Board appointments and Issue of Options

RNS Number : 1356U
Reabold Resources PLC
19 October 2017
 

 

For immediate release

19 October 2017

 

 

Reabold Resources plc

("Reabold" or the "Company")

 

Director Appointments

Issue of Options

Reabold, the AIM listed investment company operating in the natural resources sector, is pleased to announce that Sachin Oza and Stephen Williams, the Joint Chief Executive Officers of the Company,  have been appointed to the Board of Directors with immediate effect. Mr Oza and Mr Williams will now both be acting as Directors and Joint Chief Executive Officers.

Mr Oza and Mr Williams each hold 10,000,000 ordinary shares in the Company (or 0.65% of the Company's issued share capital each) which they acquired under the placing to raise £3.96 million announced on 20 September 2017 (the "Placing") and at the Placing price of 0.5 pence per Placing share (the "Placing Price"). 

Following the Placing and in connection with the appointment of Mr Oza and Mr Williams to the Board, the Company also advises that options over Ordinary Shares (the "Options") as set out below were granted on 19 October 2017 over a total of 190 million common shares representing 12.33% of the issued share capital of the Company and expire four years from the date of grant. 

Executive

Position

New Options Issued

Exercise Price

Vesting Period

Expiry

Sachin Oza

CEO

30,000,000

30,000,000

30,000,000

0.50p

0.75p

1.00p

Immediately

12 months from grant

18 months from grant

19-Oct-21

19-Oct-21

19-Oct-21

Stephen Williams

CEO

30,000,000

30,000,000

30,000,000

0.50p

0.75p

1.00p

Immediately

12 months from grant

18 months from grant

19-Oct-21

19-Oct-21

19-Oct-21

Anthony Samaha

Finance Director

10,000,000

0.5p

Immediately

19-Oct-21

 

Of the 190m stock options: 70 million  have an exercise price of 0.50p and vest immediately and are in line with both the Placing Price as set out above,  and with the subscription price of a subsequent fund raising totalling £1.76 million announced on 2 October 2017; 60 million  have an exercise price of 0.75p, representing a premium of 50% to the Placing Price and vest 12 months from grant; and 60 million  have a exercise price of 1.0p, representing a premium of 100% to the Placing Price, and vest 18 months from grant. Should any Option holder leave the Board prior to the vesting of their Options, such Options will be forfeited.   

The issue of the Options as set out above ("the Transaction") are a related party transaction under the AIM Rules.  Jeremy Edelman, the Director independent of the Transaction, considers, having consulted with the Company's Nominated Adviser, that the terms of the Transaction are fair and reasonable so far as shareholders of the Company are concerned.

 

 

 

 

 

Jeremy Edelman, Executive Chairman comments:

 

"I am delighted to see Sachin and Stephen join the Board and very much appreciate their efforts so far.  Following discussions with potential investors at the time of the Placing it was agreed that putting in place appropriate management incentives to align the interests of new investors and management would be appropriate and therefore the Company hopes the grant of Options as detailed above will achieve this. We look forward to further benefiting from their considerable technical expertise and experience". 

 

Disclosure required under the AIM Rules:

 

The names of all companies of which Mr Sachin Oza, aged 44, and Mr Stephen Anthony Williams, aged 36, has been a director at any time in the previous five years are set out below:

 


Sachin Oza

Stephen Williams

Kermin Ltd

Previous

Previous

 

Mr Oza and Mr Williams, each hold 10 million ordinary shares in the Company.

 

There are no other matters which are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014

 

 

 

Enquiries:

Reabold Resources plc

 

Sachin Oza

Stephen Williams

Anthony Samaha

 

C/o Camarco

Tel:  020 3757 4980

 

Beaumont Cornish Limited

Roland Cornish

Felicity Geidt

Tel:  020 7628 3396

Whitman Howard Limited

Nick Lovering

Grant Barker

Tel: 020 7659 1234

Turner Pope Investments (TPI) Ltd - Joint Broker

Andy Thacker

Tel: 020 3621 4120

Camarco

Billy Clegg

James Crothers

Oliver Head

Tel:  020 3757 4980

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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