Grant of Options - Directors/PDMRs Shareholdings

Bezant Resources PLC

15 March 2024

 

15 March 2024

Bezant Resources Plc

                                                       ("Bezant" or the "Company")                           

Grant of Options and Directors / PDMRs Shareholdings

Bezant (AIM: BZT), the copper-gold exploration and development company, announces that, in aggregate, 447.5 million options over ordinary shares of 0.002 pence each in the capital of the Company ("Ordinary Shares") have been granted pursuant to the Executive Share Option Scheme approved at the Company's Annual General Meeting ("AGM") held on 22 June 2018 (the "Options"). Of the 447,500,000 Options, 170,000,000 have been awarded to directors of the Company, 125,000,000 to non-director PDMRs as detailed further below and the balance of 152,500,000, to other eligible participants.

Summary of the Options awarded:

Total number of options:	A total of 447,500,000 Options have been awarded.
Exercise prices & vesting criteria:	223,750,000 Options have an exercise price of 0.06 pence per Ordinary Share and the balance of 223,750,000 Options have an exercise price of 0.08 pence per Ordinary Share. The last award of Options by the Company was in November 2020 ("November 2020 Award"). Options awarded to existing option holders will vest upon a material corporate event as determined by the remuneration committee ("Corporate Event") but would include a change of control, sale of a project, granting of a mining licence at the Company's Hope and Gorob project in Namibia, obtaining of financing for the  proposed mine at Hope and Gorob and similar events.  The Options awarded to persons who do not already have options and who did not participate in the November 2020 Award have vested immediately.
Purpose of options:	To incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company at a significant premium of the respective exercise prices relative to the share price and 30 day VWAP.
30 day VWAP when Options approved:	The 30 day volume weighted average share price ("VWAP") to 13 March 2024, being the latest practicable date prior to the approval of the Options by the Company's Remuneration Committee, was 0.024 pence per share.
Prevailing share price:	The Company's mid-market closing share price on 13 March 2024, being the latest practicable date prior to the approval of the Option awards, was 0.024 pence.
Exercise prices versus abovementioned VWAP and prevailing share price:		Premium to:
			Prevailing share price	30 day VWAP
	Exercise price of 0.06pence		150%	150%
	Exercise price of 0.08 pence		233%	233%
Life of Options:	The options expire on 21 June 2028 being the date one day prior to the tenth anniversary of the passing of the resolution at the Company's AGM held on 22 June 2018 to approve the Executive Share Option Scheme.
Exercise period:	The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder.
Options awarded to the Directors (No. of options in millions)	Exercise price vesting on Corporate Event Director 0.06 pence  0.08 pence Options in millions Colin Bird 40.0 40.0 Raju Samtani 12.5 12.5 Edward Patrick Slowey 22.5 22.5 Dr. Evan Kirby 10.0 10.0 Ronnie Siapno - - Total Directors 85.0 85.0
Options awarded to PDMRs (No. of options in millions)	Exercise price PDMR 0.06 pence 0.08 pence Options in millions Michael Allardice (awarded to Quantum Capital and Consulting Ltd) - Vesting on Corporate Event Martyn Churchouse (awarded to Churchouse Consultancy Ltd) - vested 27.5 35.0 27.5 35.0 Total other PDMRs 62.5 62.5

Following the vesting of the above options the Company will have 727,500,000 options in issue and the directors and PDMRs will hold the following options over Ordinary Shares all of which expire 21 June 2028.

Options in Millions	Exercise price
Directors	0.06 pence	0.08 pence	0.425 pence	0.565 pence	0.5 pence	1 pence	Total No. of Options
Colin Bird	40.0**	40.0**	24.0	24.0	15.0	12.5	155.5
Raju Samtani	12.5**	12.5 **	20.0	20.0	-	-	65.0
Edward Patrick Slowey	22.5**	22.5**	20.0	20.0	-	-	85.0
Dr. Evan Kirby	10.0**	10.0**	5.0	5.0	7.5	5.0	42.5
Ronnie Siapno	-	-	10.0	10.0	5.0	2.5	27.5
Total Directors	85.0	85.0	79.0	79.0	27.5	20.0	375.5
Michael Allardice	27.5**	27.5**	15.0	15.0	7.5	5.0	97.5
Martyn Churchouse	35.0	35.0	-	-	-	-	70.0
Total Directors & PDMRs	147.5	147.5	94.0	94.0	35.0	25.0	543.0

** Vest on Corporate Event

The grant of the Options to Messrs. Bird, Samtani, Slowey, Dr. Kirby and Michael Allardice's consulting company Quantum Capital and Consulting Limited is a related party transaction  pursuant to Rule 13 of the AIM Rules for Companies and the independent director, being Mr. Ronnie Siapno, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, considers that taking into account the exercise prices which are at significant premium to the current share price and that the Options being issued to them are subject to vesting conditions as detailed above in the Summary of the Options awarded table, the issue of the Options to Messrs. Bird, Samtani, Slowey, Dr. Kirby and Michael Allardice's consulting company Quantum Capital and Consulting Limited to be fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

Bezant Resources Plc  Colin Bird Executive Chairman	[phone]
Beaumont Cornish (Nominated Adviser)  Roland Cornish / Asia Szusciak	[phone]
Novum Securities Limited (Joint Broker) Jon Belliss	[phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath	[phone]

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

PDMR Notification Forms:

The notifications below are made in accordance with the requirements of MAR.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Colin Bird
2.	Reason for the Notification
a)	Position/status	Executive Chairman & Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.06p 40,000,000 0.08p 40,000,000
d)	Aggregated information Aggregated volume	A total of 80,000,000 options
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Raju Samtani
2.	Reason for the 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	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.06p 12,500,000 0.08p 12,500,000
d)	Aggregated information Aggregated volume	A total of 25,000,000 options
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Edward Patrick Slowey
2.	Reason for the Notification
a)	Position/status	Technical Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.06p 22,500,000 0.08p 22,500,000
d)	Aggregated information Aggregated volume	A total of 45,000,000 options
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dr. Evan Kirby
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	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.06p 10,000,000 0.08p 10,000,000
d)	Aggregated information Aggregated volume	A total of 20,000,000 options
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Michael Graham Allardice / Quantum Capital and Consulting Limited
2.	Reason for the Notification
a)	Position/status	Group Company Secretary / Consulting company of Michael Graham Allardice
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.06p 27,500,000 0.08p 27,500,000
d)	Aggregated information Aggregated volume	A total of 55,000,000 options
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Martyn John Churchouse / M Churchouse Consultancy Limited
2.	Reason for the Notification
a)	Position/status	Geological Consultant / Consulting company of Martyn John Churchouse
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources PLC
b)	LEI	2138008K9GRXDUVYVK15
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	Options over ordinary shares of 0.002 pence each
	Identification code	ISIN: GB00B1CKQD97 TIDM: AIM:BZT
b)	Nature of the Transaction	Award of options
c)	Price(s) and volume(s)	Exercise Price(s) No. of options 0.06p 35,000,000 0.08p 35,000,000
d)	Aggregated information Aggregated volume	A total of 70,000,000 options
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

 

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