Issue of Equity

RNS Number : 8991U

Kore Potash PLC

09 April 2021

 

9 April 2021

Kore Potash Plc

("Kore Potash" or the "Company")

Issue of Equity and Cancellation of Certain Performance Rights and Options

Kore Potash plc advises that a total of 1,103,296 ordinary shares of US$0.001 each in the Company ("New Ordinary Shares") have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 March 2021, as approved at the General Meeting of the Company held on 18 September 2020 ("Remuneration Shares").

Additionally, the Company also confirms the issue of 1,250,000 ordinary shares due under the third and final tranche of the Company's performance rights plan (the "Performance Rights") for Non-Executive Directors.

Non-Executive Director shares in lieu of cash fees

The number of New Ordinary Shares issued to each Non-Executive Director in lieu of remuneration for the quarter ended 31 March 2021 was calculated as follows:

	Annual fee	Quarterly fee	Percentage of Remuneration	GBP/USD	7 day VWAP	Number of shares
David Hathorn	US$100,000.00	US$8,333.33*	55%	1.3779	1.5994	207,973
David Netherway	US$80,500.00	US$20,125.00	55%	1.3779	1.5994	502,254
Jonathan Trollip	US$63,000.00	US$15,750.00	55%	1.3779	1.5994	393,069
Total						1,103,296

* As part of the Company's on-going cost saving exercise David Hathorn waived his remuneration for the months of February and March 2021.

Performance rights

The Company also confirms it has issued 1,250,000 ordinary shares to satisfy the unconditional vesting of the third and final tranche of the Performance Rights issued to certain Non-Executive Directors on 29 March 2021, being the third anniversary of admission to trading on AIM. The previous two tranches were announced on 15 April 2019 and 7 April 2020.

Consistent with the previous two tranches, the following is the breakdown of the ordinary shares issued under the Performance Rights:

	Number of Shares	Amount to be paid
David Hathorn	500,000	US$500.00
David Netherway	250,000	US$250.00
Jonathan Trollip	250,000	US$250.00
Timothy Keating	250,000	US$250.00
Total	1,250,000	US$1,250.00

Accordingly, a total of 2,353,296 ordinary shares of US$0.001 each (being 1,103,296 ordinary shares in respect of Directors Remuneration Shares and 1,250,000 ordinary shares in respect of Performance Rights as detailed above) have today been issued. Application has been made for the admission of 2,353,296 ordinary shares of US$0.001 each on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on Wednesday 14 April 2021.

For ASX's purposes, and having previously obtained shareholder approvals for the issues, the shares are issued under ASX Listing Rule 10.11 (Remuneration Shares) and 10.14 (Performance Rights) respectively.

Following this issue, the Company's issued share capital consists of 2,454,121,469 ordinary shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 2,454,121,469.

The above figure 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Cancellation of certain Performance Rights and Options

Following the determination by the Company that the applicable vesting conditions within each category would not be achieved, a total of 7,500,000 Performance Rights and Unlisted Options previously issued have been cancelled as follows:

	Number of Securities
Performance Rights expiring 1 March 2021 (Directors) (KP2AC)	4,500,000
Unlisted Options exercisable at £0.022 each, expiring on 1 January 2024 (KP2AB)	3,000,000
Total	7,500,000

This announcement has been approved for release by the Board.

ENDS

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

Kore Potash Brad Sampson - CEO		Tel: [phone]
Tavistock Communications Jos Simson Edward Lee		Tel: [phone]
Canaccord Genuity -  Nomad and Broker James Asensio Henry Fitzgerald-O'Connor		Tel: [phone]
Shore Capital  - Joint Broker Jerry Keen Toby Gibbs James Thomas		Tel: [phone]
Questco Corporate Advisory - JSE Sponsor Mandy Ramsden		Tel: [phone]

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of Renumeration Shares. For the avoidance of doubt the ordinary shares being issued under the Performance Rights was reported on 15 April 2019.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Hathorn
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Issue of shares
c)	Price(s) and volume(s)	Price: 1.5994p Volume:  207,973
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	9 April 2021
f)	Place of the transaction	Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Netherway
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Issue of shares
c)	Price(s) and volume(s)	Price: 1.5994p Volume:  502,254
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	9 April 2021
f)	Place of the transaction	Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jonathan Trollip
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Issue of shares
c)	Price(s) and volume(s)	Price:1.5994p Volume:  393,069
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	9 April 2021
f)	Place of the transaction	Outside a trading venue

 Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Hathorn
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	B00BYP2QJ94
b)	Nature of the transaction	Conversion of Performance Rights
c)	Price(s) and volume(s)	Price: US$0.001 Volume:  500,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	9 April 2021
f)	Place of the transaction	Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Netherway
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Conversion of Performance Rights
c)	Price(s) and volume(s)	Price: US$0.001 Volume:  250,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	9 April 2021
f)	Place of the transaction	Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jonathan Trollip
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
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	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Conversion of Performance Rights
c)	Price(s) and volume(s)	Price: US$0.001 Volume:  250,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	9 April 2021
f)	Place of the transaction	Outside a trading venue

 

END

 

 

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