Warrant Extension

RNS Number : 0407S
Tertiary Minerals PLC
18 September 2014
 



 

www.tertiaryminerals.com

("the Company") 

18 September 2014

Warrant Extension

 

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces a three month extension to the expiry date of the following unexercised warrants held  by employees, officers and directors of the Company.

 

Under the London Stock Exchange AIM Rules for Companies ("AIM Rules"), an AIM company "must ensure that its directors and applicable employees do not deal in any of its AIM securities during a close period. In addition, the purchase or early redemption by an AIM company of its AIM securities or sale of any AIM securities held as treasury shares must not be made during a close period."  A close period is defined under the AIM Rules as the two months preceding the publication of the company's annual results (or, if shorter, the period from its financial year end to the time of publication).

 

As the financial year end for the Company is 30 September, the warrants listed below will expire during future year-end close periods and cannot therefore be exercised by directors or Applicable Employees for their full term. The Company therefore considered it reasonable to extend the term of the warrants listed below.

 

 

Warrants Extended

 




Exercise

Old

New

Issue Date


Number

Price

Expiry Date

Expiry Date

09/12/2008

Officers/Directors

200,000

2.375

09/12/2014*

09/03/2015

09/12/2008

Employees

200,000

2.375

09/12/2014*

09/03/2015

07/12/2009

Officers/Directors

2,300,000

4.375

07/12/2014

07/03/2015

07/12/2009

Employees

600,000

4.375

07/12/2014

07/03/2015

17/12/2010

Officers/Directors

2,300,000

6.250

17/12/2015

17/03/2016

17/12/2010

Employees

600,000

6.250

17/12/2015

17/03/2016

 

 

As these warrants were issued as part of the remuneration of its employees the decision has therefore been taken by the Board of Directors to extend the term of these warrants for a period ending three months beyond the end of the applicable close periods. This extension will not override any other termination conditions that might apply to the warrants, for example on termination of employment. Meanwhile the issue of warrants to non-Executive Directors has been discontinued In order to bring company policy in line with current Best Practice.

 

*2008 Warrants

 

 On 10 December 2008 the Company announced details of an issue of warrants (the "2008 Warrants"). The announcement incorrectly stated the expiry date of the 2008 Warrants as being 9 December 2013.  It was the intention of the Directors at the time to grant the 2008 Warrants for a 5-year term expiring on 9 December 2013, however the warrant deeds issued on 9 December 2008 stated a 6-year term with an expiry date of 9 December 2014. Details of the 2008 Warrants have been correctly disclosed as having a 6 year term in the Company's annual report and accounts since the date of issuance. The error in the original announcement of 10 December 2008 has been identified and is hereby corrected. 

 

 

ENQUIRIES




For further information please contact:




Tertiary Minerals plc

Tel: +44 (0)845 868 4580

Patrick Cheetham, Executive Chairman


Richard Clemmey, Managing Director




Cantor Fitzgerald Europe

Tel: +44 (0)20 7894 7000

Stewart Dickson/Carrie Lun (Corporate Finance)

Jeremy Stephenson (Corporate Broking)




Beaufort Securities Limited

Tel: +44 (0)20 7382 8300

Saif Janjua




Yellow Jersey PR Limited

Tel: +44 (0)7768 537 739

Dominic Barretto/Kelsey Traynor


 

 


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