Business
Employee Benefit Trust and Share Incentive Plan
Employee Benefit Trust and Share Incentive Plan.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9022D\n Cadence Minerals PLC\n 02 November 2020\n \n \n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \n \n \n \n \n Employee Benefit Trust and Share Incentive Plan\n \n \n \n \n \n On 11 September 2014, the Company established a share incentive plan (\"SIP\"). The purpose of the SIP was to reward and incentivise officers, employees and consultants of the Company and any investee companies or subsidiaries by the award of ordinary shares in the capital of the Company (\"Ordinary Shares\") at nil cost.\n \n \n \n \n \n To implement the SIP, the Company established an employee benefit trust called the Rare Earth Minerals Employee Benefit Trust (\"EBT\"). The EBT may hold up to a maximum of 10 per cent of the Company's issued share capital from time to time for the beneficiaries of the EBT. The EBT is a discretionary trust for the benefit of directors, employees and consultants of the Company and any investee company or subsidiary. The Ordinary shares held in the EBT are intended to be used to satisfy awards made by the Company's Remuneration Committee under the terms of the SIP.\n \n \n The Company was notified today by the trustees of the EBT, LGL Trustees Jersey, that they intend to subscribe for 4,300,000 new ordinary shares of £0.01 each in the Company, at par value per Ordinary Share at an aggregate cost to the Company of £43,000 such new Ordinary Shares representing 3.06% of the existing issued share capital of the Company (the \"New Ordinary Shares\"). As such the Company has today allotted 4,300,000 new ordinary shares to the EBT, the shares will rank pari passu in all respects with the existing ordinary shares. It is anticipated that the EBT Shares will be admitted to trading on AIM on or around 6 November 2020 (\"Admission\"). \n \n \n Following Admission of the New Ordinary Shares, the Company's issued share capital will comprise 144,519,053 ordinary shares. As the Company does not hold any shares in treasury, this figure of ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.\n...