Business
Grant of Options and Directors' Shareholdings
Grant of Options and Directors' Shareholdings.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 7132N Regency Mines PLC 01 February 2016 \n\nRegency Mines Plc\nGrant of Options\nDirectors' Shareholdings \n \n \n1 Feb 2016\n \nRegency Mines Plc (\"Regency\" or the \"Company\"), the natural resource development and investment Company with interests in oil and mineral exploration, announces the grant of 7,060,000 options to directors and key staff. Each option entitles the holder upon exercise to one ordinary share of 0.01p in the capital of the Company (\"Ordinary Shares\").\n \nPursuant to the recommendation of the Remuneration Committee, the board on 29th January 2016 awarded the following options:\n\n\n\n\n\n\n\nTranche 1\n\n\nTranche 2\n\n\nTranche 3\n\n\nTranche 4\n\n\n\n\nAndrew Bell\n\n\n740,000\n\n\n740,000\n\n\n740,000\n\n\n740,000\n\n\n\n\nScott Kaintz\n\n\n740,000\n\n\n740,000\n\n\n670,000\n\n\n670,000\n\n\n\n\nEdmund Bugnosen\n\n\n140,000\n\n\n140,000\n\n\n140,000\n\n\n140,000\n\n\n\n\nOther personnel\n\n\n180,000\n\n\n180,000\n\n\n180,000\n\n\n180,000\n\n\n\n\nVesting date:\n\n\nImmediate\n\n\nAfter 6 months\n\n\nAfter 12 months\n\n\nAfter 18 months\n\n\n\n\nPerformance condition:\n\n\nN/A\n\n\nShare price close 3 days over 0.7p\n\n\nShare price close 3 days over 1p\n\n\nShare price close 3 days over 1.3p\n\n\n\n\n \nAll options have a life of six years from the date of grant and an exercise price of 0.45p.\n \nThe vesting date in respect of tranches not yet vested will be accelerated, though the performance condition will be retained, in the event of a takeover event. \n \nThe grants other than those to Edmund Bugnosen are made under an EMI (Enterprise Management Incentive) scheme. \n \nThe Remuneration Committee has carried out its regular review of management remuneration. It took account of the reductions in remuneration since the beginning of the natural resource downturn, and of the significant cost reductions and corporate restructuring, balance sheet improvement and deleveraging that have been achieved, and of new initiatives identified to turn Regency into a cash generative oil producer. In order to incentivise management to look at all possible options for bringing enhanced value to the Company, and align their interests with those of shareholders, and given a policy of minimising cash costs, an option award was considered app...