Business
Issue of Shares, Directors' Dealings, TVR
Issue of Shares, Directors' Dealings, TVR.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2191V\n Red Rock Resources plc\n 12 April 2021\n \n \n \n \n Red Rock Resources Plc\n \n \n (\"Red Rock\" or the \"Company\")\n \n \n \n \n \n Issue of Shares under Share Incentive Plan and Directors' Dealings\n \n \n \n \n \n \n \n \n 12 April 2021\n \n \n \n \n \n Red Rock Resources Plc, the natural resource investment and development company, announces that on 9 April 2021 the Board of Directors approved the issuance of 15,568,254 ordinary shares in the Company (\"Shares\") under the Company's Share Incentive Plan (\"SIP\") for the 2020/21 tax year as agreed in the Trustees meeting held on 1 April 2021. \n \n \n \n \n \n Under the terms of the SIP, once employees have satisfactorily completed their probationary period, they may sign up to both the Free Share Agreement and Partnership Share Agreement, however, they may only begin active participation in the Partnership Agreement at the beginning of the tax year.\n \n \n \n \n \n Free Share Agreement - Free Share Award\n \n \n \n \n \n Under 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 £3,600 per existing employee have been awarded in respect of the 2020/21 tax year, representing a total of 1,800,000 Ordinary Shares, with reference to the mid-market closing price of £0.01000 as of 31 March 2021.\n \n \n \n \n \n Partnership Share Agreement - Share Award\n \n \n \n \n \n In addition, employees may purchase by monthly contribution 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 \n \n \n \n \n Therefore, 4,589,418 Partnership Shares and 9,178,836 Matching Shares (being 13,768,254 Shares in aggregate) have been awarded with reference to the mid-market closing price of £0.00155 as at 1 April 2020, which is the beginning of the accumulation period for the 2020/21 tax year. \n \n \n \n \n \n The Directors have participated in the Partn...