MC Mining Limited Grant of Performance Rights to Executive Director (9863O)
23 May 2018 - 5:00PM
UK Regulatory
TIDMMCM
RNS Number : 9863O
MC Mining Limited
23 May 2018
ANNOUNCEMENT 23 MAY 2018
GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTOR
MC Mining Limited (the "Company") confirms the award of 625,612
Performance Rights under the Company's Performance Rights Plan to
executive director, David Brown, following the approval of
shareholders at the Annual General Meeting of Shareholders ("AGM")
on 24 November 2017.
As detailed in the notice of meeting for the AGM, the total
Performance Rights issued have been determined by dividing
ZAR4,117,317 and ZAR1,212,750 (representing the value of the
performance rights granted for the 2017 financial year and the
value of compensation for reduced revenue over a four-year period
without a salary increase, respectively) by the volume weighted
average price of the Shares of the Company over the 5 trading days
prior to the approval date of the Performance Rights (R0.43). The
number of Performance Rights are then reduced in accordance with
the 20 to 1 consolidation of securities that was also approved at
the AGM.
The Performance Rights are granted as conditional awards over
ordinary shares of no par value for no consideration. The awards
will vest on 24 November 2020 subject to the vesting
conditions.
Current Shares and Performance Rights Held by Executive
Directors:
In addition to the above Performance Rights Mr Brown holds
41,250 (post consolidation) ordinary shares in the Company which
represents 0.03% of the Company's issued share capital. He also
holds 485,702 and 562,747 Performance Rights issued in 2015 and
2016 which will vest on 1 December 2018 and 13 December 2019
respectively subject to the vesting conditions.
AUTHORISED BY:
Tony Bevan
For more information contact:
David Brown Chief Executive Officer MC Mining Limited +27 10 003 8000
Brenda Berlin Chief Financial Officer MC Mining Limited +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Financial PR
Jos Simson/ Gareth Tredway (United Kingdom) Tavistock +44 20 7920 3150
Ross Allister/Richard
Crichton/James Bavister Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900
Charmane Russell/Olwen Auret Financial PR (South Africa) R&A Strategic Communications +27 11 880 3924
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development
and mining company operating in South Africa. MCM's key projects
include the Uitkomst Colliery (metallurgical coal), Makhado Project
(coking and thermal coal). Vele Colliery (coking and thermal coal),
and the Greater Soutpansberg Projects (MbeuYashu).
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. Name David Hugh Brown
--- ----------------- ------------------------------------------
2. Reason for the notification
--- -------------------------------------------------------------
a. Position/status Chief Executive Officer
--- ----------------- ------------------------------------------
b. Initial Initial Notification
notification
/Amendment
--- ----------------- ------------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------------
a. Name MC Mining Limited
--- ----------------- ------------------------------------------
b. LEI 213800G6YDVUTU9NEP37
--- ----------------- ------------------------------------------
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 Performance Rights issued have
of the been determined by dividing ZAR4,117,317
Financial and ZAR1,212,750 (representing
instrument, the value of the performance rights
type granted for the 2017 financial
of instrument year and the value of compensation
Identification for reduced revenue over a four-year
code period without a salary increase,
respectively) by the volume weighted
average price of the Shares of
the Company over the 5 trading
days prior to the date of approval
of the Performance Rights. The
number of Performance Rights are
then reduced in accordance with
the 20 to 1 consolidation of securities
that was also approved at the
AGM.
The Performance Rights have a
three year vesting period.
--- ----------------- ------------------------------------------
b. Nature of Share Grant according to Employee
the transaction scheme
--- ----------------- ------------------------------------------
c. Price(s) Price(s) Volume(s)
and volume(s) ---------- ----------
Nil 625,612
---------- ----------
--- ----------------- ------------------------------------------
d. Aggregated 625,612 at nil value.
information
-- Aggregated
volume
-- Price
--- ----------------- ------------------------------------------
e. Date of 23 May 2018
the transaction
--- ----------------- ------------------------------------------
f. Place of Outside of a trading venue
the transaction
--- ----------------- ------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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