TIDMSAV
RNS Number : 6982D
Savannah Resources PLC
30 June 2021
30 June 2021
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the
'Company')
Grant of Share Options under Long-Term Incentive Plan
Savannah, the resource development company focused on becoming
Europe's most significant producer of spodumene lithium concentrate
from its Mina do Barroso Project in Portugal, announces that upon
the recommendation of the Company's Remuneration Committee it has
granted share options under the Company's existing long-term
incentive plan (the "LTIP") which is designed to incentivise the
Company's Executive Directors, Executive Management team and other
key individuals (together, the "Participants").
Long-Term Incentive Plan
The LTIP was established in 2019 to encourage long-term value
creation for Savannah's shareholders and to align the interests of
the Participants with shareholders. Awards under the LTIP take the
form of options over the Company's ordinary shares ("Shares")
("Options"). The Board believes the LTIP will incentivise the
Participants and will also help Savannah to attract and retain
talented individuals in the future as the Company expedites the
development of its mining projects.
The LTIP is a share option scheme of the kind commonly adopted
by listed companies. The earliest date on which the options can
ordinarily be exercised is three years from the date of grant
(subject to several market standard specific exceptions). The LTIP
allows for up to 7.5% of the Company's issued share capital to be
allocated to employees. The Remuneration Committee has adopted a
policy whereby up to 5% of the Company's issued share capital
should be made available via the LTIP to the Executive Management
Team only, with the balance being available to other employees.
These percentages are reviewed annually by the Company's
Remuneration Committee and have not changed. The LTIP also includes
malus and clawback clauses.
The section "LTIP Review and Grant 2021" details a total
quantity of Options being granted under the LTIP which is
equivalent to 2.99% of issued Shares in the Company at which time
the total number of Options issued under the LTIP is equivalent to
3.55% of the Company's current issued share capital.
There were no grants under the LTIP in 2020 and 10,700,000
Options lapsed on 28 February 2021. It is conventional and well
accepted remuneration practice for the CEO of a listed company to
have an LTIP award in place, but prior to this award, the Company's
CEO, David Archer, has not previously been granted any Options
under the Company's LTIP scheme.
LTIP Review and Grant 2021
The Company's Remuneration Committee undertook a review of the
appropriate awards to issue under the Company's LTIP scheme. The
Remuneration Committee took advice and recommendations from leading
remuneration consultancy, Alvarez and Marsal, and this formed the
basis of quantum and key commercial features of the Options being
granted. Specifically, this includes the issue of 41,510,000
Options to the Executive Management Team, which is equal to 2.46%
of the number of Shares currently in issue, on the following terms.
The Options' duration is eight years, with a vesting period of
three years. The Options are to be issued in two equal tranches,
with all conditions identical except for the exercise price. The
exercise price on these newly granted Options shall be as
follows:
-- Tranche 1 - GBP0.0468 (4.68 pence) which represents a 20%
premium to the closing Share price on 28 June 2021
-- Tranche 2 - GBP0.0624 (6.24 pence) which represents a 60%
premium to the closing Share price on 28 June 2021
Table 1 below sets out the Options which have been granted to
the Executive Management Team and other participants, all in
accordance with the aforementioned conditions (except for 1,500,000
Options which vest immediately and the duration for which is five
years). The total quantity of Options being granted is 50,470,000
(25,235,000 under Tranche 1, and 25,235,000 under Tranche 2), which
is equivalent to 2.99% of issued Shares in the Company. The Company
does not expect to issue further Options for the roles included in
these grants in the next three years.
Table 1 - Summary of Options being granted and existing
Options
Participant Options Options Options Options Existing Total Total Options
Grant Grant Grant Quantity Grant Options Options as % of
Quantity Quantity Total as % of Quantity Quantity issued
Tranche Tranche issued Shares
1 2 Shares in the
in the Company
Company
Executive Management Team
-------------------------------------------
David Archer 10,000,000 10,000,000 20,000,000 1.18% 0 20,000,000 1.18%
----------- -----------
Dale Ferguson 3,625,000 3,625,000 7,250,000 0.43% 3,000,000 10,250,000 0.61%
----------- ----------- ---------------- --------- ---------- ----------- --------------
Michael McGarty 3,335,000 3,335,000 6,670,000 0.39% 2,400,000 9,070,000 0.54%
----------- ----------- ---------------- --------- ---------- ----------- --------------
Paul O'Donoghue 2,100,000 2,100,000 4,200,000 0.25% 1,300,000 5,500,000 0.33%
----------- ----------- ---------------- --------- ---------- ----------- --------------
Asa Bridle 1,695,000 1,695,000 3,390,000 0.20% 1,000,000 4,390,000 0.26%
----------- ----------- ---------------- --------- ---------- ----------- --------------
Sub Total 20,755,000 20,755,000 41,510,000 2.46% 7,700,000 49,210,000 2.91%
----------- ----------- ---------------- --------- ---------- ----------- --------------
Other 4,480,000 4,480,000 8,960,000 0.53% 1,750,000 10,710,000 0.63%
----------- ----------- ---------------- --------- ---------- ----------- --------------
Total 25,235,000 25,235,000 50,470,000 2.99% 9,450,000 59,920,000 3.55%
----------- ----------- ---------------- --------- ---------- ----------- --------------
PDMR Notification
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 1. David Archer
2. Dale Ferguson
3. Michael McGarty
4. Paul O'Donoghue
5. Asa Bridle
6. Joao Barros
--------------------- ---------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status 1. Chief Executive Officer
2. Technical Director
3. Chief Financial Officer
4. External Affairs and Country Manager
Mozambique
5. Commercial Officer / Business Development
Manager
6. Country Manager - Portugal
--------------------- ---------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Savannah Resources Plc
--------------------- ---------------------------------------------------
b) LEI 213800UCK16HW5KKGP60
--------------------- ---------------------------------------------------
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 Options of 4.68 pence / 6.24 pence each
of the financial
instrument, ISIN: GB00B647W791
type of instrument
Identification
code
--------------------- ---------------------------------------------------
b) Nature of the Grant of options of 4.68 pence / 6.24 pence
transaction each in respect of the Company's Long Term
Incentive Plan
--------------------- ---------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 1. 4.68 pence 10,000,000
---------- ----------
1. 6.24 pence 10,000,000
---------- ----------
2. 4.68 pence 3,625,000
---------- ----------
2. 6.24 pence 3,625,000
---------- ----------
3. 4.68 pence 3,335,000
---------- ----------
3. 6.24 pence 3,335,000
---------- ----------
4. 4.68 pence 2,100,000
---------- ----------
4. 6.24 pence 2,100,000
---------- ----------
5. 4.68 pence 1,695,000
---------- ----------
5. 6.24 pence 1,695,000
---------- ----------
6. 4.68 pence 555,000
---------- ----------
6. 6.24 pence 555,000
---------- ----------
--------------------- ---------------------------------------------------
d) Aggregated
information
Aggregated 21,310,000 / 21,310,000
volume
4.68 pence / 6.24 pence
Price
--------------------- ---------------------------------------------------
e) Date of the 30 June 2021
transaction(s)
--------------------- ---------------------------------------------------
f) Place of the Off-market transaction
transaction
--------------------- ---------------------------------------------------
Regulatory Information
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR .
**ENDS**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources.com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
David Archer, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor)
David Hignell / Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett/ Tim Redfern
WH Ireland Limited (Joint Broker) Tel: +44 20 7220 1698
Jessica Cave / Matthew Chan (Corporate
Finance)
Adam Pollock (Corporate Broking)
Camarco (Financial PR) Tel: +44 20 3757 4980
Nick Hennis / Gordon Poole
About Savannah
Savannah is a diversified resources group (AIM: SAV) with two
development stage projects, Mina do Barroso, a hardrock lithium
project in Portugal which has the largest spodumene lithium
resource in Europe, and the world-class Mutamba Heavy Mineral Sands
Project in Mozambique, which is being developed in a consortium
with the global major, Rio Tinto. The Board is committed to serving
the interests of its shareholders and to delivering outcomes that
will improve the lives of the communities we work with and our
staff.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
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END
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June 30, 2021 09:26 ET (13:26 GMT)
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