TIDMRGM
RNS Number : 0538K
Regency Mines PLC
16 September 2016
Regency Mines Plc
Review of Remuneration Structure
Issue of Options and Directors' Shareholdings
16 September 2016
Regency Mines Plc ("Regency" or the "Company"), announces the
creation of an option pool and the allocation of director share
options.
Highlights
-- Review of cost and remuneration structure
-- Creation of an option pool of 30,000,000 options available
for grant to directors, future directors, key staff and
consultants
-- Allocation of director share options to current directors
Regency Chairman Andrew Bell commented: "We have reviewed our
remuneration arrangements with a view to ensuring that as the
Company grows it retains the current leaner cost structure it
developed in recessionary times. Remuneration adjustments through
grant of options rather than salary will both save the Company cash
and tie pay to share price performance.
The board now has an improved environment in which to operate,
and a chance to deliver material returns for shareholders. We
should, starting from this low base, have high aspirations.
With the new option pool we will also be able to offer
appropriate incentives to any incoming directors and staff, and
align management incentives to future share price performance.
The options are exercisable at twice the recent placing price,
and vest once the 30 day volume-weighted average price of the
Company's shares exceeds 1.2p, or three times the recent placing
price.
The options will enable us to retain our low remuneration base
while rewarding performance."
Further details
The Company announces the immediate issue of options to the
following directors:
Tranche Tranche 2 Tranche 3 Tranche 4
1
-------------- ---------- --------------- ---------------- ----------------
Andrew
Bell 2,600,000 2,600,000 2,600,000 2,600,000
-------------- ---------- --------------- ---------------- ----------------
Scott Kaintz 2,400,000 2,400,000 2,400,000 2,400,000
-------------- ---------- --------------- ---------------- ----------------
Vesting: Immediate After 6 months After 12 months After 18 months
-------------- ---------- --------------- ---------------- ----------------
All options have a life of six years from 9(th) September 2016
(the "Date") and an exercise price of 0.8p. The grants were made
under an EMI (Enterprise Management Incentive) scheme ("EMI
Grants").
The vesting in respect of tranches not yet vested will be
accelerated, though the performance condition will be retained, in
a takeover event.
The resultant total directors' shareholdings are as follows:
Directors Shares* % of Current Options
Issued Share
Capital
----------------- ---------- -------------- -----------
Andrew R M
Bell 5,838,025 1.84% 13,360,000
----------------- ---------- -------------- -----------
Edmund Bugnosen 2,644,710 0.83% 560,000
----------------- ---------- -------------- -----------
Scott C Kaintz 2,709,262 0.85% 12,420,000
----------------- ---------- -------------- -----------
*Mr A Bell and Mr S Kaintz are each beneficiaries of 2,688,210
shares held on their behalf by the Share Incentive Plan Trustees
whilst Mr E Bugnosen is a beneficiary of 2,634,710 shares held on
his behalf by the Share Incentive Plan Trustees. In addition, Mr A
Bell holds 847,380 shares in the account of Brewin 1762 Nominees
Limited and 2,302,435 shares in the account of Rock (Nominees)
Limited, and Mr. Kaintz holds 21,052 in the account of HSBC Client
Holdings Nominee UK Ltd.
The closing price of Regency shares on 15(th) September 2016 was
0.475 pence.
The issue of the Options to the directors is a related party
transaction under the AIM Rules. Accordingly, the non-executive
director, Mr Edmund Bugnosen, considers, having consulted with the
Company's Nominated Adviser, that the terms of the Options are fair
and reasonable insofar as its shareholders are concerned.
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines
Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital
Stockbrokers Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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