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Kefi Gold and Copper (KEFI)

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Wednesday 17 March, 2021

Kefi Gold and Copper

Grant of Share Options

RNS Number : 5382S
Kefi Gold and Copper PLC
17 March 2021
 

 

17 March 2021

KEFI Gold and Copper plc

("KEFI" or the "Company")

GRANT OF SHARE OPTIONS

 

KEFI Gold and Copper, the AIM-quoted gold and copper exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, announces that it has allocated options to certain of the Company's directors and senior management in accordance with the Company's long-standing long-term incentive plan (the "Option Scheme"). This is the first such allocation since 1 February 2018.

Allocation of Options under the Shareholder-Approved Incentive Options Scheme

In accordance with the Option Scheme, the directors have approved the issue of 119,747,339 Options over new ordinary shares of the Company ("Ordinary Shares") to certain directors and senior managers (the "Options"). The Options have an exercise price of 2.55p per Ordinary Share, representing a c.27% premium to the VWAP during the week ending 12 March 2021. The Options expire after 4 years and, in normal circumstances, vest in three equal instalments, the first after one year, the second after two years and the third after three years from the date of grant.

Following this grant of Options, there will be 145,229,182 options outstanding under the Option Scheme over approximately 6.8% of the currently issued Ordinary Share capital of the Company. Under the terms of the Option Scheme options over a maximum of 10% of the Company's share capital may be issued.

Details of the Options granted today to the following persons who discharge managerial responsibilities ("PDMRs") are set out below, with further details contained in the appended tables below:

Name

 Title

Number of new Options granted

Number of Ordinary Shares subject to Option following the grant of new Options

Harry Anagnostaras-Adams

Executive Chairman

37,766,978

43,734,926

John Leach

Finance Director

7,189,168

10,318,899

Mark Tyler

Non-executive Director

2,735,688

2,735,688

Adam Taylor

Non-executive Director

2,735,688

2,735,688

Richard Richardson

Non-executive Director

2,735,688

2,735,688

David Munro

Head of Operations

9,054,169

10,254,169

Eddy Solbrandt

Head of Systems

9,054,169

10,254,169

Brian Hosking

Head of Exploration & Planning

9,230,640

10,607,110

Wayne Nicoletto

Managing Director-Ethiopia

5,311,660

10,623,320

 

A further 33,933,491 Options have also today been granted to other members of the Company's management team.

Following the grant of Options the allocations under the Company's Option Scheme are approximately 20% to the Executive Chairman, 39% to other management, 4% to Non-Executive Directors and 37% remain unallocated at this time.

The Company's practice over many years was to make an annual allocation of options at the end of each calendar year. However, allocations in recent years were deferred pending the announcement that the project financing was proceeding for the Company's Tulu Kapi Gold Project.

The Option Scheme and the Company's approach to remuneration generally is designed to align the interest of senior management with those of shareholders and to promote the retention of the Company's senior management team. The senior executive team of KEFI has indicated its intention to remain with KEFI for a minimum of three years so as to oversee the Tulu Kapi Gold Project's physical development, the organisational development in Ethiopia for the start-up of production at Tulu Kapi and the aggressive pursuit of the Company's pipeline of other projects at various stages of exploration, notably the exploration of satellite targets in the Tulu Kapi district, as well as the exploration in Saudi Arabia, in particular the discoveries at Hawiah (gold and copper) and Jibal Qutman (gold).

Related Party Transaction

As Harry Anagnostaras-Adams, John Leach, Mark Tyler, Richard Robinson and Adam Taylor are all directors of the Company, the grant of the Options is being treated as a related party transaction. Norman Ling, being the only director independent of the grant of Options, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries

KEFI Gold and Copper plc


Harry Anagnostaras-Adams (Executive Chairman)

+357 99457843

John Leach (Finance Director)

+357 99208130

SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)

+44 (0) 20 3470 0470

Jeff Keating, Adam Cowl


Brandon Hill Capital Ltd (Joint Broker)

+44 (0) 20 7936 5200

Oliver Stansfield, Jonathan Evans


IFC Advisory Ltd (Financial PR and IR)

+44 (0) 20 3934 6630

Tim Metcalfe, Florence Chandler


 

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) 

Full name of person Dealing

Harry Anagnostaras-Adams

2. 

Reason for notification

(a) 

Position/status

Executive Chairman

(b) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(a) 

Name of entity

KEFI Gold and Copper  Plc

(b) 

LEI

213800OO6ETVDGE3QY15

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

Share options over ordinary shares of 0.1 pence

(b) 

Identification code

GB00BD8GP619

(c) 

Nature of the transaction

Grant of options over ordinary shares

(d) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

  37,766,978

(e) 

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55 pence

  37,766,978

(f) 

Date of transaction

16 March 2021

(g) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

h) 

Full name of person Dealing

John Leach

2. 

Reason for 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 of entity

KEFI Gold and Copper Plc

(b) 

LEI

213800OO6ETVDGE3QY15

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

Share options over ordinary shares of 0.1 pence

(b) 

Identification code

GB00BD8GP619

(c) 

Nature of the transaction

Grant of options over ordinary shares

(d) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

7,189,168

(e) 

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55 pence

7,189,168

(f) 

Date of transaction

16 March 2021

(g) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

h) 

Full name of person Dealing

Mark Tyler

5. 

Reason for notification

(i) 

Position/status

Non Executive Director

j) 

Initial notification/ Amendment

Initial notification

6. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(k) 

Name of entity

KEFI Gold and Copper  Plc

l) 

LEI

213800OO6ETVDGE3QY15

7. 

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

(m) 

Description of the financial instrument, type of instrument

Share options over ordinary shares of 0.1 pence

n) 

Identification code

GB00BD8GP619

o) 

Nature of the transaction

Grant of options over ordinary shares

p) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

  2,735,688

q) 

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55 pence

  2,735,688

r) 

Date of transaction

16 March 2021

s) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a) 

Full name of person Dealing

Adam Taylor

2. 

Reason for notification

(b) 

Position/status

Non Executive Director

c) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(d) 

Name of entity

KEFI Gold and Copper  Plc

e) 

LEI

213800OO6ETVDGE3QY15

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

(f) 

Description of the financial instrument, type of instrument

Share options over ordinary shares of 0.1 pence

g) 

Identification code

GB00BD8GP619

h) 

Nature of the transaction

Grant of options over ordinary shares

i) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

  2,735,688

j) 

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55 pence

  2,735,688

k) 

Date of transaction

16 March 2021

l) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a) 

Full name of person Dealing

Richard Robinson

2. 

Reason for notification

(b) 

Position/status

Non Executive Director

c) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(d) 

Name of entity

KEFI Gold and Copper  Plc

e) 

LEI

213800OO6ETVDGE3QY15

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

(f) 

Description of the financial instrument, type of instrument

Share options over ordinary shares of 0.1 pence

g) 

Identification code

GB00BD8GP619

h) 

Nature of the transaction

Grant of options over ordinary shares

i) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

  2,735,688

j) 

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55 pence

  2,735,688

k) 

Date of transaction

16 March 2021

l) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a) 

Full name of person Dealing

Wayne Nicoletto

2. 

Reason for notification

(a) 

Position/status

Managing Director - Ethiopia

(b) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(a) 

Name of entity

KEFI Gold and Copper  Plc

(b) 

LEI

213800OO6ETVDGE3QY15

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

Share options over ordinary shares of 0.1 pence

(b) 

Identification code

GB00BD8GP619

(c) 

Nature of the transaction

Grant of options over ordinary shares

(d) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

5,311,660  

(e) 

Aggregated information:

- Aggregated volume

- Price

 

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55pence

5,311,660 

(f) 

Date of transaction

16 March 2021

(g) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

(a) 

Full name of person Dealing

David Munro

2. 

Reason for notification

(b) 

Position/status

Head of Operations

(c) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(d) 

Name of entity

KEFI Gold and Copper  Plc

(e) 

LEI

213800OO6ETVDGE3QY15

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

(f) 

Description of the financial instrument, type of instrument

Share options over ordinary shares of 0.1 pence

(g) 

Identification code

GB00BD8GP619

(h) 

Nature of the transaction

Grant of options over ordinary shares

(i) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

9,054,169

(j) 

Aggregated information:

- Aggregated volume

- Price

 

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55pence

9,054,169

(k) 

Date of transaction

16 March 20211

(l) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

(a) 

Full name of person Dealing

Eddy Solbrandt

2. 

Reason for notification

(b) 

Position/status

Head of Systems

(c) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

(d) 

Name of entity

KEFI Gold and Copper  Plc

(e) 

LEI

213800OO6ETVDGE3QY15

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

(f) 

Description of the financial instrument, type of instrument

Share options over ordinary shares of 0.1 pence

(g) 

Identification code

GB00BD8GP619

(h) 

Nature of the transaction

Grant of options over ordinary shares

(i) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

9,054,169

(j) 

Aggregated information:

- Aggregated volume

- Price

 

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55pence

9,054,169

(k) 

Date of transaction

16 March 2021

(l) 

Place of transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

(a) 

Full name of person Dealing

Brian Hosking

2. 

Reason for notification

b) 

Position/status

Head of Planning

 

(c) 

Initial notification/ Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

d) 

Name of entity

KEFI Gold and Copper  Plc

(e) 

LEI

213800OO6ETVDGE3QY15

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

f) 

Description of the financial instrument, type of instrument

Share options over ordinary shares of 0.1 pence

(g) 

Identification code

GB00BD8GP619

(h) 

Nature of the transaction

Grant of options over ordinary shares

(i) 

Price(s) and volume(s)

Prices(s)

Volume(s)

2.55 pence

9,230,640

(j) 

Aggregated information:

- Aggregated volume

- Price

 

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.55pence

9,230,640

(k) 

Date of transaction

16 March 2021

(l) 

Place of transaction

Outside a trading venue

 

 

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