Appointment of Chief Financial Officer

RNS Number : 9230Z

Trident Royalties PLC.

20 September 2022

 

20 September 2022

Trident Royalties Plc

("Trident" or the "Company")

Appointment of Chief Financial Officer

Trident Royalties Plc (AIM: TRR), the diversified mining royalty company, is pleased to announce the appointment of Richard John Hughes as an executive director and as Chief Financial Officer ("CFO") with effect from 20 September 2022. Richard succeeds Martin Page who will step down with effect from the same date.

Richard Hughes has over 15 years of experience in the natural resources sector. In 2019, he founded an independent consultancy providing corporate finance advisory services to both mining and royalty finance companies. Prior to this he was a senior member of the Metals and Mining Investment Banking team at RBC Capital Markets based in London from 2010 to 2018. Richard began his career at CIBC, where he was a member of the Global Mining Group.

Richard, aged 39, is also currently a Director of Cana Advisory Limited.

Richard, together with his wife, holds 125,000 Trident ordinary shares of £0.01 each, representing 0.04 per cent. of the Company's voting rights. In addition, Richard Hughes has been granted options over 1,600,000 Trident ordinary shares of £0.01 ("Share Options") with an exercise price of 50p per share (less any dividends paid from grant until exercise) under the current long-term incentive plan.

The award of Share Options is being issued subject to the following vesting conditions:

Share Options	Target Share Price*	Vesting Date
1/5	80p/share	31 December 2022
1/5	90p/share	31 December 2023
1/5	100p/share	31 December 2024
1/5	110p/share	31 December 2025
1/5	120p/share	31 December 2026

* Target share price is the volume weighted average price (less any dividends paid from grant until exercise) for a measurement period of 365 consecutive days prior to exercise. The Share Options will lapse after the 7th anniversary of the date of grant.

There is no further information required to be disclosed pursuant to Schedule 2 paragraph (g) to the AIM Rules for Companies.

Paul Smith, Non-Executive Chairman of Trident, commented:

"I am delighted to welcome Richard to the management team and look forward to working closely with him to continue to execute on our growth strategy. I would also like to thank Martin for his service to the Company, playing a key role in Trident's progress to date. Trident has grown rapidly since its inception - both with regards to assets within the portfolio, as well as providing significant shareholder returns - and I view it as testament to our strategy and ability to execute that we've attracted someone of Richard's calibre."

The information below has been provided in accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Richard Hughes
2.	Reason for the notification
a.	Position/status	Chief Financial Officer
b.	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Trident Royalties Plc
b.	LEI	213800V6U8KJ7U2BV956
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 Identification code	Options over Ordinary Shares of 0.01 each For Ordinary Shares: GB00BF7J2535
b.	Nature of the transaction	Grant of options over Ordinary Shares
c.	Price(s) and volume(s)	Price(s) Volume(s) nil 1,600,000
d.	Aggregated information · Aggregated volume · Price	n/a single transaction
e.	Date of the transaction	20 September 2022
f.	Place of the transaction	Outside a trading Venue

** Ends **

Contact details:

Trident Royalties Plc Adam Davidson / Paul Smith	www.tridentroyalties.com [phone] / [phone]
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Samuel Littler	www.grantthornton.co.uk [phone]
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield	www.stifelinstitutional.com [phone]
Tamesis Partners LLP (Joint Broker) Richard Greenfield	www.tamesispartners.com [phone]
Hudson Sandler Investor Relations: John Smelt Public Relations: Charlie Jack / Harry Griffiths	[phone] [e-mail] [e-mail]

About Trident

Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.

Key highlights of Trident's strategy include:

·	Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;
·	Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
·	Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;
·	Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market;
·	Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
·	Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.

The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.

Forward-looking Statements

This news release contains forward ‐ looking information. The statements are based on reasonable assumptions and expectations of management and Trident provides no assurance that actual events will meet management's expectations. In certain cases, forward ‐ looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Trident believes the expectations expressed in such forward ‐ looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Trident will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward ‐ looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.

Third Party Information

As a royalty and streaming company, Trident often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties and investments, or such information is subject to confidentiality provisions. As such, in preparing this announcement, the Company often largely relies upon information provided by or the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.

 

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