REG - Emmerson PLC - Grant of Share Options and PDMR dealing
31/05/2024 11:00
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RNS Number : 6649Q Emmerson PLC 31 May 2024
Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining
31 May 2024
Emmerson PLC ("Emmerson" or the "Company")
Grant of Share Options and PDMR dealing
Emmerson, the Moroccan focused potash development company, announces the award
of share options and PDMR dealing.
Employee share options
Emmerson announces the award of 20,000,000 options to subscribe for new
ordinary shares in the Company (the "New Options") to certain directors and
employees of the Company with effect from 30 May 2024 (the "Grant Date").
The awards are split into two tranches, with the first vesting after one year
at an exercise price of 3.0 pence, and the second after two years at an
exercise price of 4.5 pence (being 58% and 137% premiums over the mid-market
close price on the day prior to the Grant Date).
In addition, 425,000 and 1,099,999 share options awarded in 2022 to Graham
Clarke and Jim Wynn respectively under the Company's Enterprise Management
Incentive ("EMI") have been cancelled and re-issued as non-EMI qualifying
options on otherwise identical terms on 29 May 2024. The purpose of this
cancellation and re-award is to ensure all the new awards would qualify as EMI
options, as individual limits apply to the number of EMI options that can be
awarded.
Director / PDMR Options awarded/ (surrendered) Qualifying Exercise price and vesting dates Total share options held after award
Graham Clarke (425,000) EMI 7.0 pence, vesting 20-07-2024 27,321,000
425,000 Non-EMI 7.0 pence, vesting 20-07-2024
(Director) 4,000,000 EMI 3.0 pence, vesting 30-05-2025
4,000,000 EMI 4.5 pence, vesting 30-05-2026
Jim Wynn (1,099,999) EMI 10.0 pence, vested 15-03-2023 14,000,000
1,099,999 Non-EMI 10.0 pence, vesting 30-05-2024
(PDMR) 2,500,000 EMI 3.0 pence, vesting 30-05-2025
2,500,000 EMI 4.5 pence, vesting 30-05-2026
Other employees 3,500,000 3.0 pence, vesting 30-05-2025 44,942,000
3,500,000 4.5 pence, vesting 30-05-2026
Total 20,000,000 86,263,000
The total share options in issue are now 86,263,000 representing approximately
7.6% of the Company's issued share capital.
PDMR Dealing
Emmerson announces that Robert Wrixon, a Director of the Company, has
transferred 44,233,411 shares previously held in the name of Good Spirit
International Ltd (a company controlled by Robert Wrixon) to his spouse, Mrs
Kimberly Wrixon for nil consideration, as part of a personal financial
reorganisation.
As Mrs Wrixon is a Person Closely Associated with Robert Wrixon, there is no
change to his overall shareholding at 46,233,411 shares (4.06% of the
Company's issued share capital) as a result of the transaction
**ENDS**
For further information, please visit www.emmersonplc.com
(http://www.emmersonplc.com/) , follow us on Twitter (@emmerson_plc), or
contact:
Emmerson PLC +44 (0) 207 138 3204
Graham Clarke / Jim Wynn / Charles Vaughan
Liberum Capital Limited (Nominated Advisor and Joint Broker) +44 (0)20 3100 2000
Scott Mathieson / Matthew Hogg
Shard Capital LLP (Joint Broker) +44 (0)20 7186 9927
Damon Heath / Isabella Pierre
BlytheRay (Financial PR and IR) +44 (0) 207 138 3204
Tim Blythe / Megan Ray / Said Izagaren
Notes to Editors
Emmerson is focused on advancing the Khemisset project ("Khemisset" or the
"Project") in Morocco into a low cost, high margin supplier of potash, and the
first primary producer on the African continent. With an initial 19-year life
of mine, the development of Khemisset is expected to deliver long-term
investment and financial contributions to Morocco including the creation of
permanent employment, taxation, and a plethora of ancillary benefits. As a
UK-Moroccan partnership, the Company is committed to bringing in significant
international investment over the life of the mine.
Morocco is widely recognised as one of the leading phosphate producers
globally, ranking third in the world in terms of tonnes produced annually, and
the development of this mine is set to consolidate its position as the most
important fertiliser producer in Africa. The Project has a large JORC Resource
Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential,
and is perfectly located to support the expected growth of African fertiliser
consumption whilst also being located on the doorstep of European markets. The
need to feed the world's rapidly increasing population is driving demand for
potash and Khemisset is well placed to benefit from the opportunities this
presents. The Feasibility Study released in June 2020 indicated the Project
has the potential to be among the lowest capital cost development stage potash
projects in the world and also, as a result of its location, one of the
highest margin projects. Updated financial estimates published in February
2024 indicated a net present value of US$2.2 billion, with an internal rate of
return of approximately 40%.
Details of the person discharging managerial responsibilities/person closely
associated
1.
a) Name: Graham Clarke
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: Emmerson PLC
b) LEI: 213800JA8ZK1K6CWYP61
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 NPV
Identification code:
ISIN: IM00BDHDTX83
b) Nature of the transaction: Surrender and Grant of Options over Ordinary Shares
c) Price(s) and volume(s): Surrendered: 425,000 options at £0.070
Regranted: 425,000 options at £0.070
Granted: 4,000,000 options at £0.030
Granted: 4,000,000 options at £0.045
d) Aggregated information:
Aggregated volume: n/a
Price:
e) Date of the transaction: Surrendered/regranted options - 29 May 2024
Granted options - 30 May 2024
f) Place of the transaction: Outside a trading Venue
Details of the person discharging managerial responsibilities/person closely
associated
1.
a) Name: Jim Wynn
2. Reason for the notification
a) Position/status: CFO
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Emmerson PLC
b) LEI: 213800JA8ZK1K6CWYP61
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 NPV
Identification code:
ISIN: IM00BDHDTX83
b) Nature of the transaction: Surrender and Grant of Options
c) Price(s) and volume(s): Surrendered: 1,099,999 options at £0.100
Regranted: 1,099,999 options at £0.100
Granted: 2,500,000 options at £0.030
Granted: 2,500,000 options at £0.045
d) Aggregated information:
Aggregated volume: n/a
Price:
e) Date of the transaction: Surrendered/regranted options - 29 May 2024
Granted options - 30 May 2024
f) Place of the transaction: Outside a trading Venue
Details of the person discharging managerial responsibilities/person closely
associated
1.
a) Name: Robert Wrixon
2. Reason for the notification
a) Position/status: Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Emmerson PLC
b) LEI: 213800JA8ZK1K6CWYP61
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 NPV
Identification code:
ISIN: IM00BDHDTX83
b) Nature of the transaction: Transfer
c) Price(s) and volume(s): 44,233,411 ordinary shares transferred from Good Spirit International Ltd (a
company controlled by Robert Wrixon) to his spouse Kimberley Wrixon for nil
consideration
d) Aggregated information:
Aggregated volume: n/a
Price:
e) Date of the transaction: 30 May 2024
f) Place of the transaction: Outside a trading Venue
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