]
Shore Capital  - Joint Broker Jerry Keen Toby Gibbs James Thomas		Tel: [phone]

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of the Renumeration Shares.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Hathorn
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Issue of new shares
c)	Price(s) and volume(s)	Price: 0.84p  Volume: 1,194,821
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	15 January 2021
f)	Place of the transaction	Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Netherway
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Issue of new shares
c)	Price(s) and volume(s)	Price: 0.84p Volume: 961,831
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	15 January 2021
f)	Place of the transaction	Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jonathan Trollip
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Issue of new shares
c)	Price(s) and volume(s)	Price: 0.84p  Volume: 752,737
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	15 January 2021
f)	Place of the transaction	Outside a trading venue

 

END

 

 

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