Reabold Resources PLC Board appointments and Issue of Options (1356U)
20 October 2017 - 3:48AM
UK Regulatory
TIDMRBD
RNS Number : 1356U
Reabold Resources PLC
19 October 2017
For immediate release 19 October 2017
Reabold Resources plc
("Reabold" or the "Company")
Director Appointments
Issue of Options
Reabold, the AIM listed investment company operating in the
natural resources sector, is pleased to announce that Sachin Oza
and Stephen Williams, the Joint Chief Executive Officers of the
Company, have been appointed to the Board of Directors with
immediate effect. Mr Oza and Mr Williams will now both be acting as
Directors and Joint Chief Executive Officers.
Mr Oza and Mr Williams each hold 10,000,000 ordinary shares in
the Company (or 0.65% of the Company's issued share capital each)
which they acquired under the placing to raise GBP3.96 million
announced on 20 September 2017 (the "Placing") and at the Placing
price of 0.5 pence per Placing share (the "Placing Price").
Following the Placing and in connection with the appointment of
Mr Oza and Mr Williams to the Board, the Company also advises that
options over Ordinary Shares (the "Options") as set out below were
granted on 19 October 2017 over a total of 190 million common
shares representing 12.33% of the issued share capital of the
Company and expire four years from the date of grant.
Executive Position New Options Exercise Vesting Period Expiry
Issued Price
----------- ----------- ------------ --------- --------------- -----------
Sachin CEO 30,000,000 0.50p Immediately 19-Oct-21
Oza
30,000,000 0.75p 12 months 19-Oct-21
from grant
30,000,000 1.00p 18 months 19-Oct-21
from grant
----------- ----------- ------------ --------- --------------- -----------
Stephen CEO 30,000,000 0.50p Immediately 19-Oct-21
Williams
30,000,000 0.75p 12 months 19-Oct-21
from grant
30,000,000 1.00p 18 months 19-Oct-21
from grant
----------- ----------- ------------ --------- --------------- -----------
Anthony Finance
Samaha Director 10,000,000 0.5p Immediately 19-Oct-21
----------- ----------- ------------ --------- --------------- -----------
Of the 190m stock options: 70 million have an exercise price of
0.50p and vest immediately and are in line with both the Placing
Price as set out above, and with the subscription price of a
subsequent fund raising totalling GBP1.76 million announced on 2
October 2017; 60 million have an exercise price of 0.75p,
representing a premium of 50% to the Placing Price and vest 12
months from grant; and 60 million have a exercise price of 1.0p,
representing a premium of 100% to the Placing Price, and vest 18
months from grant. Should any Option holder leave the Board prior
to the vesting of their Options, such Options will be
forfeited.
The issue of the Options as set out above ("the Transaction")
are a related party transaction under the AIM Rules. Jeremy
Edelman, the Director independent of the Transaction, considers,
having consulted with the Company's Nominated Adviser, that the
terms of the Transaction are fair and reasonable so far as
shareholders of the Company are concerned.
Jeremy Edelman, Executive Chairman comments:
"I am delighted to see Sachin and Stephen join the Board and
very much appreciate their efforts so far. Following discussions
with potential investors at the time of the Placing it was agreed
that putting in place appropriate management incentives to align
the interests of new investors and management would be appropriate
and therefore the Company hopes the grant of Options as detailed
above will achieve this. We look forward to further benefiting from
their considerable technical expertise and experience".
Disclosure required under the AIM Rules:
The names of all companies of which Mr Sachin Oza, aged 44, and
Mr Stephen Anthony Williams, aged 36, has been a director at any
time in the previous five years are set out below:
Sachin Oza Stephen Williams
----------- ----------- -----------------
Kermin Ltd Previous Previous
----------- ----------- -----------------
Mr Oza and Mr Williams, each hold 10 million ordinary shares in
the Company.
There are no other matters which are required to be announced
pursuant to paragraph (g) of Schedule 2 to the AIM Rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
Enquiries:
Reabold Resources Sachin Oza C/o Camarco
plc Stephen Williams Tel: 020 3757 4980
Anthony Samaha
Beaumont Cornish Roland Cornish Tel: 020 7628 3396
Limited Felicity Geidt
Whitman Howard Nick Lovering Tel: 020 7659 1234
Limited Grant Barker
Turner Pope Investments Andy Thacker Tel: 020 3621 4120
(TPI) Ltd - Joint
Broker
Camarco Billy Clegg Tel: 020 3757 4980
James Crothers
Oliver Head
This information is provided by RNS
The company news service from the London Stock Exchange
END
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