Award of Rights Under SARS

RNS Number : 3396E

Vast Resources PLC

06 July 2021

 

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

06 July 2021

Vast Resources plc
("Vast" or the "Company")

Award of rights under the Company's Share Appreciation Rights Scheme

Vast Resources plc, the AIM-listed mining company, announces the offer of rights as set out below (the 'Award') under the Share Appreciation Rights Scheme (the 'Scheme') which Scheme was set up to incentivise directors and senior executives/consultants of the Company.

The basis of the Scheme

The basis of the Scheme is to grant a fixed number of 'share appreciations rights' ('SARs') to participants.  Each SAR consists of rights at the discretion of the Company either to receive ordinary shares in Vast (the 'Shares') based on the relevant exercise price ('Exercise Price') or to receive cash to a value equal to the difference between the Exercise Price and the daily VWAP on the date of exercise of a SAR.  The normal rules for the Scheme provide for the Exercise Price to be a price equal to the six month VWAP of a share immediately preceding the grant of a SAR, but in view of the recent decline in the Company's share price a higher Exercise Price has been agreed at 19.8p.  This compares with the closing share price on 5 July 2021 of 7.15p or current six-month VWAP of 10.51p.  A SAR may be exercised at any time between a given vesting date ('Vesting Date') and the final date (the 'Vesting Period').  The Vesting Date is the date on which the Company confirms that any performance or other condition attached to the SAR has been satisfied. 

The Award

	SARs awarded	Vesting condition
Andrew Prelea Chief Executive Officer	2,000,000	One day VWAP share price reaching not less than 20p for a continuous period of twenty consecutive business days where the first of such days falls on or before 31 December 2022
Paul Fletcher Finance Director	2,000,000
Roy Tucker Executive Director	2,000,000
Craig Harvey Chief Operating Officer	2,000,000
Andrew Hall Chief Commercial Officer	2,000,000

The SARs which have not vested are subject to satisfactory continued employment or engagement with the Company or its subsidiaries.  All SARs that are issued in accordance with the grant of Award have a Vesting Period of three years.

Market Abuse Regulation (MAR) Disclosure

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this announcement.

The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provide further detail on the executives' dealing in the SARs.

**ENDS**

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

Vast Resources plc Andrew Prelea (CEO) Andrew Hall (CCO)	www.vastplc.com [phone]
Beaumont Cornish - Financial & Nominated Advisor Roland Cornish James Biddle	www.beaumontcornish.com [phone]
Shore Capital Stockbrokers Limited  - Joint Broker Jerry Keen (Corporate Broking) Toby Gibbs / James Thomas (Corporate Advisory)	www.shorecapmarkets.co.uk  [phone]
Axis Capital Markets Limited - Joint Broker Richard Hutchison	www.axcap247.com  [phone]

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Andrew Prelea
2.	Reason for the notification
a)	Position/status:	Chief Executive Officer
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Vast Resources Plc
b)	LEI:	213800QXLO766CMGCQ60
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:	Share Appreciation Rights over Ordinary Shares of £0.001 each under Company Incentive Scheme
b)	Nature of the transaction:	Grant of Share Appreciation Rights
c)	Price(s) and volume(s):	Exercise Price(s) Volume(s) £0.198 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Price(s) Volume(s) £0.198 2,000,000
e)	Date of the transaction:	5 July 2021
f)	Place of the transaction:	AIM, London Stock Exchange

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Roy Tucker
2.	Reason for the notification
a)	Position/status:	Business Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Vast Resources Plc
b)	LEI:	213800QXLO766CMGCQ60
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:	Share Appreciation Rights over Ordinary Shares of £0.001 each under Company Incentive Scheme
b)	Nature of the transaction:	Grant of Share Appreciation Rights
c)	Price(s) and volume(s):	Exercise Price(s) Volume(s) £0.198 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Price(s) Volume(s) £0.198 2,000,000
e)	Date of the transaction:	5 July 2021
f)	Place of the transaction:	AIM, London Stock Exchange

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Paul Fletcher
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:	Vast Resources Plc
b)	LEI:	213800QXLO766CMGCQ60
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:	Share Appreciation Rights over Ordinary Shares of £0.001 each under Company Incentive Scheme
b)	Nature of the transaction:	Grant of Share Appreciation Rights
c)	Price(s) and volume(s):	Exercise Price(s) Volume(s) £0.198 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Price(s) Volume(s) £0.198 2,000,000
e)	Date of the transaction:	5 July 2021
f)	Place of the transaction:	AIM, London Stock Exchange

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Craig Harvey
2.	Reason for the notification
a)	Position/status:	Chief Operating Officer
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Vast Resources Plc
b)	LEI:	213800QXLO766CMGCQ60
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:	Share Appreciation Rights over Ordinary Shares of £0.001 each under Company Incentive Scheme
b)	Nature of the transaction:	Grant of Share Appreciation Rights
c)	Price(s) and volume(s):	Exercise Price(s) Volume(s) £0.198 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Price(s) Volume(s) £0.198 2,000,000
e)	Date of the transaction:	5 July 2021
f)	Place of the transaction:	AIM, London Stock Exchange

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Andrew Hall
2.	Reason for the notification
a)	Position/status:	Chief Commercial Officer
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Vast Resources Plc
b)	LEI:	213800QXLO766CMGCQ60
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:	Share Appreciation Rights over Ordinary Shares of £0.001 each under Company Incentive Scheme
b)	Nature of the transaction:	Grant of Share Appreciation Rights
c)	Price(s) and volume(s):	Exercise Price(s) Volume(s) £0.198 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Price(s) Volume(s) £0.198 2,000,000
e)	Date of the transaction:	5 July 2021
f)	Place of the transaction:	AIM, London Stock Exchange

 

END

 

 

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