AFE African Eagle

 
TIDMAFE 
 
 
   11 February 2014 
 
   African Eagle Resources plc 
 
   ("African Eagle" or the "Company") 
 
   Grant of Options 
 
   African Eagle announces that on 10 February 2014 the board of the 
Company ("Board") granted options over a total of 45 million ordinary 
shares of 0.1 pence each ("Ordinary Shares"), representing approximately 
5.17 per cent. of the Company's current issued Ordinary Share capital at 
an exercise price of 0.175 pence per share.  Options were granted to the 
following directors of the Company ("Directors"): 
 
 
 
 
Name              Number of options granted  Price   Exercise dates 
Julian McIntyre*  10 million                 0.175p  expire 10 February 2015 
Venkat Siva*      10 million                 0.175p  expire 10 February 2015 
Mark Thompson*    10 million                 0.175p  expire 10 February 2015 
Paul Colucci*     10 million                 0.175p  expire 10 February 2015 
Robert McLearon   5 million                  0.175p  expire 10 February 2015 
 
 
 
   * The Non-Executive Directors of African Eagle do not currently receive 
any fee or salary in relation to their position on the Board. 
 
   As an employee of the Company the options granted to Robert McLearon 
were granted under the share option scheme adopted by the Company on 27 
July 2012, however the options granted to the other Board members were 
granted in accordance with the terms of the share option scheme adopted 
by the Company on 27 July 2012, but not under such scheme as, given 
their positions as Non-Executive Directors of the Company, they are not 
employees of the Company ("Grant"). 
 
   These options will only vest on completion of an acquisition or 
acquisitions which constitute a reverse takeover under the AIM Rules for 
Companies or when the Company otherwise implements its investing policy 
(which has been approved by shareholders) to the satisfaction of the 
London Stock Exchange plc. 
 
   Given that all Directors are receiving options there are no independent 
Directors for the purposes of the AIM Rules for Companies and all such 
Directors are related parties for the purposes of the Grant.  Beaumont 
Cornish, the Company's nominated adviser, considers that the terms of 
the Grant are fair and reasonable in so far as the Company's 
shareholders are concerned. The exercise price of the options is a 
discount of approximately 22.2 per cent. to the closing middle market 
price of 0.225 pence per Ordinary Share, on 10 February 2014, being the 
latest practicable date prior to this announcement and represents the 
price at which the Company last raised money, through the issue of 
Ordinary Shares, in September 2013.  Given that the Non-Executive 
Directors do not currently receive any fee or salary in relation to 
their position on the Board of the Company and Robert McLearon received 
only a modest increase in his salary since being appointed 'Interim 
Managing Director' from his position of 'Group Financial Controller', it 
is considered important that all of the Directors are provided with a 
non-cash incentive which is aligned with achievement and not the passage 
of time. 
 
   In accordance with the Company's share option scheme the number of 
Ordinary Shares which are subject to the Grant in conjunction with those 
Ordinary Shares over which options have already been issued by the 
Company (being 36,096,000 in number) total 81,096,000, which represents 
9.31 per cent. of the issued share capital of the Company, which remains 
below 10 per cent of the issued share capital of the Company. 
 
   Following the Grant the interest of the Directors in the issued and to 
be issued Ordinary Share capital of the Company are as follows: 
 
 
 
 
                                                                    Options as 
                                                                      a % of 
                                          % of issued                 issued 
              Number of Ordinary Shares      share      Number of     share 
                  held (directly or         capital      options     capital 
Name                beneficially)             (%)         held         (%) 
Julian 
 McIntyre                  184,245,047**        21.15   10,000,000        1.15 
Venkat Siva                            -            -   10,000,000        1.15 
Mark 
 Thompson                     17,526,571         2.01   10,000,000        1.15 
Paul Colucci                  14,285,714         1.64   10,000,000        1.15 
Robert 
 McLearon                              -            -    5,262,000        0.60 
 
 
 
   **held by Allard, a family trust company of Julian McIntyre 
 
   For further information please visit www.africaneagle.co.uk or contact 
the following: 
 
   Enquiries: 
 
 
 
 
African Eagle Resources plc                   Tel: +44 (0) 20 7002 5356 
 Robert McLearon, Managing Director 
 
Beaumont Cornish Limited (Nominated Adviser)  Tel: +44 (0) 207 628 3396 
Roland Cornish 
 Emily Staples 
Ocean Equities Limited (Broker)               Tel: +44 (0) 20 7786 4370 
 Guy Wilkes 
 
 
 
 
   About African Eagle 
 
   African Eagle Resources plc is quoted on the AIM Market of the London 
Stock Exchange (AFE) and Johannesburg AltX (AEA) stock exchanges. 
 
   ENDS 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: African Eagle Resources PLC via Globenewswire 
 
   HUG#1760853 
 
 
  http://www.africaneagle.co.uk/ 
 

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