TIDMKAT
RNS Number : 4362P
Katoro Gold PLC
08 February 2019
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
Dated: 8 February 2019
Katoro Gold PLC ('Katoro' or the 'Company')
Share Option Plan, Issue of Fee Shares and Total Voting
Rights
Katoro Gold Plc (AIM:KAT), the Tanzania focused gold exploration
and development company, announces the issue of options to the
Board of Directors (the "Board") and Management of the Company and
the settlement of certain fees due through the issue of new
ordinary shares of GBP0.01 each in the capital of the Company
("Ordinary Shares").
Issue of share options and fee shares
In the Company's AIM Admission Document, Shareholders were
provided information on, and asked to approve, the creation of two
separate share option plans with one plan to cover executive
directors and employees, and the other to cover non-executive
directors and consultants. Under these proposed share option plans,
shares under option were to be limited in total to a maximum of 10
per cent. of the Company's issued share capital from time to time.
Such approval was received for the creation of the share options
plans at the Company's General Meeting on 22 May 2017.
Following advice, the Board has, however, decided to instead
merge the two proposed share option plans and implement one
consolidated share option plan ("SOP") at this time.
Following creation of this SOP, the Board has resolved to issue
14,944,783 new Ordinary Share options of GBP0.01 each in the
capital of the Company ("Options") to the Board and Management of
the Company. The Options constitute 10% of the Company's currently
issued share capital and were issued at a price of 1.3 pence each,
being equal to the Company's most recent fundraising price. The
Options have an expiry date of the seventh anniversary of the Date
of Grant, with 50% vesting on issue and the remaining 50% vesting
in one year.
The Company has also agreed to issue 556,077 new Ordinary Shares
to Pieter Krugel, the Company's financial controller, in lieu of
overtime for his ongoing services provided to the Company (the
"Additional Fee Shares") at a price of 1.3 pence each.
Options
as % of
Resulting current
no. of Ordinary % of enlarged issued share
Name and Position Shares held share capital* No. of Options capital
Louis Coetzee (Executive
Chairman) - - 4,782,330 3.2%
----------------- ---------------- --------------- --------------
Myles Campion (Non-executive
Director) 1,750,000 1.1% 2,391,165 1.6%
----------------- ---------------- --------------- --------------
Tinus Maree (Non-executive
Director) - - 2,391,165 1.6%
----------------- ---------------- --------------- --------------
Paul Dudley (Non-executive
Director) 1,166,667 0.7% 2,391,165 1.6%
----------------- ---------------- --------------- --------------
Louis Scheepers (Non-executive
Director) - 1,494,478 1.0%
----------------- ---------------- --------------- --------------
Pieter Krugel (Financial
Controller) 556,077 0.4% 1,494,478 1.0%
----------------- ---------------- --------------- --------------
Total 14,944,783 10.0%
----------------- ---------------- --------------- --------------
* % of enlarged share capital is the Company issued share
capital following the issue and admission of the Additional Fee
shares and the MXS Fees Shares detailed below, being 157,975,133
Ordinary Shares.
Settlement of fees owed to Mzuri Exploration Services
The Company has also agreed to issue 7,958,575 new Ordinary
Shares to Mzuri Exploration Services Ltd ("MXS") (the "MXS Fee
Shares") for services provided to the Company pursuant to the
services agreement between the Company and MXS, as detailed in the
Company's AIM Admission Document (the "Services Agreement").
Pursuant to the Services Agreement, fees would initially accrue up
to an amount of GBP95,000 as an interest free, unsecured loan
repayable by the Company not earlier than 24 months from the date
of the Company's admission to trading on AIM, being 23 May 2017,
unless the Company deemed it appropriate to repay the loan
earlier.
The Board has resolved, in order to conserve cash, to settle all
outstanding fees accrued up to 31 December 2018, which amounted to
approximately GBP103,500 through the issue of the MXS Fee Shares at
a price of 1.3 pence each. The Company has also agreed with MXS to
accrue the ongoing fees pursuant to the Services Agreement for the
period to 31 May 2019 and that such fees will be settled through
the issue of new Ordinary Shares at a share price of 1.3 pence per
share at the end of May 2019.
As MXS is a wholly owned subsidiary of Kibo Energy PLC ("Kibo"),
the Company's majority shareholder and a substantial shareholder as
defined by the AIM Rules for Companies, the changes to the Services
Agreement to settle the accrued fees through the issue of the MXS
Fee Shares as opposed to in cash represents a related party
transaction under Rule 13 of the AIM Rules. The independent
directors, being Paul Dudley and Myles Campion, consider, having
consulted with the Company's nominated adviser, Strand Hanson
Limited, that the terms of the issue of the MXS Fees Shares are
fair and reasonable insofar as the Company's shareholders are
concerned.
Total Voting Rights
Application will be made for the admission to trading on AIM of
the MXS Fee Shares and the Additional Fee Shares ("Admission"),
with such Admission expected to become effective at 14 February
2019. Following Admission, the share capital of the Company will
comprise 157,962,477 Ordinary Shares.
Each Ordinary Share has one voting right. No Ordinary Shares are
held in treasury. Accordingly, the total number of voting rights
will be 157,962,477 and this figure may be used by Shareholders as
the denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change to their
interest in, Katoro Gold PLC under the FCA's Disclosure Guidance
and Transparency Rules
Following the issue of the MXS Fee Shares and Admission, Kibo
will be interested, in aggregate, in 90,945,754 Ordinary Shares
representing approximately 57.6% of the Company's then issued share
capital.
PDMR Notification Forms:
The notifications below are made in accordance with the
requirements of the Market Abuse Regulation:
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Louis Lodewyk Coetzee
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Executive Chairman
-------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Katoro Gold PLC
-------------------------------- -----------------------------------------
b) LEI 213800Q9L29ZXI53T558
-------------------------------- -----------------------------------------
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 share of GBP0.01 each
instrument, type of instrument
-------------------------------- -----------------------------------------
Identification code GB00BSNBL022
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of options over 4,782,330 ordinary
shares
-------------------------------- -----------------------------------------
c) Price(s) nil
Volume(s) 4,782,330
-------------------------------- -----------------------------------------
d) Aggregated information 4,782,330
Aggregated volume price GBPnil
-------------------------------- -----------------------------------------
e) Date of the transaction 8 February 2019
-------------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Myles Campion
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Non-Executive Director
-------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Katoro Gold PLC
-------------------------------- -----------------------------------------
b) LEI 213800Q9L29ZXI53T558
-------------------------------- -----------------------------------------
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 share of GBP0.01 each
instrument, type of instrument
-------------------------------- -----------------------------------------
Identification code GB00BSNBL022
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of options over 2,391,165 ordinary
shares
-------------------------------- -----------------------------------------
c) Price(s) nil
Volume(s) 2,391,165
-------------------------------- -----------------------------------------
d) Aggregated information 2,391,165
Aggregated volume price GBPnil
-------------------------------- -----------------------------------------
e) Date of the transaction 8 February 2019
-------------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Tinus Maree
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Non-Executive Director
-------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Katoro Gold PLC
-------------------------------- -----------------------------------------
b) LEI 213800Q9L29ZXI53T558
-------------------------------- -----------------------------------------
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 share of GBP0.01 each
instrument, type of instrument
-------------------------------- -----------------------------------------
Identification code GB00BSNBL022
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of options over 2,391,165 ordinary
shares
-------------------------------- -----------------------------------------
c) Price(s) nil
Volume(s) 2,391,165
-------------------------------- -----------------------------------------
d) Aggregated information 2,391,165
Aggregated volume price GBPnil
-------------------------------- -----------------------------------------
e) Date of the transaction 8 February 2019
-------------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Paul Dudley
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Non-Executive Director
-------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Katoro Gold PLC
-------------------------------- -----------------------------------------
b) LEI 213800Q9L29ZXI53T558
-------------------------------- -----------------------------------------
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 share of GBP0.01 each
instrument, type of instrument
-------------------------------- -----------------------------------------
Identification code GB00BSNBL022
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of options over 2,391,165 ordinary
shares
-------------------------------- -----------------------------------------
c) Price(s) nil
Volume(s) 2,391,165
-------------------------------- -----------------------------------------
d) Aggregated information 2,391,165
Aggregated volume price GBPnil
-------------------------------- -----------------------------------------
e) Date of the transaction 8 February 2019
-------------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Louis Scheepers
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Non-Executive Director
-------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Katoro Gold PLC
-------------------------------- -----------------------------------------
b) LEI 213800Q9L29ZXI53T558
-------------------------------- -----------------------------------------
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 share of GBP0.01 each
instrument, type of instrument
-------------------------------- -----------------------------------------
Identification code GB00BSNBL022
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of options over 1,494,478 ordinary
shares
-------------------------------- -----------------------------------------
c) Price(s) nil
Volume(s) 1,494,478
-------------------------------- -----------------------------------------
d) Aggregated information 1,494,478
Aggregated volume price GBPnil
-------------------------------- -----------------------------------------
e) Date of the transaction 8 February 2019
-------------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Pieter Krugel
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Financial Controller
-------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Katoro Gold PLC
-------------------------------- -----------------------------------------
b) LEI 213800Q9L29ZXI53T558
-------------------------------- -----------------------------------------
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 share of GBP0.01 each
instrument, type of instrument
-------------------------------- -----------------------------------------
Identification code GB00BSNBL022
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of options over 1,494,478 ordinary
shares
-------------------------------- -----------------------------------------
c) Price(s) nil
Volume(s) 1,494,478
-------------------------------- -----------------------------------------
d) Aggregated information 1,494,478
Aggregated volume price GBPnil
-------------------------------- -----------------------------------------
e) Date of the transaction 8 February 2019
-------------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.katorogold.com or
contact:
Louis Coetzee louisc@katorogold.com Katoro Gold plc Executive Chairman
Richard Tulloch +44 (0) 20 7409 Strand Hanson Nominated Adviser
Ritchie Balmer 3494 Limited
Frederick Twist
Ben Tadd +44 (0) 203 7000 SVS Securities Broker
Tom Curran 093
Isabel de Salis +44 (0) 207 236 St Brides Partners Investor and Media
1177 Ltd Relations Adviser
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END
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