16th Sep 2016 10:03
LONDON (Alliance News) - Regency Mines PLC on Friday said, following completion of its review into its cost and remuneration structure, it has created an option pool of 30.0 million options available to grant to directors, staff and consultants.
The natural resource development and investment company said having the structure in place will save time and will enable it to grant options rather than salary, tying pay to share price performance.
Regency said the option pool also enables it to offer incentives to any incoming directors and staff, and align management incentives to future share price performance.
The options are exercisable at twice the price of the recent placing, at 0.80 pence per share, and have a life of six years from September 9. The options vest once the 30 day volumes-weighted average price of the company's shares exceeds 1.20p or is three times the recent placing price, 0.40p. Shares in Regency Mines were up 5.3% at 0.500p on Friday morning.
"We have reviewed our remuneration arrangements with a view to ensuring that as the company grows it retains the current leaner cost structure it developed in recessionary times," said Chairman Andrew Bell.
"The options will enable us to retain our low remuneration base while rewarding performance," Bell added.
By Hannah Boland; [email protected]; @Hannaheboland
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