Long Term Incentive Grant

RNS Number : 0100P
Capital Limited
15 June 2022
 

 

Capital Limited

("Capital", the "Group" or the "Company")

 

Long Term Incentive Grant

 

 

Capital (LSE: CAPD), a leading mining services company focused on the African markets, today announces Long Term Incentive Plan awards ("LTIPs") as referenced in Remuneration Report of the 2021 Annual Report to Executive Directors Jamie Boyton and Brian Rudd, as well as other senior employees.

The LTIP was established to strengthen retention, incentivisation, support the Company's next phase of growth and increase alignment between executives and shareholders.   A summary of the terms of the awards is set out on pages 73, 74 and 78 of the 2021 Annual Report. The Executive Directors have been granted two separate performance awards each (LTIP1 and LTIP2) (totalling 1,319,634 awards), with a nominal exercise price of US$0.0001 and a three-year vesting period. All awards to Executive Directors are subject to a two-year holding period post vesting.

 

Name

Role

Max no. of Equity awards (LTIP1)

Max no. of Equity awards (LTIP2)

Exercise price (US$)

Jamie Boyton

Executive Chairman

460,766

460,766

0.0001

Brian Rudd

Executive Director

199,051

199,051

0.0001

 

A maximum total aggregate of 3,520,893 awards (comprising 2,212,035 LTIP1 and 1,308,858 LTIP2) have been granted to the Executive Directors and other senior members of the Company. Within the total aggregate, PDMRs of the Company have received a total of 1,710,884 awards (details of these PDMR awards are set out at the foot of this announcement).

 

The awards will vest on the third anniversary of the date of grant, subject to the meeting of the three-year performance conditions laid out below:

 

For LTIP1:

· Up to a maximum of 50% of the award is subject to absolute Total Shareholder Return ("TSR") measured at the year ended 31 December 2024 against the 20-day VWAP ending 31 December 2021. Shares will Vest on a straight-line basis between 12.5% (if 8% CAGR is achieved) and 50% (if 15% CAGR is achieved).

· Up to a maximum of 50% of the award is subject to an Earnings per Share performance condition (EPS), measured at the year ended 31 December 2024 against the baseline 2021 EPS (based on performance of the underlying business i.e. excluding returns from Capital DI, the direct investment vehicle of Capital Limited). Shares will Vest on a straight-line basis between 12.5% (if 8% CAGR is achieved) and 50% (if 15% CAGR is achieved).

 

For LTIP 2:

· solely absolute TSR measured at the year ended 31 December 2024 against the 20-day VWAP ending 31 December 2021. Shares will vest on a straight-line basis between 0% (if 15% CAGR is achieved) and 100% (if 25% CAGR is achieved).

 

The awards are subject to continued employment and malus and clawback provisions.

 

- ENDS -

 

For further information, please visit Capital Limited's website www.capdrill.com or contact:

 

Capital Limited     +230 464 3250

Jamie Boyton, Executive Chairman    investor@capdrill.com

Giles Everist, Chief Financial Officer

Conor Rowley, Investor Relations & Corporate Development Manager

 

Berenberg    +44 20 3207 7800

Matthew Armitt

Jennifer Lee

Detlir Elezi  

 

Tamesis Partners LLP    +44 20 3882 2868

Charlie Bendon

Richard Greenfield

 

Stifel Nicolaus Europe Limited   +44 20 7710 7600

Ashton Clanfield

Callum Stewart

Rory Blundell

 

Buchanan    +44 20 7466 5000

Bobby Morse      capital@buchanan.uk.com

James Husband

 

 

 

About Capital Limited

 

Capital Limited is a leading mining services company providing a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the global minerals industry, focusing on the African markets. The Company's services include: exploration, delineation and production drilling; load and haul services; mining equipment hire and maintenance; and geochemical analysis. The Group's corporate headquarters are in Mauritius and it has established operations in Burkina Faso, Côte d'Ivoire, Egypt, Guinea, Mali, Mauritania, Nigeria, Saudi Arabia and Tanzania.

 



Notification of transactions by PDMRs

1. 

Details of the person discharging managerial responsibilities / person closely associated

a. 

Name

Jamie Boyton

2. 

Reason for the notification

a. 

Position/status

Executive Chairman

b. 

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a. 

Name

Capital Limited

b. 

LEI

213800XG175G91JW8W37

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a. 

Description of the Financial instrument, type of instrument Identification code

Common shares of $0.0001 each

BMG022411000

b. 

Nature of the transaction

Grant of Options

c. 

Price(s) and volume(s)

Price(s)

Volume(s)

$0.0001

460,766

$0.0001

460,766

d. 

Aggregated information

· Aggregated volume

· Price

 921,532 at $0.0001

e. 

Date of the transaction

 15 June 2022

f. 

Place of the transaction

Outside of trading venue

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a. 

Name

Brian Rudd

2. 

Reason for the notification

a. 

Position/status

Executive Director

b. 

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a. 

Name

Capital Limited

b. 

LEI

213800XG175G91JW8W37

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a. 

Description of the Financial instrument, type of instrument Identification code

Common shares of $0.0001 each

 

BMG022411000

b. 

Nature of the transaction

Grant of Options

c. 

Price(s) and volume(s)

Price(s)

Volume(s)

$0.0001p

199,051

$0.0001p

199,051

d. 

Aggregated information

· Aggregated volume

· Price

 398,102 at $0.0001

e. 

Date of the transaction

15 June 2022

f. 

Place of the transaction

Outside of trading venue

1. 

Details of the person discharging managerial responsibilities / person closely associated

a. 

Name

Giles Everist

2. 

Reason for the notification

a. 

Position/status

Chief Financial Officer

b. 

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a. 

Name

Capital Limited

b. 

LEI

213800XG175G91JW8W37

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a. 

Description of the Financial instrument, type of instrument Identification code

Common shares of $0.0001 each

BMG022411000

b. 

Nature of the transaction

Grant of Options

c. 

Price(s) and volume(s)

Price(s)

Volume(s)

$0.0001

195,625

$0.0001

195,625

d. 

Aggregated information

· Aggregated volume

· Price

391,250 at $0.0001

e. 

Date of the transaction

15 June 2022

f. 

Place of the transaction

Outside of trading venue

 

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