TIDMRRR
RNS Number : 1869U
Red Rock Resources plc
16 January 2017
Red Rock Resources Plc
Grant of Options
Directors' Shareholdings
16 January 2017
Red Rock Resources Plc ("Red Rock" or the "Company"), the
natural resource development Company, announces the grant of
35,000,000 options to directors and key staff representing in
aggregate 7.49% of the existing issued share capital of the
Company. Each option entitles the holder upon exercise to one
ordinary share of 0.01p in the capital of the Company ("Ordinary
Shares").
Pursuant to the recommendation of the Remuneration Committee,
the board has awarded the following options:
Tranche Tranche 2 Tranche 3 Tranche 4
1
----------------- ---------- -------------- --------------- ---------------
Andrew Bell 3,000,000 3,000,000 3,000,000 3,000,000
----------------- ---------- -------------- --------------- ---------------
Scott Kaintz 2,750,000 2,750,000 2,750,000 2,750,000
----------------- ---------- -------------- --------------- ---------------
Sam Quinn 750,000 750,000 750,000 750,000
----------------- ---------- -------------- --------------- ---------------
Other personnel 2,250,000 2,250,000 2,250,000 2,250,000
----------------- ---------- -------------- --------------- ---------------
Vesting date: Immediate Immediate After 6 months After 6 months
----------------- ---------- -------------- --------------- ---------------
Performance N/A Share price Share price Share price
condition: close 3 days close 3 days close 3 days
over 0.85p over 1.2p over 1.5p
----------------- ---------- -------------- --------------- ---------------
All options have a life of six years from the date of grant and
an exercise price of 0.8p. The closing mid-market price on AIM as
at the close of business on Friday, 13 January 2017 was 0.525
p.
The vesting date in respect of tranches not yet vested will be
accelerated, though the performance condition will be retained, in
the event of a takeover event.
The issue of the Options to the directors is a related party
transaction under the AIM Rules. Accordingly, the independent
non-executive director, Mr Michael Nott, considers, having
consulted with the Company's Nominated Adviser, that the terms of
the Options are fair and reasonable insofar as its shareholders are
concerned.
The grants to Andrew Bell and Scott Kaintz were made under an
EMI (Enterprise Management Incentive) scheme.
Following the grant of options to directors, the resultant total
directors' shareholdings are as follows:
Directors Ordinary Shares Total % of Options Warrants
Shares Issued
Share
Capital
Direct Indirect
Andrew R
M Bell 7,706,077 4,148,914 11,854,991 2.54% 17,760,000 5,867,167
Michael
C Nott 0 4,236,287 4,236,287 0.91% 900,000 421,052
Scott Kaintz 0 4,598,194 4,598,194 0.98% 15,680,000 1,785,714
Sam Quinn 0 3,116,766 3,116,766 0.67% 3,900,000 1,996,240
-------------- ---------- ---------- ----------- --------- ----------- ----------
* Andrew Bell and Scott Kaintz both hold 2,812,480 shares, Mike
Nott holds 2,764,480 shares and Sam Quinn holds 910,000 shares
indirectly held by the Share Incentive Plan Trustees. In addition,
Andrew Bell indirectly holds 5,600 shares through Beaufort
Securities Nominees Limited and 1,330,834 shares in the account of
Brewin 1762 Nominees Limited and 2,210,526 shares directly and
jointly with Stephanie Bell. Michael Nott indirectly holds
1,471,807 shares jointly with Anna Nott through Barclayshare
Nominees Limited. Scott Kaintz indirectly holds 1,785,714 shares
through HSBC Client Holdings Nominee UK Limited. Sam Quinn
indirectly holds 2,206,766 shares through Fitel Nominees Limited/WH
Ireland.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Michael Nott 0207 747 9990 Non-executive Director Red Rock
Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital
Stockbrokers Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 16, 2017 02:00 ET (07:00 GMT)