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Avocet Mining PLC (AVM)

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Thursday 24 February, 2011

Avocet Mining PLC

Employee bonus/share awards, issue of equity & TVR

RNS Number : 7841B
Avocet Mining PLC
24 February 2011
 



Avocet Mining PLC ("Avocet" or the "Company")

 

Employee bonus and share awards, issue of 2,000,000 shares and total voting rights

 

 

Awards under the annual Share Bonus Plan and other senior executive awards

 

The following awards have been approved by Avocet's Remuneration Committee in accordance with the terms of the 2010 Share Bonus Plan ('SBP'):

 

 

Cash (US$)1

Shares 

immediately vesting

Shares

 restricted for 12 months

Brett Richards

483,228

69,363

69,363

Mike Norris

402,690

57,802

57,802

Peter Flindell

277,516

39,835

39,835

Hans-Arne L'orange

334,795

48,057

48,057

 

1,498,229

215,057

215,057

1-         Exchange rates used: USD:GBP 1.61

 

The SBP is a scheme that makes awards to its participants based on Avocet's share price performance compared to the performance of the FTSE Gold Mining index. The period of assessment ran from 1 April 2010 to 31 December 2010 (nine months due to the change in year end of the Company in 2009), during which Avocet's share price performance exceeded that of all constituent members of the FTSE Gold Mining index. The previous period of assessment ran for the 12 months to 31 March 2010, and awards under this period were announced on 1 April 2010. Further details of the SBP are set out in the Directors Remuneration section of the Company's Annual Report for the nine months ended 31 December 2010 on page 57. It is expected that a new executive bonus scheme will be introduced, subject to shareholder approval at the Annual General Meeting on 5 May 2011.

 

In addition to the above, Richard Gray has been awarded 500,000 shares for immediate vesting under terms negotiated at the time of the acquisition of Wega Mining ASA in June 2009, specifically relating to the passing of the Macquarie Bank Limited completion tests at Inata.

 

 

Exercise of share options

 

Followed the release of the Company's preliminary results for the year to 31 December 2010 the Company has now been notified of the following options to be exercised:

 

 

No of options

Grant price

Date from which exercisable

Expiry date

Peter Flindell

200,000

82 pence

14 July 2008

14 July 2012

Other employees

200,000

82 pence

14 July 2008

14 July 2012

250,000

103.25 pence

15 November 2009

15 November 2013

50,000

135.5 pence

12 July 2010

12 July 2014

 

 

Satisfaction of historical deferred bonus awards

 

The Company today requested Maitland Trustees Limited ('Maitland') as Trustee of the Company's Employee Benefit Trust ('EBT'), to release 61,778 ordinary shares of 5p each in the Company to the beneficial ownership of plan members of the EBT.  These EBT shares were allocated to employees of the Company as deferred share bonus awards. 

 

Included in these releases are 3,279 shares to Robert Pilkington and 3,279 shares to Mike Donoghue, both non-executive directors of the Company, based on deferred bonus awards made in 2007.

 

Share option awards

 

Under the terms of his appointment as Chief Executive Officer, Brett Richards was contractually entitled to 500,000 options in the Company, at a grant price of 124 pence, exercisable from 28 July 2013, the third anniversary after his appointment, until 28 July 2017. These options have now been formally awarded.

 

 

Directors' and Primary Insiders share holdings

 

As a result of the above transactions, interests in shares held by the following directors and senior managers (primary insiders), either directly, or within the EBT or Avocet Shareholder Incentive Plan (SIP) will be as follows:

 

 

Shares owned

Restricted

shares held in EBT/SIP

Share options

 

Unrestricted

Restricted

Total

EBT

SIP

Total

B Richards

478,076

172,775

650,851

-

-

-

750,000

M Norris

304,175

135,989

440,164

75,851

1,951

77,802

1,150,000

R Edey

-

-

-

91,500

-

91,500

-

R Pilkington

220,013

-

220,013

2,750

-

2,750

-

M Donoghue

35,279

-

35,279

2,750

-

2,750

-

H Arnet

74,495

-

74,495

-

-

-

-

B Rourke

-

-

-

-

-

-

-

R Gray

571,109


571,109

-

-

-

250,000

P Flindell

402,910

39,835

442,745

125,532

-

125,532

650,000

H-A L'orange

30,471

137,137

167,608

-

-

-

250,000

J Wynn

-

-

-

31,346

2,367

33,713

125,000

 

2,116,538

485,736

2,602,264

329,729

4,318

334,047

3,175,000

 

Allotment of new shares

 

In order to satisfy employee share award obligations under the above schemes, as well as previous share option and deferred share bonus schemes, the Company is issuing a total of 2,000,000 new ordinary shares with a nominal value of 5 pence. Of these, 1,365,526 will be allotted directly to employees (including directors and senior managers as outlined above), while 634,474 will be allotted to the EBT, with the intention that these be used to satisfy forthcoming obligations over the coming months.

 

Application will be made for the 2,000,000 new ordinary shares issued to be admitted to trading on AIM. Admission is expected on 3 March 2011.

 

EBT Shareholding

 

Subject to Maitland's approval of the deferred share awards and following the issue of new ordinary shares above, Maitland as Trustee of the EBT will hold a total of 850,789, representing less than one per cent of the ordinary share capital in issue of the Company.

 

Total Voting Rights

 

As a result of these new issues, the total issued share capital of the Company will be increased to 199,546,710.

 

 

Contacts:

 

Jim Wynn, Company Secretary, Avocet Mining PLC, 020 7766 7676

 

Samantha Harrison, Jen Boorer, Ambrian Partners Limited, 020 7634 4700


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