Wolf Minerals Limited Performance Rights Plan Update (9069C)
01 July 2016 - 4:00PM
UK Regulatory
TIDMWLFE
RNS Number : 9069C
Wolf Minerals Limited
01 July 2016
1 July 2016
Wolf Minerals Limited
("Wolf" or "the Company")
Performance Rights Plan Update
Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM:
WLFE) (Wolf or the Company) wishes to advise an amendment to the
Company's long term incentive arrangements provided through its
Performance Rights Plan (the Plan) with effect from 30 June 2016
and a consequential change to the remuneration arrangements of the
Company's Managing Director, Mr Russell Clark, pursuant to ASX
Listing Rule 3.16.4.
Under the Performance Rights Plan, senior managers including the
Managing Director are provided with performance rights for Wolf
ordinary shares. Vesting of the performance rights over defined
multi year periods is subject to the attainment of the vesting
assessment criteria which are as follows:
-- 50% calculated on Wolf's relative performance to a peer group
of companies, being the AIM Basic Resources Index; and
-- 50% based on Wolf achieving absolute Total Shareholder Return targets.
Upon recommendation from the Remuneration Committee, the Board
has approved an extension to the vesting period of the Plan's
performance rights for an additional two years to a maximum of five
years. Vesting assessments will be conducted by the Remuneration
Committee at predetermined intervals during the additional two year
period and, subject to the outcome of the review, performance
rights may vest prior to their new expiry date. Approval for the
requisite elements of the extension arrangements will be sought
from shareholders at the Company's 2016 Annual General Meeting. The
table below details the Company's performance rights currently on
issue and the amended vesting period. There has been no change to
the vesting assessment criteria.
Remuneration Tranche Number of Original New Expiry
period covered Performance Expiry Date Date
Rights as
at business
close 30
June 2016
------------------ ------------ ------------- -------------- --------------
2012 (Note 366,945 21 November 21 November
1) 2016 2016
------------------ ------------ ------------- -------------- --------------
13 Oct 2013 Tranche 898,150 30 June 2016 30 June 2018
to 30 June 2014 1
------------------ ------------ ------------- -------------- --------------
1 July 2014 Tranche 1,491,989 30 June 2017 30 June 2019
to 30 June 2015 2
------------------ ------------ ------------- -------------- --------------
1 July 2015 Tranche 1,982,545 30 June 2018 30 June 2020
to 30 June 2016 3
------------------ ------------ ------------- -------------- --------------
TOTAL 4,739,629
------------------------------- ------------- -------------- --------------
Note 1: The 2012 performance rights were issued prior to the
existing Plan and are subject to separate vesting conditions
relating to project completion. Therefore, no extension has been
provided for these performance rights
ENDS
Wolf Minerals Limited: Russell Clark +61 8 6364 3776
Numis Securities: John Prior/James
Black/Paul Gillam +44(0)20 7260 1000
Newgate: Adam Lloyd / Ed Treadwell
/ Helena Bogle +44 (0) 20 7653 9850
About Wolf Minerals
Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty
metals producer. With global demand for tungsten rising and future
global production expected to be constrained, Wolf Minerals has
recently completed the development of a large tungsten resource at
its Drakelands Mine, located at Hemerdon, in southwest England.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGGNDMDGVZG
(END) Dow Jones Newswires
July 01, 2016 02:00 ET (06:00 GMT)
Wolf Minerals (LSE:WLFE)
Historical Stock Chart
From Apr 2024 to May 2024
Wolf Minerals (LSE:WLFE)
Historical Stock Chart
From May 2023 to May 2024