30th Jun 2016 07:00
30 June 2016
ZincOx Resources plc
("ZincOx" or the "Company")
Options Granted
ZincOx announces the issue of new management options. Following substantial remuneration cuts taken by the management and the Board and in order to incentivise those rebuilding ZincOx, the Remuneration Committee has recommended that all previous options be cancelled and new options granted. On 29 June 2016 the Directors of the Company and certain other employees and consultants were granted options to subscribe for ordinary shares of 1 penny each in the Company ("Ordinary Shares") at a subscription price of 1.6 pence per Ordinary Share, this being at a 100% premium to the current share price and at a 60% premium to the price paid in the recent placing.
The number of Ordinary Shares under option granted to each director was as follows:
Name of Director | Executive Share Option Plan | Company Share Option Plan | Total held following grant |
Andrew Woollett | 4,855,000 | 1,875,000 | 6,730,000 |
Rod Beddows | 525,000 | 1,875,000 | 2,400,000 |
Gautam Dalal | 525,000 | 1,875,000 | 2,400,000 |
All options granted are subject to a three year vesting period before they can be exercised.
A total of 24,030,000 options have been granted to Directors, employees and consultants, representing 10% of the issued share capital and these replace all previous options.
The Board considers that the award of these options is in line with the Company's policy of providing incentives to its senior management and those who will be instrumental in rebuilding the company.
For more information please contact:
ZincOx Resources plc |
Tel: +44 (0) 127 645 0100 |
Andrew Woollett, Chief Executive Officer | |
Peel Hunt LLP (Nominated Adviser and Joint Broker) |
Tel: +44 (0) 207 418 8900 |
Richard Kauffer Euan Brown
|
Related Shares:
Zincox Resources Plc