Exercise of Share Options

RNS Number : 8327S

Sylvania Platinum Limited

28 December 2016

 

Sylvania Platinum Limited

 ("Sylvania", "the Company" or "the Group")

 AIM (SLP)

Exercise of Share Options

28 December 2016

The Company announces that certain Directors and senior management have exercised vested options awarded to them under the Sylvania Platinum Limited Share Option Plan ("the Plan"). 

BACKGROUND

As previously disclosed in the Annual Report the Plan was approved at the Annual General Meeting on 29 December 2011. 

The Options issued under the Plan were granted free of charge and the exercise price (if any) for the options determined by the Board at its absolute discretion.  The expiry date of the options, unless otherwise determined by the Board, is ten years after the grant date.  The Board at its discretion may apply certain vesting conditions upon any options issued under the plan.

Under the Plan, 10% of issued Share Capital was allowed to be issued as Options.  The Company however disclosed that it did not intend to issue more than 5% of issued Share Capital.  This was based on the number of Ordinary Shares in issue at the time of the AGM held on 29 December 2016.  The full 5% has been granted and the Board does not intend to issue any further Options under the Plan.

RECENT EVENTS

Upon exercising the vested Options, the Options convert to 1,471,256 shares of USD0.01 each in the Company ("Ordinary Shares"), and shares currently held in treasury will be used to satisfy the exercise of the options.  In addition to the 1,471,256 options being exercised, a further 246,000 options converting into the same number of Ordinary Shares were exercised and then simultaneously repurchased by the Company in order to satisfy the tax liabilities of certain employees. These Ordinary Shares are currently being held in treasury.

In addition to the Options above, 600,000 Options were exercised and the Company has repurchased these shares at the 30 Day VWAP of 7.6705 pence.  These shares have been placed in treasury and will be used to cover any future Options exercised rather than issuing new shares and diluting existing Shareholders investments.

Of the 1,471,256 options being exercised, the following relate to Directors and senior management of the Company:

Director	Plan shares being exercised	Shares sold			Plan shares retained	Total shares held after event	% of share capital
		Price per share	Sales for tax and dealing costs	Other share sales
Stuart Murray	400,000	-	-	-	400,000	600,000	0.21%
Terry McConnachie	200,000	-	-	-	200,000	4,815,000	1.66%
Roger Williams	80,000	-	-	-	80,000	987,000	0.34%

PDMR	Plan shares being exercised	Shares sold			Plan shares retained	Total shares held after event	% of share capital (Shares with voting rights)
		Price per share*	Sales for tax and dealing costs	Other share sales
Johannes Prinsloo	240,000	7.75	82,000	-	141,600	1,055,026	0.36%
		8.0	16,400
Lewanne Carminati	240,000	7.75	82,400	-	141,600	934,543	0.32%
		8.0	16,400
Albert Jordaan	40,000	7.75	16,400	-	23,600	516,632	0.18%
* The South African Income Tax is payable on the day the Options vest and therefore the price used to value the shares bought back for tax is the price on the day the Options vest.

Following this transaction, the Company's issued share capital is 297,981,896 Ordinary Shares, of which a total of 8,105,887 Ordinary Shares are held in treasury.  Therefore the total number of Ordinary Shares with voting rights in Sylvania is 289,876,009 Ordinary Shares.

CORPORATE INFORMATION

Registered office:	Sylvania Platinum Limited
	Clarendon House
	2 Church Street
	Hamilton HM 11
	Bermuda
Postal address:	PO Box 976
	Florida Hills, 1716
	South Africa

Sylvania Website: www.sylvaniaplatinum.com

CONTACT DETAILS

For further information, please contact:
Terence McConnachie (Chief Executive Officer)	[phone]
Nominated Advisor and Broker
Liberum Capital Limited	[phone]
Richard Crawley / Neil Elliot
Communications
Alma PR Limited	[phone]
Josh Royston

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	S Murray
2	Reason for the notification
a)	Position/status	Chairman
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 400,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	T McConnachie
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	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 200,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	R Williams
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 80,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	J Prinsloo
2	Reason for the notification
a)	Position/status	Managing Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 240,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	J Prinsloo
2	Reason for the notification
a)	Position/status	Managing Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 7.75 82,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	J Prinsloo
2	Reason for the notification
a)	Position/status	Managing Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 8.0 16,400
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	L Carminati
2	Reason for the notification
a)	Position/status	Executive Officer: Finance
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 240,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	L Carminati
2	Reason for the notification
a)	Position/status	Executive Officer: Finance
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 7.75 82,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	L Carminati
2	Reason for the notification
a)	Position/status	Executive Officer: Finance
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 8.0 16,400
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	A Jordaan
2	Reason for the notification
a)	Position/status	Executive Officer: New Business
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 40,000
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	A Jordaan
2	Reason for the notification
a)	Position/status	Executive Officer: New Business
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sylvania Platinum Limited
b)	LEI	N/A
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	Ordinary Shares of USD 0.01 each BMG864081044
b)	Nature of the transaction	Exercise of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 7.75 16,400
d)	Aggregated information -      Aggregated volume -      Price	n/a Single Transaction
e)	Date of the transaction	22 December 2016
f)	Place of the transaction	Off Market

 

END

 

 

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