30th Mar 2012 12:42
30 March 2012
Polo Resources Limited
("Polo", "Polo Resources" or the "Company")
ISSUES OF SHARE OPTIONS
Polo Resources Limited (AIM and TSX: POL), announces the issue of share options as part of an ongoing programme of incentives for its employees and key consultants.
Following the recommendation of the Remuneration Committee, Polo has agreed to grant additional share options under the Polo Resources Limited Share Option Plan at an exercise price of 4 pence per share to the Directors and Approved Grantees (as defined in the Share Plan Rules) of the Company as follows:
Share options | |
Stephen R. Dattels | 20,000,000 |
Neil L. Herbert | 20,000,000 |
Ian Burns | 10,000,000 |
Guy Elliott | 5,000,000 |
Ian Stalker | 5,000,000 |
James Mellon | 5,000,000 |
Bryan Smith | 5,000,000 |
Approved Grantees | 18,500,000
|
TOTAL | 88,500,000 |
The above options will vest equally over three years or earlier where performance related conditions have been achieved and will be exercisable pursuant to and on the terms of the Polo Resources Limited Share Plan 2008 Rules. The options must be exercised no later than 12 months after the first anniversary of vesting after which they will lapse.
Following the grant listed above, the total issued share capital of the Company is 2,294,086,098 shares and 2,447,086,098 fully diluted shares. Polo has 153,000,000 shares under option representing 6.67 per cent. of the current issued share capital. Following the above the directors of Polo (together with their family as defined in the AIM Rules for Companies) will have the following interests in the Company:
Director's interest | Ordinary Shares held | % of Issued share capital | Total Share Options |
Stephen R. Dattels | 224,040,835 | 9.77 | 40,000,000 |
Neil L. Herbert | 81,385,625 | 3.55 | 40,000,000 |
Ian Burns | - | 0.0 | 10,000,000 |
Guy Elliott | 10,000,000 | 0.44 | 10,000,000 |
Ian Stalker | 5,895,000 | 0.26 | 10,000,000 |
James Mellon | 24,500,000 | 1.07 | 10,000,000 |
Bryan Smith | 10,581,241 | 0.46 | 10,000,000 |
TOTAL | 356,402,701 | 15.54 | 130,000,000 |
For further information, please contact:
Polo Resources Limited Ian Burns, Finance Director | + 2782 404 36 37 |
Evolution Securities Chris Sim, Neil Elliot, George Price | +44 (0) 20 7071 4300 |
Liberum Capital Chris Bowman, Tim Graham | +44 (0) 20 3100 2228 |
Blythe Weigh Communications Tim Blythe, Matthew Neal, Robert Kellner | +44 (0) 207 138 3204
|
Toronto Borden Ladner Gervais LLP Jeffery Barnes, Terence Lui
| +1 416 367 6229 |
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo Resources: www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Related Shares:
POL.L