16th May 2006 07:02
Peter Hambro Mining PLC16 May 2006 16th May 2006 2005 ANNUAL REPORT & ACCOUNTS NOTICE OF ANNUAL GENERAL MEETING TERMINATION OF RESERVE BONUS SCHEME PETER HAMBRO MINING PLC ("PHM" or the "Company") today released its AnnualReport and Accounts for the financial year ended 31st December 2005. TheCompany's 2005 Annual Report which is being issued further to the preliminaryannouncement of the annual results reported on 24th April, details: - PHM's operating assets and their performance during 2005; - analysis and discussion of PHM's financial performance and status; - breakdown of PHM's growth in gold reserves and resources together with a review of exploration work undertaken during 2005 and planned for the future; and - PHM's annual Corporate and Social Responsibility Statement. The Annual Report is now available online at www.peterhambro.com. Additionalcopies may be requested directly from the Company and will be available at theCompany's registered office, 11 Grosvenor Place, London SW1X 7HH from Monday22nd May 2006. Printed copies of the Annual Report will be distributed to shareholders laterthis week together with the Notice of the Annual General Meeting and proxy form.The Annual General Meeting will be held at 12 noon on Tuesday 22nd June 2006 at11 Grosvenor Place, London SW1X 7HH, and Notice of the Meeting will be availableat the Company's registered office from Monday 22nd May 2006. As previously announced, the Company has for some time now been considering thefuture of the Reserves Bonus Scheme (the "RBS" or the "Scheme") with the aim ofterminating it. It was agreed to establish the RBS shortly before the initialpublic offering of PHM for the benefit of certain senior executives, the RBSbeing based on PHM's success in confirming estimated reserves at the Pioneerdeposit. The independent Directors of PHM, being Sir Rudolph Agnew, PeterHill-Wood and Philip Leatham, having taken professional advice have agreed thatthe sum of US$15,000,000 in aggregate is fair compensation to the participantsfor agreeing that the RBS will not proceed. The independent directors alsoconsider that this payment is less than the cost to PHM (as determined byreference to the estimated net present value of the ongoing payment obligationsfor the Company under the RBS) of implementing the Scheme in full. TheIndependent Directors consider, having consulted with the Company's nominatedadviser, JPMorgan Cazenove, that the terms of the transaction are fair andreasonable insofar as the Company's shareholders are concerned. As the participants of the RBS are senior executives of the Group and include adirector of the Company's principal operating subsidiary, the making of thepayment is subject to the approval of the Company's shareholders and will bevoted on at the Company's Annual General Meeting. Peter Hambro and PavelMaslovsky, who were eligible to participate in the Scheme, have given up theirrights to do so and will not be receiving payment under the Scheme. Enquiries: Alya Samokhvalova / Marianna Adams Peter Hambro Mining PLC +44 (0) 20 7201 8900 Tom Randell / Maria Suleymanova Merlin +44 (0) 20 7653 6620 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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