Business
Result of AGM, Issue of Equity and Share Options
Result of AGM, Issue of Equity and Share Options.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3159S Savannah Resources PLC 16 March 2016 \n\nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n \n16 March 2016\nSavannah Resources Plc\nResult of Annual General Meeting\nIssue of Equity and Share Options\n \nSavannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), advises that all resolutions put to shareholders at its Annual General Meeting held today were duly passed. Accordingly the 27,430,768 (Tranche 2) new ordinary shares of 1.0p each ('Ordinary Shares') pursuant to the recent placing, which was announced on 15 February 2016, will now be admitted to trading on AIM on 17 March 2016.\n \nEquity Issue\nSavannah also advises that it has agreed to issue £21,192.41 of 999,642 new ordinary shares of 1.0p each ('Ordinary Shares') at a price of 2.12p being the closing price on 15 March 2016 ('Performance Shares') to senior employees in recognition of their exceptional performance in 2015.\n \nGrant of Options\nThe Company has also agreed to grant options over 2,100,000 Ordinary Shares ('Share Options') to certain employees in recognition of the significant contribution they made in progressing its portfolio of development projects in 2015. The Share Options have an exercise price of 2.76p and an exercise period limited of four years upon which the majority vest immediately. The exercise price represents a premium of 30% to the closing price on 15 March 2016 and a premium of 43% to the 50 day VWAP. \n \nSpecifically, Matthew King, the Company's Chairman, will be granted 1,500,000 Share Options. Following this grant of Share Options Matthew King will have an interest in 627,838 Ordinary Shares, representing 0.18% of the Company's total voting rights, along with 1,500,000 Share Options. \n \nDetails of Equity Issue Shares\nApplication will be made for the 999,642 Performance Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence on or around 22 March 2016.\n \nFollowing the Admission of the 999,642 Performance Shares and the 27,430,768 Tranche 2 Shares pursuant to the recent cash placing (announced on 15 February 2016), which will be admitted to trading on 17 March 2016, the Company's total...