Business
CEO Appointment & Issue of LTIP Awards & Warrants
CEO Appointment & Issue of LTIP Awards & Warrants.
About this update from Kropz Plc
[{"type":"text","content":"\n \n \n RNS Number : 9950U\n Kropz PLC\n 04 August 2020\n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n 4 August 2020\n \n Kropz Plc\n \n \n (\"Kropz\" or the \"Company\")\n \n \n \n CEO Appointment\nand\n Issue of LTIP Awards & Warrants\n \n \n \n \n \n Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer, is pleased to announce that the Board has appointed Mark Summers as the Company's Chief Executive Officer (\"CEO\") with immediate effect. As announced on 26 February 2020 Mark Summers has been acting as interim CEO since 26 February 2020. He will continue to perform both the CEO and Chief Financial Officer (\"CFO\") roles until a replacement CFO has been appointed. \n \n \n \n \n Long Term Incentive Plan\n \n \n \n \n \n The Company has granted conditional share awards over ordinary shares in the Company to key members of the executive management team, including certain Persons Discharging Managerial Responsibilities (\"PDMRs\"), including Mark Summers and Chief Operating Officer (\"COO\") Michelle Lawrence, under its Long Term Incentive Plan (\"LTIP Awards\"). These LTIP Awards have performance conditions aligned to the implementing the Company's strategic plans, including appropriate weightings on the successful commissioning of the Elandsfontein mine and completion of an updated feasibility study on the Hinda project.\n \n \n \n \n \n The LTIP Awards are nil priced options over a total of 6,700,000 ordinary shares representing 1.5 per cent. of the Company's issued share capital. Following the grant of the LTIP Awards, together with the existing 4,827,746 awards currently under option under the ESOP plan (\"ESOP Awards\"), the ESOP Awards and LTIP Awards represent 2.6 per cent. of the Company's issued share capital.\n \n \n \n \n \n Of this total, 2,350,000 LTIP Awards have been granted to each of Mark Summers and Michelle Lawrence. The LTIP Awards will vest on 31 December 2021, subject to the terms of the LTIP Plan Rules (as set out in the Company's Admission Document), including financial and non-financial...