Business
Update on Directors Share Option Remuneration Plan
Update on Directors Share Option Remuneration Plan.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 7099E\n Oriole Resources PLC\n 02 March 2020\n \n \n \n Oriole Resources PLC\n \n ('Oriole' or 'the Company')\n \n Update on Directors' Share Option Remuneration Plan\n \n \n \n \n Oriole Resources PLC, the AIM-quoted exploration company focussed on West Africa, provides an update on the Directors' share option remuneration plan (the 'Plan'), enacted to maximise funds available for exploration (Announcement dated 14 November 2019).\n \n \n \n \n \n Under the terms of the Plan, for a three-month period commencing 1 November 2019, the Directors elected to forego contractual salary payments in exchange for share options in the 0.1p Ordinary Shares of the Company (the 'Options'). \n The quantity of Options to be issued was to be determined on a monthly basis by reference to the 30-day VWAP at the end of each month, less the exercise price of the Options, to give an intrinsic value that is equal to the salary payments foregone. \n Following today's announcement of a successful private placement, in order to continue maximising cash available for ongoing exploration work, the Board announces that it has extended the Plan to 29 February 2020 on the same terms.\n \n \n \n \n \n Consequently, for the initial 3 months \n of the Plan\n 30,231,897 Options would be issued to satisfy any salaries foregone \n and a further 9,653,015 options in respect of February. \n \n \n \n \n \n As previously announced the i\n ssue of the Options in lieu of salary is subject to approval by the Board and by the proposed Option recipient. In light of the announced private placement, the \n issue of any Options will be after the 2020 Annual General Meeting, which is expected to be held in mid-May, and the approval of the requisite shareholder authority and subject to any regulatory constraints.\n \n \n \n \n \n Further to its announcement on 25 February 2020, the Board continues to progress its previously announced strategy of asset realisation of non-core assets to help fund its ongoing exploration programmes in Cameroon and further updates will be provided in due course.\n \n \n \n \n \n Oriole Chairman John McGloin, said: \n \"Following the successful disposal of the Tembo holding and the recent placing, the Directors are determined to ensure that the maximum amount of funding...