Award of rights under the Company's Share Appre...
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
1 March 2018
Vast Resources plc
("Vast" or the "Company")
Award of rights under the Company's Share Appreciation Rights Scheme
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, announces the award of rights (the "Award"), as set out below, under its Share Appreciation Rights Scheme (the "Scheme"), which scheme was set up to incentivise directors and senior managers of the Company.
The basis of the Scheme
The basis of the Scheme, which was originally announced on 1 June 2015 and for which new authorities were granted at the General Meeting of the Company on 10 November 2017, is to grant a fixed number of "share appreciation rights" ("SARs") to participants. Each SAR is credited rights to receive at the discretion of the Company ordinary shares in VAST (the "Shares") or cash to a value equal to the difference between the six month VWAP of a Share immediately preceding the grant of the SARs and the daily VWAP of a Share on the date of exercise of a SAR. A SAR may be exercised at any time between a given vesting date ("Vesting Date") and a final date (the "Vesting Period"). The Vesting Date is the date on which the Company confirms that any performance or other condition attaching to the SAR has been satisfied.
The Award
| Aggregate SARs awarded | Vesting date | Vesting quantities | |
| Andrew Prelea Chief Executive Officer | 36,000,000 | 31 March 2019 31 March 2020 | 18,000,000 18,000,000 |
| Roy Tucker Finance Director | 18,000,000 | 31 March 2019 31 March 2020 | 9,000,000 9,000,000 |
| Craig Harvey Chief Operating Officer | 18,000,000 | 31 March 2019 31 March 2020 | 9,000,000 9,000,000 |
| Eric Diack Non-Executive Director | 10,000,000 | 31 March 2019 31 March 2020 | 5,000,000 5,000,000 |
| Senior Employees | 19,000,000 | 31 March 2019 31 March 2020 | 9,500,000 9,500,000 |
The SARs are subject to continued employment by the Company or its subsidiaries. All SARs issued in accordance with the Award have a Vesting Period of three years.
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
| Vast Resources plc Andrew Prelea (Chief Executive Officer) | www.vastresourcesplc.com +44 (0) 20 7236 1177 |
| Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | www.beaumontcornish.com +44 (0) 020 7628 3396 |
| Brandon Hill Capital Ltd - Joint Broker Jonathan Evans | www.brandonhillcapital.com +44 (0) 20 3463 5016 |
| SVS Securities Plc - Joint Broker Tom Curran Ben Tadd | www.svssecurities.com +44 (0) 20 3700 0100 |
| St Brides Partners Ltd Susie Geliher Charlotte Page | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Notes
Vast Resources plc is an AIM listed mining and resource development company focussed on the rapid advancement of high quality brownfield projects and recommencing production at previously producing mines in Romania.
Vast Resources currently owns and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015 and is focussed on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibaba Extension Area. The Company's portfolio also includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine.
The Company also has interests in a number of projects in Southern Africa including a controlling 25% interest in the producing Pickstone-Peerless Gold Mine in Zimbabwe.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vast Resources plc via Globenewswire
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