Savannah Resources PLC Implementation of Long-Term Incentive Plan (7904K)
13 April 2018 - 4:00PM
UK Regulatory
TIDMSAV
RNS Number : 7904K
Savannah Resources PLC
13 April 2018
13 April 2018
Savannah Resources Plc
Implementation of Long-Term Incentive Plan
Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah', or
the 'Company'), the AIM quoted resource development company,
announces that upon the recommendation of the Company's
Remuneration Committee, it has approved the implementation of a
long-term incentive plan ('LTIP'), prepared with advice from KPMG
LLP, and designed to incentivise the Company's Executive Directors
and certain other members of the Senior Management team (the
'Participants').
The LTIP has been established to encourage long-term value
creation for Savannah's shareholders and to further align the
interests of the Participants with shareholders. Awards under the
LTIP are structured in accordance with the Company's respective
project operations in Portugal, Oman and Mozambique. The Board
believes that the establishment of the LTIP and the performance
conditions will incentivise the Participants and help to attract
talented individuals in the future as the Company expedites the
development of its mining projects.
Matthew King, the Company's Chairman said today: "The purpose of
the LTIP is to focus management on achieving our key strategic goal
of building cash generative and profitable mining operations. The
performance conditions are intended as objective measures of our
progress."
The LTIP provides for certain awards to be made to Participants
upon the achievement of specified performance conditions determined
by the Company's Remuneration Committee and approved by the Board.
The Company's Non-Executive Directors are not eligible to
participate in the LTIP.
The awards, Participants and initial performance conditions are
summarised below:
Project Performance Condition Timing
----------------- ---------------------------------------------------- ---------------
Oman Commencement of mining December
2018
----------------- ---------------------------------------------------- ---------------
Mozambique PFS completed and mining lease March 2019
granted
----------------- ---------------------------------------------------- ---------------
Portugal Feasibility study completed and March 2019
a strategic initiative entered
into (e.g. securing major industry
contract/alliance/offtake/equity
investment from the lithium industry)
----------------- ---------------------------------------------------- ---------------
Participant Total Target Form of Target Applicable Project/Performance
Award Award Condition
----------------- --------------- ---------------- ----------------------------------
40% Cash
David 100% of 60% Deferred
Archer Salary Equity Oman 33.34%
----------------- --------------- ---------------- ----------------- ---------------
Mozambique 33.33%
-------------------------------------------------------------------- ---------------
Portugal 33.33%
-------------------------------------------------------------------- ---------------
40% Cash
100% of 60% Deferred
Dale Ferguson Salary Equity Oman 33.34%
----------------- --------------- ---------------- ----------------- ---------------
Mozambique 33.33%
-------------------------------------------------------------------- ---------------
Portugal 33.33%
-------------------------------------------------------------------- ---------------
40% Cash
Michael 100% of 60% Deferred
McGarty Salary Equity Oman 33.34%
----------------- --------------- ---------------- ----------------- ---------------
Mozambique 33.33%
-------------------------------------------------------------------- ---------------
Portugal 33.33%
-------------------------------------------------------------------- ---------------
40% Cash
60% Deferred
Paul O'Donoghue 40% of Salary Equity Mozambique 100%
----------------- --------------- ---------------- ----------------- ---------------
In respect of the Deferred Equity Target Awards: where the
performance condition is met and the target awards are made to
Participants, the deferred equity shall be released by 1/3 on each
anniversary of the vesting date (up to the third anniversary)
subject to the continued service of the Participant (unless the
Participant is deemed a 'good leaver'). The maximum Deferred Equity
Target Award value that may be issued in connection with the
initial Performance Conditions stated above is GBP342,715
(representing 0.89% of the Company's current issued share capital
at the current market price).
The Company may waive or vary a performance condition or other
condition if events occur or circumstances occur which cause the
Remuneration Committee to consider that the performance condition
or other condition has ceased to be a fair measure of
performance.
The implementation of the LTIP constitutes a related party
transaction pursuant to AIM Rule 13. The Company's Non-Executive
Directors, who are not party to the LTIP and are therefore
independent directors for these purposes, having consulted with the
Company's Nominated Adviser, consider the terms of the LTIP to be
fair and reasonable insofar as Savannah's shareholders are
concerned.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20
plc 7117 2489
David Hignell / Dugald Northland Capital Tel: +44 20
J. Carlean (Nominated Partners Ltd 3861 6625
Adviser)
Christopher Raggett finnCap Ltd Tel: +44 20
/ Emily Morris (Broker) 7220 0500
Charlotte Page / St Brides Partners Tel: +44 20
Lottie Wadham Ltd 7236 1177
(Financial PR)
About Savannah
We are a diversified resources group (AIM: SAV) with a portfolio
of energy metals projects - lithium in Portugal and copper in Oman
- together with the world-class Mutamba Heavy Mineral Sands Project
in Mozambique, which is being developed in a consortium with the
global major Rio Tinto. We are committed to serving the interests
of our shareholders and to delivering outcomes that will improve
the lives of our staff and the communities we work with.
The group is listed and regulated on AIM and the Company's
ordinary shares are also available on the Börse Stuttgart (SWB)
under the ticker "SAV".
This information is provided by RNS
The company news service from the London Stock Exchange
END
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