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Kore Potash PLC (KP2)

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Friday 15 January, 2021

Kore Potash PLC

Issue of Equity

RNS Number : 7627L
Kore Potash PLC
15 January 2021
 

15 January 2021

Kore Potash Plc

("Kore Potash" or the "Company")

Issue of Equity

Kore Potash plc advises that a total of 2,909,389 ordinary shares of US$0.001 each in the Company have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 December 2020, as approved at the General Meeting of the Company held on 18 September 2020 ("Remuneration Shares").

In addition, the Company has also issued 3,071,251 ordinary shares to certain employees and ex-employees, following the vesting of Performance Rights awarded under the Company's Employee Performance Incentive Plans ("Performance Shares") (together with the Remuneration Shares the "New Ordinary Shares").

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 December 2020 was calculated as follows:

 

Annual fee

Quarterly fee

Percentage of Remuneration

GBP/USD

7 day VWAP

Number of shares

David Hathorn

US$100,000

US$25,000

55%

1.37

0.84

1,194,821

David Netherway

US$80,500

US$20,125

55%

1.37

0.84

961,831

Jonathan Trollip

US$63,000

US$15,750

55%

1.37

0.84

752,737

Total

 

 

 

 

 

2,909,389

 

Total voting rights

 

A total of 5,980,640 New Ordinary Shares have today been issued.  Application has been made for the admission of 5,980,640 New Ordinary Shares on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on 20 January 2021.

 

Following this issue, the Company's issued share capital consists of 2,451,768,173 ordinary shares.  No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 2,451,768,173.

 

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.

 

For ASX's purposes, these securities are issued under Listing Rule 10.11 (Remuneration Shares) and exception 9 of ASX Listing Rule 7.2 (Performance Shares) respectively.

 

Cancellation of certain Performance Rights, Performance Shares and Options

 

Following the determination by the Company that the applicable vesting conditions within each category would not be achieved, a total of 9,297,751 Performance Rights, Performance Shares and Unlisted Options previously issued have been cancelled as follows:

 

Performance Rights expiring 6 December 2020 (Employees)

1,253,750

Performance Shares under Short Term Incentive Scheme Plan

1,015,001

Performance Shares under Long Term Incentive Plan

499,000

Performance Shares vesting on 31 May 2019

530,000

Unlisted Options exercisable at £0.022 each, expiring on 1 January 2024

6,000,000

 

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: +27 11 469 9140

Tavistock Communications

Jos Simson

Edward Lee

 

Tel: +44 (0) 20 7920 3150

 

Canaccord Genuity -  Nomad and Broker

James Asensio

Henry Fitzgerald-O'Connor

 

Tel: +44 (0) 20 7523 4600

Shore Capital  - Joint Broker

Jerry Keen

Toby Gibbs

James Thomas

 

Tel: +44 (0) 20 7408 4050

 

 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of the Renumeration Shares.

 

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 new shares

c)

Price(s) and volume(s)

 

  Price: 0.84p

 Volume: 1,194,821 

d)

Aggregated information

 

Aggregated volume: N/A

Price: N/A

e)

Date of the transaction

15 January 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 new shares

c)

Price(s) and volume(s)

 

Price: 0.84p

Volume: 961,831 

d)

Aggregated information

 

Aggregated volume: N/A

Price: N/A

e)

Date of the transaction

15 January 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 new shares

c)

Price(s) and volume(s)

 

  Price: 0.84p

 Volume: 752,737   

d)

Aggregated information

 

Aggregated volume: N/A

Price: N/A

e)

Date of the transaction

15 January 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

 

 

 

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