Exec Share Option Scheme
Mercator Gold PLC
19 November 2004
FOR IMMEDIATE RELEASE 19 NOVEMBER 2004
ADOPTION OF UNAPPROVED EXECUTIVE SHARE OPTION SCHEME
In its Admission Document issued on 1 October 2004, the Company indicated that,
following the admission of its Ordinary Shares of 1p each to trading on AIM, it
intended to establish a share option scheme for the benefit of Executives and
senior employees of the Mercator Group. The Company announces that the Board has
today approved the adoption of the Mercator Gold plc Unapproved Share Option
Plan ('the Scheme').
The Principal features of the Scheme are as follows:
Eligibility
Options may only be granted to Executives of the Mercator Group which may
include Directors and any person whose services are provided to the Mercator
Group through a personal services company.
Grant of Options
No Options under the Scheme may be granted after 18 November 2014.
An Optionholder shall be issued with an Option Certificate which contains an
undertaking by the Optionholder to be bound by the rules of the Scheme. In
addition, the Optionholder must confirm his acceptance of the Option grant by
the execution and delivery to the Company of a form of acceptance and election.
Exercise Price
The exercise price of Ordinary Shares comprised in an Option shall be the
greater of the middle market quotation for an Ordinary Share (as derived from
the Official List for the ten dealing days immediately preceding the date of
grant) and the nominal value of an Ordinary Share.
Exercise of Options
Save for certain circumstances, an Option may be exercised at any time after the
date of grant and not later than the end of the day preceding the tenth
anniversary of the date of grant.
The Company also announces that, pursuant to the Scheme, options have been
granted today in respect of an aggregate of 4,500,000 Ordinary Shares to the
Directors of the Group as follows:
Director Number of Ordinary Shares Exercise Price per Exercise Period
under option Ordinary Share
Terry 750,000 10p 19.11.2004 to
Strapp 18.11.2014
Patrick 750,000 10p 19.11.2004 to
Harford 18.11.2014
Michael de 750,000 10p 19.11.2004 to
Villiers 18.11.2014
Dr Julian 750,000 10p 19.11.2004 to
Vearncombe 18.11.2014
Michael 500,000 10p 19.11.2004 to
Elias 18.11.2014
Nicholas 500,000 10p 19.11.2004 to
Allen 18.11.2014
Paul 500,000 10p 19.11.2004 to
Loudon 18.11.2014
For further information, please contact:
Mercator Gold plc
Patrick Harford, Managing Director Tel: +44 (0) 7786 486645
Terry Strapp, Chairman Tel : +61 (0) 8 9322 7422
Beaumont Cornish Limited
Rod Venables / Roland Cornish Tel: +44 (0) 7628 3396
Phillip Securities UK Limited
Nick Bealer Tel: +44 (0) 20 7553 8281
Parkgreen Communications
Justine Howarth / Ana Ribeiro Tel: +44 (0) 20 7493 3713
Note to editors
Mercator Gold plc ('AIM-MCR') which joined AIM on 8 October 2004 has a joint
venture agreement with St Barbara Mines Limited ('the Annean Joint Venture') to
explore for economic gold resources in the Annean Joint Venture area in the
Meekatharra region of Western Australia.
Under the terms of the Annean Joint Venture, Mercator has the right to earn a
70% interest in the Meekatharra properties by spending AUD$8 million (approx.
GBP£3.1 million) on exploration.
This information is provided by RNS
The company news service from the London Stock Exchange
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