Business
Issue of Shares and Directors' Dealings
Issue of Shares and Directors' Dealings.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4316U Red Rock Resources plc 07 April 2016 \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\n \nIssue of Shares under Share Incentive Plan and Directors' Dealings\n \n \n7 April 2016\n \nRed Rock Resources Plc, the natural resource investment and development company, announces that on 1 April 2016 the Board of Directors approved the issuance of 5,072,000 ordinary shares in the Company (\"Ordinary Shares\") under the Company's Share Incentive Plan (\"SIP\") for the 2015/16 tax year as agreed in the Trustees meeting held on 1 April 2016. \n \nUnder the terms of the SIP, once employees have satisfactorily completed their probationary period, they may sign up to both the Free Share and Partnership Share Agreement, however they may only begin active participation in the Partnership Agreement at the beginning of the tax year\n \nFree Share Agreement - Free Share Award\n \nUnder the Free Share Agreement, employees may be awarded up to £3,600 worth of Ordinary Shares in the Company in any one tax year. Ordinary Shares to the value of £600 per existing employee have been awarded in respect of the 2015/16 tax year, representing a total of 800,000 Ordinary Shares, with reference to the mid-market closing price of 0.375p on 31 March 2016.\n \nPartnership Share Agreement - Share Award\n \nIn addition, employees may purchase up to £1,800 (or up to a maximum of 10% of their salary, whichever is the lower) worth of Shares (the \"Partnership Shares\") in any one tax year. The Company will match these shares on a 2:1 basis (the \"Matching Shares\"). The Partnership and the Matching Shares are awarded with reference to the lower of the mid-market closing price at the beginning or at the end of the accumulation period. \n \nTherefore, 1,424,000 Partnership Shares and 2,848,000 Matching Shares (being 4,272,000 Shares in aggregate) have been awarded with reference to the mid-market closing price of 0.375p on 31 March 2016, which is the end of the accumulation period for the 2015/16 tax year. \n \nThe Directors have participated in both the Free Share award and the Partnership Share award and the above numbers include such participation, further details of which are set out below.\n \nAll shares awarded under the Free Share Agreement and the Pa...