8th Aug 2014 12:04
LONDON (Alliance News) - Tungsten Corp PLC Friday said that Chief Operating Officer Lincoln Jopp has bought 13,778 shares at an average price of 301.8 pence each under the company's employee matched share scheme, bringing his holding to 22,498 shares.
Under the scheme, Jopp has also been granted options over 41,334 shares at 336p per share, exercisable between February 8 and August 8, 2019.
As part of the scheme's terms, any participating employee is required to acquire Tungsten shares in the market at an arm's length price and hold them for the same period as the life of the option. As a result, 412,436 shares have been acquired for participating employees.
Tungsten said that 38% of its eligible UK employees chose to participate in the scheme.
Rockhopper Investments Ltd, the family vehicle of Edmund Truell, Tungsten's Chief Executive Officer, has offered to make available a call option over 439,992 shares to the employee benefit trust. The options price is 336p per share, a premium of 14.8% to the closing share price on Wednesday this week. The underlying shares represent 2.96% of Truell's stake, and 0.4% of the entire company. The options are exercisable over the same time period as Jopp's.
No new shares are being issued by Tungsten under the scheme.
Tungsten shares were Friday quoted down 2.2% at 290.00p.
By Samuel Agini; [email protected]; @samuelagini
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