Business
Implementation of New Long-Term Incentive Plan
Implementation of New Long-Term Incentive Plan.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9462R Savannah Resources PLC 06 March 2019 \n\n \n6 March 2019\n \nSavannah Resources Plc\n \nSavannah Resources Plc\nImplementation of New Long-Term Incentive Plan\n \nSavannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company'), the AIM quoted resource development company, announces that upon the recommendation of the Company's Remuneration Committee it has approved the implementation of a new long-term incentive plan ('LTIP') designed to incentivise the Company's Executive Directors and certain other members of the Senior Management team (the \"Participants\").\n \nThe LTIP, which has been prepared with advice from KPMG LLP, replaces the Company's prior Long-Term Incentive Plan which was implemented and announced on 13 April 2018 (the \"2018 Plan\"). The 2018 Plan and all awards under it have been terminated with no rewards having been granted.\n \nThe LTIP has been established to encourage long-term value creation for Savannah's shareholders and to align the interests of the Participants with shareholders. Awards under the LTIP take the form of options over the Company's ordinary shares of 1 pence each, (the \"Options\") which are exercisable from the third anniversary of the date of grant (subject to several market standard specific exceptions), at an exercise price determined by the Remuneration Committee. The Board believes that the implementation of the LTIP will incentivise the Participants and will also help Savannah to attract and retain talented individuals in the future as the Company expedites the development of its mining projects.\n \nMatthew King, the Company's Chairman said today: \"Savannah has developed a new remuneration policy aimed at rewarding performance, encouraging retention of key staff and aligning their interests with those of shareholders. The LTIP is intended to support this policy.\"\n \nFurther Details of the Long-Term Incentive Plan\n \nThe LTIP is a share option scheme of the kind commonly adopted by listed companies. The earliest date on which the Options can be exercised is three years from the date of grant. The exercise price of the Options being issued at this time is 10p which represents an 87% premium to the closing share price on 5 March 2019. Once exercised, these shares c...