TIDMSTI
RNS Number : 0935N
Stratex International PLC
04 August 2017
Stratex International Plc / Index: AIM / Epic: STI / Sector:
Mining
Stratex International Plc
('Stratex' or the 'Company')
Implementation of Long Term Incentive Plan
and Issue of Share Options
Stratex International plc, the AIM-quoted gold exploration and
development company, announces that it has adopted a new long term
incentive plan ("LTIP") and the Company's remuneration committee
has approved the grant of options under the LTIP and the Company's
existing enterprise management incentive ("EMI") option scheme to
its Chief Executive Officer Marcus Engelbrecht, pursuant to the
terms of his service agreement. The options granted under the LTIP
scheme are subject to certain performance conditions.
Key terms of the new LTIP scheme
The LTIP is designed to incentivise Stratex directors and senior
executives by the award of, inter alia, equity options over
ordinary shares of 1 pence each in the capital of the Company
("Ordinary Shares"). The LTIP is administered by the remuneration
committee of Stratex who will determine the vesting period and
performance conditions. Awards under the LTIP will normally be
exercisable from the vesting date until the third anniversary of
the grant date. An award granted in the form of an option will
normally be exercisable for 30 days after the date of vesting and
will lapse at the end of that period.
The terms of the new LTIP and the Company's existing unapproved
scheme have been aligned, such that no option or award shall be
granted if, as a result of such grant, the total number of options
and awards granted and outstanding to employees under the LTIP and
options or awards granted pursuant to any other option scheme of
Stratex to employees (excluding cash-settled and transfer only
awards) would exceed 10% of the issued ordinary share capital of
Stratex.
Following the exercise of an option under the LTIP, if the
Stratex remuneration committee so determines, the grantee may
receive cash or Stratex Ordinary Shares equal in value (so far as
possible) to any dividends paid or payable in respect of the
Stratex Ordinary Shares acquired between the date of grant and the
date of exercise of the options. LTIP awards will typically be
subject to standard provisions as regards vesting and replacement
awards in the event of a change of control.
Grant of options
Under the terms of his service agreement, Marcus Engelbrecht,
our CEO, has been granted options under the LTIP over 12,125,374
Ordinary Shares ("LTIP Options") with a vesting period commencing 3
August 2017 and an expiry date of 3 August 2020 and options under
the EMI scheme over 11,240,188 Ordinary Shares ("EMI Options") with
a vesting period commencing 3 August 2017 and an expiry date of 3
August 2027, which in aggregate is equivalent to 5% of the current
issued share capital of the Company.
Based on the 30 day volume weighted average price ("VWAP") of
the Company's Ordinary Shares up to 17 May 2017, the exercise price
of the EMI Options and the LTIP Options has been set at 1.745p
each. The EMI Options are not subject to performance
conditions.
Under the terms of the award, the LTIP Options will vest if the
Company undertakes a significant merger, acquisition or other
corporate transaction which increases the Company's market
capitalisation to not less than GBP40 million, and with a projected
cash flow within 3 years of GBP8 million, within three years of the
grant date; or if within three years of his appointment as CEO of
the Company, the Company achieves a target market capitalisation
(measured over any 6 month rolling period) of GBP80 million.
Following the award of these options, Marcus Engelbrecht's
interest in the Company is as follows:
New options Total unexercised Shares held
issued options held
following
issue
-------------------- ------------ ------------------ ------------
Marcus Engelbrecht 23,365,562 29,365,562 nil
-------------------- ------------ ------------------ ------------
* * ENDS * *
For further information please visit
www.stratexinternational.com, @StratexPLC on Twitter, email
info@stratexplc.com, or contact:
Stratex International Tel: +44 (0)20 7830 9650
Plc
Marcus Engelbrecht / Claire Bay
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Philip Secrett / Samantha Harrison / Daniel Bush
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore/ Andrew
Chubb
Camarco Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis
Notes to Editors:
Since listing in 2006, Stratex has discovered more than 2.2
million ounces of gold and 7.09 million ounces of silver, as well
as 186,000 tonnes of copper. The Company owns 15% of a copper-gold
project at feasibility stage and an exciting exploration project in
Senegal. The Company also has significant interests in Goldstone
Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for
their exploration projects in Ghana, Djibouti and Egypt, and
Tanzania respectively.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014.
The notifications below are made in accordance with the
requirements of the EU regulation on market abuse.
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 Marcus Engelbrecht
---- -------------------------- ----------------------------------------
2 Reason for the notification
---- --------------------------------------------------------------------
a) Position/status Chief Executive Officer
---- -------------------------- ----------------------------------------
b) Initial notification Initial notification
/Amendment
---- -------------------------- ----------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- --------------------------------------------------------------------
a) Name Stratex International PLC
---- -------------------------- ----------------------------------------
b) LEI 213800X32GJR5AGAR511
---- -------------------------- ----------------------------------------
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 of Options over ordinary shares
the financial of 1 pence each in the capital
instrument, type of the Company
of instrument
Identification Ordinary share ISIN: GB00B0T29327
code
---- -------------------------- ----------------------------------------
b) Nature of the 1. Grant of options over
transaction ordinary shares in the capital
of the Company under the
Company's EMI option scheme
with an exercise price of
1.745p each
2. Grant of options over
ordinary shares in the capital
of the Company under the
Company's long term incentive
plan with an exercise price
of 1.745p each
---- -------------------------- ----------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s)
---- -------------------------- --------------------- -----------------
1. Nil 11,240,188
2. Nil 12,125,374
----------------------------------------------------- -----------------
d) Aggregated information
- Aggregated NA
volume
NA
- Price
---- -------------------------- ----------------------------------------
e) Date of the transaction 3 August 2017
---- -------------------------- ----------------------------------------
f) Place of the Outside of a trading venue
transaction
---- -------------------------- ----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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