11th Jun 2013 12:56
11 June 2013
Alexander Mining plc
('Alexander' or the 'Company')
Employees', directors' and consultants' share options
In the best interests of Alexander and its shareholders, the Board has a policy of incentivising and retaining its valued employees, directors and technical consultants and to this end, the Company has a share option plan in place. In order to assess whether the existing share options are consistent with their purpose, the Company's Remuneration Committee (the "Committee") has recently conducted a review of the existing share options, the large majority of which were issued in July 2009. In its findings and recommendations, the Committee has recommended that in order to continue to provide incentivisation, the existing share options, which currently have an exercise price approximately 2.4x higher than the recent 90 day simple moving average closing mid-market price, be cancelled and replaced with new share options.
Accordingly and following approval from the existing share option holders, the Board has cancelled a total of 9,675,000 existing share options with an exercise price of 10p per share (the "Existing Share Options") and approved the issue of new replacement share options, on a one-for-one basis, with an exercise price of 4.92p per share (the "New Exercise Price"). In addition, the Board has granted an additional 2,725,000 new share options at the New Exercise Price (together with the replacement share options, the "New Share Options") to directors, employees and a technical consultant.
The New Exercise Price represents a 20 per cent. premium to the closing mid-market ninety day simple moving average share price on 30 May 2013, being the final business day prior to the Board seeking approval from existing option holders for the cancellation and replacement process. The New Share Options will vest in three equal tranches on the first, second and third anniversary from the date of the grant (being 31 May 2013) and will expire on 22 December 2020.
As a result of the above changes, the Company has a total of 12,400,000 New Share Options (with an exercise price of 4.92p per share) and 500,000 Existing Share Options (half of which have an exercise price of 12p per share, the other half being exercisable at 10p per share) in issue, representing 7.09 per cent. of the issued share capital of the Company on a fully diluted basis.
Details of the share options granted to the directors and the changes resulting from this reorganisation are as follows:
Director | Existing Share Options replaced | New Share Options granted | Total resultant New Share Options held |
Matt Sutcliffe, Executive Chairman | 1,150,000 | 350,000 | 1,500,000 |
Martin Rosser, CEO | 2,400,000 | 300,000 | 2,700,000 |
Alan Clegg, Non-executive Director | - | 800,000 | 800,000 |
Roger Davey, Non-executive Director | 650,000 | 150,000 | 800,000 |
James Bunyan, Non-executive Director | 650,000 | 150,000 | 800,000 |
Emil Morfett, Non-executive Director | 650,000 | 150,000 | 800,000 |
ENDS
For further information please contact:
Martin Rosser Chief Executive Mobile: +44 (0) 7770 865 341
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Matt Sutcliffe Executive Chairman Mobile: +44 (0) 7887 930 758 | |
Alexander Mining plc 1st Floor 35 Piccadilly London W1J 0DW Tel: +44 (0) 20 7292 1300 Fax: +44 (0) 20 7292 1313 Email: [email protected] Website: www.alexandermining.com | |
Nominated Adviser and Broker Northland Capital Partners Limited Louis Castro / Lauren Kettle +44 (0) 20 7796 8800 | |
Public / Media Relations Britton Financial PR Tim Blackstone +44 (0) 20 7242 9786 |
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