Grant of Options and Directors' Shareholdings

RNS Number : 7129N

Red Rock Resources plc

01 February 2016

 

Red Rock Resources Plc

Grant of Options

Directors' Shareholdings

1 Feb 2016

Red Rock Resources Plc ("Red Rock" or the "Company"), the natural resource development and investment Company with interests in oil and mineral exploration, announces the grant of 13,320,000 options to directors and key staff. Each option entitles the holder upon exercise to one ordinary share of 0.01p in the capital of the Company ("Ordinary Shares").

Pursuant to the recommendation of the Remuneration Committee, the board on 29^th January 2016  awarded the following options:

	Tranche 1	Tranche 2	Tranche 3	Tranche 4
Andrew Bell	1,440,000	1,440,000	1,440,000	1,440,000
Scott Kaintz	1,170,000	1,170,000	1,170,000	1,170,000
Michael Nott	225,000	225,000	225,000	225,000
Sam Quinn	225,000	225,000	225,000	225,000
Other personnel	270,000	270,000	270,000	270,000
Vesting date:	Immediate	After 6 months	After 12 months	After 18 months
Performance condition:	N/A	Share price close 3 days over 0.75p	Share price close 3 days over 1.5p	Share price close 3 days over 2p

All options have a life of six years from the date of grant and an exercise price of 0.45p.

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

The grants other than those to Michael Nott and Sam Quinn are made under an EMI (Enterprise Management Incentive) scheme. 

The Remuneration Committee in its review took account of the turnround under way as  a result of the management actions over the last year, including rationalization of existing mineral exploration projects, sale of the Colombian gold assets, actions to protect the Company gold interest in Kenya, exit from the Star Striker investment, significant cost reductions and corporate restructuring, balance sheet improvement and deleveraging, and the recent investments at Shoats Creek focussed on turning Red Rock into a cash generative oil producer. In order to retain and incentivise the management and align their interests with those of shareholders, and given a policy of minimising cash costs, an option award was considered the most appropriate way to do this.       

Following the grant of options to directors, the resultant total directors' shareholdings are as follows:

Directors	Shareholding in the Company			Current Shareholding as % of Current Issued Share Capital	Warrants	Options
	Direct	Indirect*	Total
Andrew R M Bell	2,944,173	1,218,080	4,162,253	1.70%	1,105,263	5,760,000
Sam Quinn	-	1,171,052	1,171,052	0.48%	210,526	900,000
Michael C Nott	842,105	1,842,182	2,684,287	1.10%	421,052	900,000
Scott Kaintz	-	1,212,480	1,212,480	0.49%	-	4,680,000

* Each Director except for Sam Quinn indirectly holds 1,212,480 shares held by the Share Incentive Plan Trustees. In addition, Andrew Bell indirectly holds 5,600 shares through Beaufort Securities Nominees Limited and 2,210,526 shares directly and jointly with Stephanie Bell.  Michael Nott, directly and jointly with Anna Nott, holds 842,105 shares and Michael Nott indirectly holds 629,702 shares jointly with Anna Nott through Barclayshare Nominees Limited.  Sam Quinn indirectly holds 421,052 shares through Fitel Nominees Limited/WH Ireland.

For further information, please contact:

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc

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

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd

Christian Pickel 0203 128 8208                                                  Media Relations MHP Communications

 

END

 

 

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