Grant of Performance Rights

RNS Number : 0565B

Greatland Gold PLC

08 February 2022

 

8 February 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATION.  WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc
("Greatland" or "the Company")

Grant of Performance Rights and Amendment of Existing Options

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals,  announces  the proposed grant of share based incentive awards to certain employees and an executive director, and the extension of the expiry date of existing share options held by a director.

The Company proposes to award Performance Share Rights under the terms of a new long term incentive scheme which will give the holders the right to subscribe for up to 26,250,000 ordinary shares at 0.1p each (inclusive of 2,000,000 Performance Share Rights previously announced on 8 July 2021).

The Performance Share Rights will vest at the end of a three year performance period and will, in addition, be subject to a one year retention period, for a total of four years. The vesting of the Performance Share Rights will be subject to the satisfaction of a number of performance conditions reflecting operational and shareholder value criteria. Performance will be assessed by the Remuneration Committee.

The grant of the Performance Share Rights is intended to provide a long-term incentive to employees acting as a retention mechanism, rewarding outcomes consistent with the performance conditions, and creating additional alignment with shareholders. The expiry date of Performance Share Rights will be 10 years from grant.

Included in the above figure is a Performance Share Right over up to 12,000,000 ordinary shares awarded to Shaun Day, Chief Executive Officer .

As Shaun Day is a related party, the proposed award of Performance Share Right to him is regarded as a related party transaction under the AIM Rules. Accordingly, the Independent Directors, being the Directors other than Shaun Day, consider, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the award of Performance Share Right is fair and reasonable insofar as shareholders are concerned.

In addition, the Company has amended the terms of existing share options held by Alex Borrelli, Non-executive Chairman.  Without amendment, all of the share options held by Mr Borrelli would expire in 2022.  The Company believes that a more progressive sequence of expiry dates would better serve the interests of shareholders and the Company as a whole.  The Company has therefore determined to extend the expiry dates of all of the options held by Mr Borrelli by 12 months from their current expiry dates, as follows:

Number	Exercise price (p)	Grant date	Vesting date	Original expiry date	Amended expiry date on 28 Jan 2021	Revised expiry date
25,000,000	0.20	20/04/2016	20/04/2016	20/04/2021	20/04/2022	20/04/2023
14,000,000	0.28	18/01/2017	18/07/2017	18/07/2022		18/07/2023
7,500,000	0.70	18/08/2017	18/02/2018	16/02/2021	16/02/2022	16/02/2023
2,500,000	1.40	07/09/2018	07/09/2019	06/09/2022		06/09/2023
2,500,000	2.00	07/09/2018	07/09/2019	06/09/2022		06/09/2023

All other terms of the options remain unchanged.

The amendment of these existing options is regarded as a related party transaction under the AIM Rules.  Accordingly, the Independent Directors, being the Directors other than Alex Borrelli, consider, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the amendments to the terms of the share options held by Alex Borrelli are fair and reasonable insofar as shareholders are concerned.

The notification set out below is provided in accordance with the requirements of the UK Market Abuse Regulation:

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Company directors/officers: Shaun Day Christopher Toon Chief Executive Officer Chief Financial Officer
2	Reason for the notification
a)	Position/status	See 1(a) above for all positions - all classified as PDMRs of the Company
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Greatland Gold plc
b)	LEI	213800KMN7LDF4VRPQ10
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	Performance Share Right over Ordinary Shares of 0.1p each
	Identification code	GB00B15XDH89
b)	Nature of the transaction	Award of Performance Share Right
c)	Price(s) and volume(s)	Shaun Day Date Transaction Type Amount Price 8 February 2022 Award of Performance Share Right 12,000,000 0.1p per share Christopher Toon Date Transaction Type Amount Price 8 February 2022 Award of Performance Share Right 3,000,000 0.1p per share
d)	Aggregated information Volume Price	n/a - single transaction
e)	Date of the transaction	8 February 2022
f)	Place of the transaction	Outside a trading venue

Enquiries:

Greatland Gold PLC Shaun Day	[phone] [e-mail] www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser) Andrew Emmott/James Keeshan	[phone]
Berenberg (Joint Corporate Broker and Financial Adviser) Matthew Armitt/ Varun Talwar/Alamgir Ahmed /Detlir Elezi	[phone]
Canaccord Genuity (Joint Corporate Broker and Financial Adviser) James Asensio/Patrick Dolaghan	[phone]
Hannam & Partners (Joint Corporate Broker and Financial Adviser) Andrew Chubb/Matt Hasson/Jay Ashfield	[phone]
SI Capital Limited (Joint Broker) Nick Emerson/Alan Gunn	[phone]
Luther Pendragon (Media and Investor Relations) Harry Chathli/Alexis Gore	[phone]

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.

 

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