Business
Grant of Options and Directors' Shareholdings
Grant of Options and Directors' Shareholdings.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7129N Red Rock Resources plc 01 February 2016 \n\nRed Rock Resources Plc\nGrant of Options\nDirectors' Shareholdings\n \n \n1 Feb 2016\n \nRed Rock Resources Plc (\"Red Rock\" or the \"Company\"), the natural resource development and investment Company with interests in oil and mineral exploration, announces the grant of 13,320,000 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\n1,440,000\n\n\n1,440,000\n\n\n1,440,000\n\n\n1,440,000\n\n\n\n\nScott Kaintz\n\n\n1,170,000\n\n\n1,170,000\n\n\n1,170,000\n\n\n1,170,000\n\n\n\n\nMichael Nott\n\n\n225,000\n\n\n225,000\n\n\n225,000\n\n\n225,000\n\n\n\n\nSam Quinn\n\n\n225,000\n\n\n225,000\n\n\n225,000\n\n\n225,000\n\n\n\n\nOther personnel\n\n\n270,000\n\n\n270,000\n\n\n270,000\n\n\n270,000\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 0.75p\n\n\nShare price close 3 days over 1.5p\n\n\nShare price close 3 days over 2p\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 Michael Nott and Sam Quinn are made under an EMI (Enterprise Management Incentive) scheme. \n \nThe Remuneration Committee in its review took account of the turnround under way as a result of the management actions over the last year, including rationalization of existing mineral exploration projects, sale of the Colombian gold assets, actions to protect the Company gold interest in Kenya, exit from the Star Striker investment, significant cost reductions and corporate restructuring, balance sheet improvement and deleveraging, and the recent investments at Shoats Creek focussed on turning Red Rock into a cash generative oil p...