Business
Issue of Share Options in Lieu of Directors' Fees
Issue of Share Options in Lieu of Directors' Fees.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4278L Savannah Resources PLC 04 July 2014 \n \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n4 July 2014\nSavannah Resources Plc\nIssue of Share Options in Lieu of Directors' Fees\n \nSavannah Resources Plc (AIM: SAV) advises that yesterday it agreed to issue share options to non-executive directors in lieu of payment of directors' fees in cash.\n \nThe Company recognises the significant contribution made by the Company's Non-Executive Directors to its recent strategy change and subsequent share price growth. The Company's Non-Executive Directors have agreed to be issued with share options in lieu of the payment of directors' fees in cash. This is consistent with their previous remuneration arrangements for which they had previously received a nominal £1 per year and were granted share options in the Company for services provided between July 2013 and January 2014.\n \nSpecifically, Professor Mike Johnson, the Company's Chairman, will be issued with 2,030,000 share options and Mr. Charlie Cannon-Brookes, a non-executive Director with 1,270,000 share options. This issue of share options covers directors' fees for the period from February 2014 to, and including, January 2015 and approximates to six months' fees being satisfied in arrears and six months' fees in advance. The exercise price for the share options is 5.0p per share, they have an exercise period limited to three years and they vest immediately.\n \n**ENDS**\n \n \nFor further information please visit www.savannahresources.com or contact:\n\n\n\n\nDavid Archer\n\n\nSavannah Resources plc\n\n\nTel: +44 20 7389 5019\n\n\n\n\nJames Biddle (Nominated Adviser)\nCharlie Cryer (Corporate Broking)\n\n\nRFC Ambrian Ltd\n\n\nTel: +44 20 3440 6800\n\n\n\n\nFelicity Edwards/ Charlotte Heap\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 20 7236 1177\n\n\n\n\n \n \nNotes\nAbout Savannah\nSavannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity focussed exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively...