Issue of shares under SIP and Directors' Dealings

RNS Number : 3777E

Regency Mines PLC

08 April 2014

 

Regency Mines Plc

Issue of Shares under Share Incentive Plan and Directors' Dealings

8 April 2014

Regency Mines Plc ("Regency" or the "Company"), the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan, announces that on 8 April 2014 the Board of Directors approved the issue of 17,576,844 ordinary shares in the Company ("Ordinary Shares") under the Company's Share Incentive Plan ("SIP") for the 2013/14 tax year as agreed in the Trustees meeting held on 1 April 2014.

Under the terms of the SIP, once employees have worked for the Company for three months, they may sign up to both the Free Share and Partnership Share Agreement.

a)   Free Share Agreement - Share Award

Under the Free Share Agreement, employees may be awarded up to £3,000 worth of Ordinary Shares in the Company in any one tax year. Free Shares have already been awarded to the Company's existing employees during the 2013/14 tax year (as previously announced on 23 December 2013).

b)   Partnership Share Agreement - Share Award

In addition, employees may purchase up to £1,500 (or up to a maximum of 10% of their salary, whichever is the lower) worth of Shares (the "Partnership Shares") in any one tax year. The Company will match these shares on a 2:1 basis (the "Matching Shares"). The Partnership and the Matching Shares are awarded with reference to the lower of the mid-market closing price at the beginning or at the end of the accumulation period.

Therefore, 5,858,948 Partnership Shares and 11,717,896 Matching Shares (being 17,576,844 Shares in aggregate) have been awarded with reference to the mid-market closing price of 0.335p on 31 March 2014, which is the end of the accumulation period for the 2013/14 tax year. The Directors have participated in this award and the above number includes such participation, further details of which are set out below.

All such shares will be held by the SIP Trustees and the Free Shares and Matching Shares cannot be released to participants until five years after the date of the award, except in specific circumstances.

Directors' Participation

The Directors have participated in the Partnership Share Agreement and the calculations in paragraph b above take this into account.

In respect of the 2013/2014 tax year, each Director, with the exception of Ed Bugnosen, has purchased 447,761 Partnership Shares and been awarded 895,522 Matching Shares. Ed Bugnosen has purchased 444,029 Partnership Shares and been awarded 888,058 Matching Shares. These Shares awarded to Directors have been included in the calculations above.

As a result of such participation, the Directors' new shareholdings in the Company, are set out in the table below:

Directors	Number of Partnership Shares Purchased	Number of Matching Shares Awarded	Total Ordinary Shares in the Company			% of enlarged Issued Share Capital
			Direct	Indirect*	Total
Andrew R M Bell	447,761	895,522	18,847,914	20,333,718	39,181,632	2.98%
Edmund Sr Bugnosen	444,029	888,058	200,000	3,374,918	3,574,918	0.27%
Scott C Kaintz	447,761	895,522	421,053	3,386,114	3,807,167	0.29%
Julian M E Lee	447,761	895,522	-	8,993,971	8,993,971	0.68%
John Watkins	447,761	895,522	4,150,000	3,386,114	7,536,114	0.57%

* Each Director indirectly holds 3,386,114 shares, apart from Ed Bugnosen who holds 3,374,918 shares, held by the Share Incentive Plan Trustees. In addition, Julian M E Lee holds 5,607,857 shares through HSBC Global Custody Nominee (UK) Limited and Andrew R M Bell has 16,947,604 shares held by Brewin 1762 Nominees Limited.

Admission to trading on AIM and Total Voting Rights

Application is being made to AIM for 17,576,844 new Ordinary Shares allotted in relation to the SIP for 2013/14 tax year to be admitted to trading on AIM. Admission of the 17,576,844 new Ordinary Shares is expected on 14 April 2014.

Following the issue of the 17,576,844 new Ordinary Shares the issued share capital of the Company consists of 1,316,311,827 ordinary shares of 0.1p each with voting rights. No Ordinary Shares are held in Treasury.

The above figure of 1,316,311,827 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 Disclosure and Transparency Rules.

For further information contact:

Andrew Bell0207 747 9960 or 0776 647 4849                 Chairman Regency Mines Plc

Colin Aaronson / David Hignell 0207 383 5100             NOMAD Grant Thornton UK LLP

Nick Emerson01483 413500                                            Broker SI Capital Ltd.

Saif Janjua0207 382 8416                                               Joint Broker Beaufort Securities Ltd

Rupert Trefgarne0203 128 8817                                      Media Relations MHP Communications

 

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