Avocet Mining PLC Share Awards and Transactions by PDMRs (5095T)
14 December 2012 - 6:00PM
UK Regulatory
TIDMAVM
RNS Number : 5095T
Avocet Mining PLC
14 December 2012
Avocet Mining PLC - share awards and transactions by PDMRs
Employee Share options awards
The Company announces the award of a total of 720,000 options
over ordinary shares of 5 pence in the Company ('Options') to
employees on 13 December 2012 ('the Grant Date'). These Options
have an exercise price of 67.50 pence, and cannot normally be
exercised prior to 13 December 2015, the third anniversary of the
Grant Date. In addition to the normal scheme rules, these Options
have the additional performance condition that the share price must
have increased by at least 100% by 13 December 2015 in order for
any Options to be exercisable, and by 125% in order for the full
amount to be exercisable.
These Options were made to various senior employees of the
Company, including the following Executive Directors and senior
managers denoted as persons discharging managerial responsibilities
('PDMR').
Name No of options
----------------- ---------------
Peter Flindell 100,000
----------------- ---------------
Richard Demblon 100,000
----------------- ---------------
Jim Wynn 100,000
----------------- ---------------
John McNair 100,000
----------------- ---------------
Other employees 320,000
----------------- ---------------
Total 720,000
----------------- ---------------
PDMR interests
As a result of the above transactions, interests in shares held
by the following Directors and senior managers (primary insiders),
either directly, through connected persons (eg family members), or
within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be
as follows:
Shares owned Restricted PSP shares Share options
shares held in EBT/SIP
------------- ------------ --------------------------- ---------- -------------
EBT SIP Total
------------- ------------ --------- ------ -------- ---------- -------------
D Cather 50,000 - - - 250,000 250,000
------------- ------------ --------- ------ -------- ---------- -------------
M Norris 515,516 10,179 1,951 12,130 210,000 1,355,000
------------- ------------ --------- ------ -------- ---------- -------------
R Edey 100,000 91,500 - 91,500 - -
------------- ------------ --------- ------ -------- ---------- -------------
R Pilkington 222,763 - - - - -
------------- ------------ --------- ------ -------- ---------- -------------
M Donoghue 38,029 - - - - -
------------- ------------ --------- ------ -------- ---------- -------------
R Gray 521,109 115 - 115 130,000 365,000
------------- ------------ --------- ------ -------- ---------- -------------
P Flindell 561,928 223 - 223 130,000 865,000
------------- ------------ --------- ------ -------- ---------- -------------
J Wynn 548 31,346 2,367 33,713 - 300,000
------------- ------------ --------- ------ -------- ---------- -------------
J Lee 48,993 - - - - 275,000
------------- ------------ --------- ------ -------- ---------- -------------
R Demblon - - - - - 160,000
------------- ------------ --------- ------ -------- ---------- -------------
J McNair - 100,000
------------- ------------ --------- ------ -------- ---------- -------------
A Parr - - - - - 60,000
------------- ------------ --------- ------ -------- ---------- -------------
2,058,886 133,363 4,318 137,681 720,000 3,730,000
------------- ------------ --------- ------ -------- ---------- -------------
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining Pelham Bell J.P. Morgan Cazenove Arctic Securities SEB Enskilda
PLC Pottinger Lead Broker Financial Financial Adviser
Financial Adviser &
PR Consultants & Market Market Maker
Maker
============= ================= ========================= ================= ==================
David Cather, Daniel Thöle Michael Wentworth-Stanley Arne Wenger Fredrik Cappelen
CEO Petter Bakken
Mike Norris,
FD
Angela Parr,
IR
------------- ----------------- ------------------------- ----------------- ------------------
+44 20 7766 +44 20 7861 +47 2101
7676 3232 +44 20 7588 2828 3100 +47 2100 8500
NOTES TO EDITORS
Avocet Mining is a gold mining and exploration company listed on
the London Stock Exchange (ticker: AVM.L) and the Oslo Børs
(ticker: AVM.OL). The Company's principal activities are gold
mining and exploration in West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
deposit at Inata currently comprises a Mineral Resource of 3.99
million ounces and a Mineral Reserve of 1.85 million ounces. The
Inata Gold Mine poured its first gold in December 2009 and produced
167,000 ounces of gold in 2011 and is expected to produce 135,000 -
140,000 ounces of gold in 2012.
Other assets in Burkina Faso include eight exploration permits
surrounding the Inata Gold Mine in the broader Bélahouro region.
The most advanced of these projects are Souma, some 20 kilometres
from the Inata Gold Mine, and Filio, adjacent to the mine licence
area, where Mineral Resources of 0.56 million ounces and 0.14
million ounces respectively exist.
In Guinea, Avocet owns twelve exploration licences in the north
east of the country. Mineral Resource development has been ongoing
since 2005 and the project at Tri-K is the most advanced. Within
the Tri-K project, Koulékoun has a Mineral Resource of 2.15 million
ounces and Kodiéran of 0.87 million ounces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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