TIDMCEY
RNS Number : 8953S
Centamin PLC
28 June 2018
For immediate 28 June 2018
release
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Remuneration Policy Review Update
and Director/PDMR Share Awards
The Centamin Board of Directors, supported by the Remuneration
Committee and Korn Ferry Hay Group, the Company's recently
appointed specialist independent remuneration advisors, have
commenced a full review of the current remuneration policy. The
objective is to ensure the policy supports the corporate strategy,
takes due account of best practice and incentivises the Executives
in line with shareholder returns. Having taken input from major
shareholders and proxy advisors, the Company aims to table a new
policy for shareholder approval at the 2019 AGM.
In the interim, the Remuneration Committee has decided to make
the following immediate changes to the current remuneration policy,
implementing recent shareholder and proxy feedback. These changes
will apply to the 2018 grant under the Performance Share Plan
("PSP").
The updated interim 2018 performance conditions applying to
these awards are as follows:
Metric Weighting
------------------------- ----------
Relative TSR vs bespoke
gold mining peer group 40%
------------------------- ----------
EBITDA* 20%
------------------------- ----------
Gold production* 40%
------------------------- ----------
* Targets are as set out in the 2017 Directors' Remuneration
Report
The notable changes to the PSP performance conditions,
previously detailed in the 2017 Directors' Remuneration Report, are
the removal of the reserves replacement and dividend policy
targets, thereby applying a greater weighting on a more focussed
number of performance conditions. In addition, the bespoke gold
mining peer group, used as a benchmark for relative Total
Shareholder Return ("TSR") performance, has been appropriately
updated to include a broader group of relevant gold mining
comparable companies. Under the PSP, there is a three-year
performance period to which TSR, EBITDA and gold production
performance measures are calculated. The 2018 PSP three-year
financial period commenced on 1 January 2018 and ends on 31
December 2020. Full details of the performance conditions can be
found at
http://www.centamin.com/investors/corporate-governance/code-of-conduct-and-other-policies
.
Director/PDMR Share Awards
It is the aim of the Remuneration Committee to reward Executives
and key employees on a basis which is aligned with the long-term
performance of the Company. On 27 June 2018 conditional awards of
ordinary shares of nil par value in the capital of the Company were
granted to the following Directors and Persons Discharging
Managerial Responsibility ("PDMRs") pursuant to the terms of the
Company's PSP.
The awards will normally vest on 28 June 2021 subject to the
achievement of the performance conditions and being an employee of
the Company at the time of vest.
Name Director/PDMR Number of awards
------------------ --------------- -----------------
Andrew Pardey Director 640,000
------------------ --------------- -----------------
Ross Jerrard Director 510,000
------------------ --------------- -----------------
Youssef El-Raghy PDMR 130,000
------------------ --------------- -----------------
Mark Morcombe PDMR 730,000
------------------ --------------- -----------------
The Deferred bonus share plan ("DBSP") is a long-term share
incentive arrangement for senior management (but not executive
directors). Awards under the DBSP vest in three equal tranches on
the anniversary of the grant date, conditional upon the continued
employment with the group. On 27 June 2018 conditional deferred
awards of ordinary shares of nil par value in the capital of the
Company were granted to the following PDMR pursuant to the terms of
the Company's DBSP.
Name Director/PDMR Number of deferred
shares
--------------- --------------- -------------------
Mark Morcombe PDMR 150,000
--------------- --------------- -------------------
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation.
For further information, please visit www.centamin.com or
contact:
Centamin plc Buchanan Communications
Andrew Pardey, Chief Executive Officer Bobby Morse
Alexandra Carse, Investor Relations Chris Judd
+44 (0) 7700 713 738 + 44 (0) 20 7466
alexandra.carse@centamin.je 5000
centamin@buchanan.uk.com
Notification and public disclosure of transactions by
persons discharging managerial responsibilities and persons
closely associated with them
----------------------------------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
--- -----------------------------------------------------------------------------------
a) Name Andrew Pardey
--- --------------------------------------------- ------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--- --------------------------------------------- ------------------------------------
b) Initial notification/Amendment Initial notification
--- --------------------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- -----------------------------------------------------------------------------------
a) Name Centamin plc
--- --------------------------------------------- ------------------------------------
b) LEI LEI 213800PDI9G7OUKLPV84
--- --------------------------------------------- ------------------------------------
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 Ordinary shares
instrument, type of
instrument ISIN JE00B5TT1872
Identification code
--- --------------------------------------------- ------------------------------------
b) Nature of the transaction Grant of awards under the terms
of the Company's Performance Share
Plan
--- --------------------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 640,000
---------- ----------
--- --------------------------------------------- ------------------------------------
d) Aggregated information - Aggregated volume
------------------ 640,000 Conditional awards of CEY
- Price shares
------------------ Nil
--- --------------------------------------------- ------------------------------------
e) Date of the transaction 2018-06-27
--- --------------------------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
--- --------------------------------------------- ------------------------------------
Notification and public disclosure of transactions by
persons discharging managerial responsibilities and persons
closely associated with them
----------------------------------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
--- -----------------------------------------------------------------------------------
a) Name Ross Jerrard
--- --------------------------------------------- ------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--- --------------------------------------------- ------------------------------------
b) Initial notification/Amendment Initial notification
--- --------------------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- -----------------------------------------------------------------------------------
a) Name Centamin plc
--- --------------------------------------------- ------------------------------------
b) LEI LEI 213800PDI9G7OUKLPV84
--- --------------------------------------------- ------------------------------------
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 Ordinary shares
instrument, type of
instrument ISIN JE00B5TT1872
Identification code
--- --------------------------------------------- ------------------------------------
b) Nature of the transaction Grant of awards under the terms
of the Company's Performance Share
Plan
--- --------------------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 510,000
---------- ----------
--- --------------------------------------------- ------------------------------------
d) Aggregated information - Aggregated volume
------------------ 510,000 Conditional awards of CEY
- Price shares
------------------ Nil
--- --------------------------------------------- ------------------------------------
e) Date of the transaction 2018-06-27
--- --------------------------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
--- --------------------------------------------- ------------------------------------
Notification and public disclosure of transactions by
persons discharging managerial responsibilities and persons
closely associated with them
------------------------------------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
--- -------------------------------------------------------------------------------------
a) Name Youssef El-Raghy
--- --------------------------------------------- --------------------------------------
2 Reason for the notification
--- -------------------------------------------------------------------------------------
a) Position/status General Manager - Egyptian Operations
--- --------------------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
--- --------------------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- -------------------------------------------------------------------------------------
a) Name Centamin plc
--- --------------------------------------------- --------------------------------------
b) LEI LEI 213800PDI9G7OUKLPV84
--- --------------------------------------------- --------------------------------------
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 Ordinary shares
instrument, type of
instrument ISIN JE00B5TT1872
Identification code
--- --------------------------------------------- --------------------------------------
b) Nature of the transaction Grant of awards under the terms
of the Company's Performance Share
Plan
--- --------------------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 130,000
---------- ----------
--- --------------------------------------------- --------------------------------------
d) Aggregated information - Aggregated volume
------------------ 130,000 Conditional awards of CEY
- Price shares
------------------ Nil
--- --------------------------------------------- --------------------------------------
e) Date of the transaction 2018-06-27
--- --------------------------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
--- --------------------------------------------- --------------------------------------
Notification and public disclosure of transactions by
persons discharging managerial responsibilities and persons
closely associated with them
----------------------------------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
--- -----------------------------------------------------------------------------------
a) Name Mark Morcombe
--- --------------------------------------------- ------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
--- --------------------------------------------- ------------------------------------
b) Initial notification/Amendment Initial notification
--- --------------------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- -----------------------------------------------------------------------------------
a) Name Centamin plc
--- --------------------------------------------- ------------------------------------
b) LEI LEI 213800PDI9G7OUKLPV84
--- --------------------------------------------- ------------------------------------
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 Ordinary shares
instrument, type of
instrument ISIN JE00B5TT1872
Identification code
--- --------------------------------------------- ------------------------------------
b) Nature of the transaction Grant of awards under the terms
of the Company's Performance Share
Plan
--- --------------------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 730,000
---------- ----------
--- --------------------------------------------- ------------------------------------
d) Aggregated information - Aggregated volume
------------------ 730,000 Conditional awards of CEY
- Price shares
------------------ Nil
--- --------------------------------------------- ------------------------------------
e) Date of the transaction 2018-06-27
--- --------------------------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
--- --------------------------------------------- ------------------------------------
Notification and public disclosure of transactions by
persons discharging managerial responsibilities and persons
closely associated with them
----------------------------------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
--- -----------------------------------------------------------------------------------
a) Name Mark Morcombe
--- --------------------------------------------- ------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
--- --------------------------------------------- ------------------------------------
b) Initial notification/Amendment Initial notification
--- --------------------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- -----------------------------------------------------------------------------------
a) Name Centamin plc
--- --------------------------------------------- ------------------------------------
b) LEI LEI 213800PDI9G7OUKLPV84
--- --------------------------------------------- ------------------------------------
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 Ordinary shares
instrument, type of
instrument ISIN JE00B5TT1872
Identification code
--- --------------------------------------------- ------------------------------------
b) Nature of the transaction Grant of awards under the terms
of the Company's Deferred Bonus
Share Plan
--- --------------------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 150,000
---------- ----------
--- --------------------------------------------- ------------------------------------
d) Aggregated information - Aggregated volume
------------------ 150,000 Conditional awards of CEY
- Price shares
------------------ Nil
--- --------------------------------------------- ------------------------------------
e) Date of the transaction 2018-06-27
--- --------------------------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
--- --------------------------------------------- ------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPGUCAQUPRURR
(END) Dow Jones Newswires
June 28, 2018 05:15 ET (09:15 GMT)
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