TIDMWBI
RNS Number : 3075E
Woodbois Limited
05 November 2020
5 November 2020
Woodbois Limited
("Woodbois", the "Group" or the "Company")
Issue of Share Options
Woodbois Limited (AIM: WBI), the African focused forestry and
timber trading company, is pleased to announce the grant of options
over ordinary shares in the Company ("Share Options") intended to
harmonise the financial objectives and rewards of key personnel
with those of shareholders.
Background
As set out in the documents related to the Company's fundraising
and restructuring in July this year and reiterated in the 2020
Interim accounts announced on 2 September, the Company has been
keen to put in place an option package for its key personnel which
ensures strong alignment between the objectives of the leadership
team and shareholders. The Company has consulted with key
shareholders on the terms of these awards.
The Company's Remuneration Committee sought to ensure that the
performance criteria were both achievable but also demanding. As
such, the vesting of the awards is substantially geared towards
material improvement in both operating results and share price
appreciation as set out in further detail below.
Quantum of Share Options
A total of 144.5m Share Options are being issued to the below
detailed directors and senior management, being 6.07% of the total
issued share capital (voting and non-voting). The Company has
undertaken that it will not have more than 10% of the issued share
capital under option at any time. There will be annual reviews of
remuneration including share incentives to ensure the best talent
is attracted and retained.
Details of the awards to Directors and PDMR's together with
their current beneficial holding of voting Ordinary Shares are
presented in the following table:
Director / PDMR Number of Share Options Share Options as a % of Voting Ordinary Shares
granted at an exercise Issued Share Capital(1) currently beneficially held
price of 2p per Share
Paul Dolan (Chairman & CEO) 50,000,000 2.1% 75,400,032
--------------------------- ---------------------------- ----------------------------
Carnel Geddes (CFO) 22,500,000 0.94% -
--------------------------- ---------------------------- ----------------------------
Hadi Ghossein (Deputy
Chairman & Head of Gabon
operations) 22,500,000 0.94% 21,075,686
--------------------------- ---------------------------- ----------------------------
Graeme Thomson (Senior
Independent NED) 10,000,000 0.42% 1,250,000
--------------------------- ---------------------------- ----------------------------
Jacob Hansen (COO: Trading
operations) 12,500,000 0.52% 51,851,980
--------------------------- ---------------------------- ----------------------------
(1) . Issued Share Capital of approximately 2,382.1 m shares
comprises approximately 1,430.7m voting shares and approximately
951.4m non-voting shares.
The remaining 27.0 million Share Options are being awarded to
other key personnel.
Details of the Share Option awards
The key terms of the Share Options are as follows:
-- Share Options are granted under the 2016 Share Option Plan.
They may not be exercised before 48 months nor after 72 months from
grant, which is effective 6 August 2020;
-- Exercise price 2p, being the issue price of the Company's
fundraise and restructuring completed in August 2020;
-- Vesting of up to 50% of the Share Options is determined by
reference to Total Shareholder Return. The performance criteria set
out that there will be nil Share Options vesting at 2p, 16.5% of
the total Share Options at 4p and full vesting of this half of the
Share Options at 6p, with straight-line vesting between the
respective points. In order to achieve full vesting of this tranche
of half of the Share Options the management team will need to
increase the share price by 200% over the fundraise. The criteria
shall be measured by reference to volume weighted average share
price in any 30-day period during the 4 year period from grant
;
-- Vesting of up to 50% of the Share Options is determined by
achieving target EBITDA. Of this tranche, 12.5% pa can vest on
achieving EBITDA targets for each of the financial years 2020-2023,
being -$1.8m, $7.8m, $12.9m and $15.9m respectively. There is also
a cumulative provision whereby a shortfall (or excess) in one or
more years can be offset against other years for the purposes of
vesting. Accordingly, for all of these Share Options to vest there
has to be a transformation of the Company's financial performance
as it will have transitioned from negative EBITDA in the recent and
current financial years to delivering cumulative EBITDA in excess
of approximately $35m during these years;
-- As stated in the 2019 Annual Report the planned cancellation
of all of the 14.5m pre-existing options by mutual agreement have
now been completed. Of these, 4.0m were cancelled for Paul Dolan,
2.5m for Hadi Ghossein, 1.0m for Carnel Geddes, 2.5m for each of
Jacob Hansen and Zahid Abbas, both former Directors;
-- A one-off award of 10m Share Options has been made to Mr
Graeme Thomson (Senior Independent Non-Executive) as a reflection
of his key contribution in enabling the Company to effect the
recent fundraising and restructuring, as well as for his on-going
role since his appointment in July 2019. In accordance with
corporate governance advice his options are not subject to
performance criteria but may not vest for 4 years from the time of
grant.
The Remuneration Committee and the Board are delighted to have
the support of both the recipients and key shareholders for these
stretching but achievable criteria. The terms are simple to measure
and provide strong alignment between all the parties.
Woodbois Limited
Paul Dolan - Chairman and CEO + 44 (0)20 7099
Graeme Thomson Senior NED 1940
Canaccord Genuity, Nominated Advisor
Henry Fitzgerald-O'Connor
James Asensio + 44 (0)20 7523
Thomas Diehl 8000
Alma PR, Financial PR +44 (0)20 3405
Rebecca Sanders-Hewett 0205
Justine James woodbois@almapr.co.uk
Notification and public disclosure of transactions by persons
discharging managerial responsibilities/person closely
associated
The notifications below are made in accordance with the
requirements of the Market Abuse Regulations.
1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Paul Tiernan Dolan
-------------------------------------------------------- --------------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------------
a) Position/status Chairman and CEO
-------------------------------------------------------- --------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
-------------------------------------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
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 Ordinary Shares
instrument
Identification code
WBI LN
ISIN GG00B4WJSD17
-------------------------------------------------------- --------------------------------------------------------
b) Nature of the transactions Award of 50,000,000 share options with an exercise price
of GBP0.02p
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 50,000,000
----------
-------------------------------------------------------- --------------------------------------------------------
d) Aggregated information
- Aggregated volume 50,000,000
- Price GBP1,000,000
--------------------------------------------------------
e) Date of the transaction 04/11/2020
-------------------------------------------------------- --------------------------------------------------------
f) Place of the transaction London
-------------------------------------------------------- --------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Carnel Geddes
-------------------------------------------------------- --------------------------------------------------------
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 Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
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 Ordinary Shares
instrument
Identification code
WBI LN
ISIN GG00B4WJSD17
-------------------------------------------------------- --------------------------------------------------------
b) Nature of the transactions Award of 22,500,000 share options with an exercise price
of GBP0.02p
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 22,500,000
----------
-------------------------------------------------------- --------------------------------------------------------
d) Aggregated information
- Aggregated volume 22,500,000
- Price GBP450,000
--------------------------------------------------------
e) Date of the transaction 04/11/2020
-------------------------------------------------------- --------------------------------------------------------
f) Place of the transaction London
-------------------------------------------------------- --------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Hadi Ghossein
-------------------------------------------------------- --------------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------------
a) Position/status Deputy Chairman
-------------------------------------------------------- --------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
-------------------------------------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
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 Ordinary Shares
instrument
Identification code
WBI LN
ISIN GG00B4WJSD17
-------------------------------------------------------- --------------------------------------------------------
b) Nature of the transactions Award of 22,500,000 share options with an exercise price
of GBP0.02p
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 22,500,000
----------
-------------------------------------------------------- --------------------------------------------------------
d) Aggregated information
- Aggregated volume 22,500,000
- Price GBP450,000
--------------------------------------------------------
e) Date of the transaction 04/11/2020
-------------------------------------------------------- --------------------------------------------------------
f) Place of the transaction London
-------------------------------------------------------- --------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Graeme Paul Thomson
-------------------------------------------------------- --------------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------------
a) Position/status Senior Independent NED
-------------------------------------------------------- --------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
-------------------------------------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
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 Ordinary Shares
instrument
Identification code
WBI LN
ISIN GG00B4WJSD17
-------------------------------------------------------- --------------------------------------------------------
b) Nature of the transactions Award of 10,000,000 share options with an exercise price
of GBP0.02p
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 10,000,000
----------
-------------------------------------------------------- --------------------------------------------------------
d) Aggregated information
- Aggregated volume 10,000,000
- Price GBP200,000
--------------------------------------------------------
e) Date of the transaction 04/11/2020
-------------------------------------------------------- --------------------------------------------------------
f) Place of the transaction London
-------------------------------------------------------- --------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Jacob Hansen
-------------------------------------------------------- --------------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------------------------------
a) Position/status Former Director
-------------------------------------------------------- --------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
-------------------------------------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
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 Ordinary Shares
instrument
Identification code
WBI LN
ISIN GG00B4WJSD17
-------------------------------------------------------- --------------------------------------------------------
b) Nature of the transactions Award of 12,500,000 share options with an exercise price
of GBP0.02p
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 12,500,000
----------
-------------------------------------------------------- --------------------------------------------------------
d) Aggregated information
- Aggregated volume 12,500,000
- Price GBP250,000
--------------------------------------------------------
e) Date of the transaction 04/11/2020
-------------------------------------------------------- --------------------------------------------------------
f) Place of the transaction London
-------------------------------------------------------- --------------------------------------------------------
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END
DSHUPGACGUPUGRC
(END) Dow Jones Newswires
November 05, 2020 02:00 ET (07:00 GMT)
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