Grant of awards to Director

RNS Number : 2775L

Atlantis Resources Limited

30 September 2016

 

30 September 2016

Atlantis Resources Limited

Grant of awards to Director

Atlantis Resources Limited (AIM: ARL, "Atlantis", or the "Company") announces that today it has granted an award over 1,000,000 ordinary shares of no par value in the Company ("Ordinary Shares") under the Company 2013 Long-Term Incentive Plan ("the Plan"), as amended by the Board in January 2016, to the Company CEO, Tim Cornelius.

The vesting of the awards is normally subject to ongoing employment with the Company. Subject to the rules of the Plan, the award will vest one third on 11 December 2016, one third on 11 December 2017 and one third on 11 December 2018 and remain exercisable until the tenth anniversary of the grant date.

The award has been granted in the form of an option with an exercise price per Ordinary Share of £0.50.

The Remuneration Committee met in late 2015 to consider the exercise price of this option award when the share price had been trading well below 50p for the previous 12 months and was then trading at a discount of more than 25% to the exercise price. At that time the Remuneration Committee unanimously agreed to recommend to the board that the options be awarded and in January 2016 the board formally accepted this recommendation and agreed that it should be implemented at the earliest possible opportunity but due to a series of technical close periods the board were unable to authorise this award until now.

At the same time all outstanding options granted to Tim Cornelius on 11 December 2013, totalling 1,063,830 Ordinary Shares at an exercise price of £0.94 per share will be cancelled. A separate notification has been issued in respect of this cancellation.  

PDMR notification - Tim Cornelius
1.   Details of the Restricted Person / person closely associated with him or her
a)   Name	Tim Cornelius
2.   Reason for the notification
a)   Position/status	CEO
b)   Initial notification / Amendment	Initial notification
3.   Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)   Name	Atlantis Resources Limited
b)   UEN	Company number 200517551R
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	Ordinary shares of no par value in the capital of Atlantis Resources Limited
b)   Identification code	ISIN SG0000011118
c)   Nature of the transaction	Grant of options
d)   Price(s) and volume(s)	Volume(s) granted: 1,000,000 Exercise Price(s): £0.50 per share under option
e)   Aggregated information: i. Aggregated volume ii. Price	Aggregate volume granted: 1,000,000 Exercise Price: £0.50 per share under option
f)    Date of the transaction	2016-09-30
g)   Place of the transaction	Outside a trading venue

Enquiries:

Atlantis Resources	[phone]
John Neill, Chairman
Simon Counsell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Adrian Trimmings Jock Maxwell Macdonald Euan Brown
FTI Consulting	[phone]
Ben Brewerton Alex Beagley Stephanie Blott James Styles

 

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