Grant of Options and Directors' Shareholdings

RNS Number : 7132N

Regency Mines PLC

01 February 2016

 

Regency Mines Plc

Grant of Options

Directors' Shareholdings

1 Feb 2016

Regency Mines Plc ("Regency" or the "Company"), the natural resource development and investment Company with interests in oil and mineral exploration, announces the grant of 7,060,000 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	740,000	740,000	740,000	740,000
Scott Kaintz	740,000	740,000	670,000	670,000
Edmund Bugnosen	140,000	140,000	140,000	140,000
Other personnel	180,000	180,000	180,000	180,000
Vesting date:	Immediate	After 6 months	After 12 months	After 18 months
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 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 Edmund Bugnosen are made under an EMI (Enterprise Management Incentive) scheme. 

The Remuneration Committee has carried out its regular review of management remuneration.  It took account of the reductions in remuneration since the beginning of the natural resource downturn, and of the significant cost reductions and corporate restructuring, balance sheet improvement and deleveraging that have been achieved, and of new initiatives identified to turn Regency into a cash generative oil producer. In order to incentivise management to look at all possible options for bringing enhanced value to the Company, and align their interests with those of shareholders, and given a policy of minimising cash costs, an option award was considered appropriate.

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	Options
	Direct	Indirect*	Total
Andrew R M Bell	2,302,435	2,123,827	4,426,262	3.48%	2,960,000
Edmund Sr Bugnosen	10,000	1,275,888	1,285,888	1.01%	560,000
Scott C Kaintz	21,052	1,276,447	1,297,499	1.02%	2,820,000

*Mr A Bell and Mr S Kaintz are each beneficiaries of 1,276,447 shares held on their behalf by the Share Incentive Plan Trustees whilst Mr E Bugnosen is a beneficiary of 1,275,888 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.

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.

Christian Pickel 0203 128 8208                                                  Media Relations MHP Communications

 

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