Business
Issue of Salary Sacrifice Shares
Issue of Salary Sacrifice Shares.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n\n \nOriole Resources PLC\n ('Oriole' or 'the Company')\n \nIssue of Salary Sacrifice Shares\n \nOriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, announces that a total of 2,116,259 ordinary shares will be issued to members of the Board in relation to £7k of gross salary foregone during April 2023. The shares will be issued at a 25% premium to their previously agreed pricing under the six-month salary sacrifice scheme (announcement dated 2 November 2022).\n \n \nHighlights\n \n· A total of 2,116,259 shares will be issued to members of the Board in relation to £7k of gross salary foregone, at a price of 0.205 pence ('p') which, in recognition of the recent uplift in share price, is at a 25% premium to the price agreed when the scheme was set up;\n· Since June 2022, the Board has collectively committed to salary sacrifices totalling £140k of gross salaries;\n· Immediately following settlement of the Salary Sacrifice shares, the Directors will collectively hold 8.41% of the issued share capital of the Company.\n \n \nFurther Details on Salary Sacrifice Scheme\n \nIn November 2022, the Company entered into a six-month commitment whereby 20% of Director's gross salaries would be subject to a salary sacrifice scheme (announcement dated 2 November 2022). Under that agreement, the net sacrificed salary would be applied to subscribe for new ordinary shares at the end of each month or as soon as practically possible thereafter and the number of such Salary Sacrifice Shares to be issued would be calculated based on the price equal to the 30-day VWAP at the end of each month. The first, second, and third tranches of Salary Sacrifice Shares issued under that scheme were announced on 15 December 2022, 4 January 2023, and 20 April 2023 respectively.\n \nDuring April 2023, the Board has sacrificed a further £7k gross cumulative salary and will be undertaking a conversion to shares. Due to the increase in the Company's share price over the last month, the Board has agreed that, rather than using a 30-day WVAP at the end of April, it would be more appropriate for the conversion price to be the mid-market closing price on 10 May 2023. Using this price of 0.205p, 2,116,259 new ordinary ...