Business
Award of options and issue of new shares.
Award of options and issue of new shares..
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc (\"Serabi\" or \"the Company\")\n\n Award of options and issue of new shares.\n\nThe Company announces that the Board has agreed to award in aggregate 1,455,000\nnew options over ordinary shares to the Directors (representing 3.2% per cent.\nof the current issued share capital) exercisable at 41.0 pence per ordinary\nshare, as follows:\n\n Director Number of new options over Ordinary Shares\n\n Mike Hodgson 600,000\n\n Clive Line 600,000\n\n Graham Roberts 170,000\n\n Bill Clough 85,000\n\n\nThe Options have been granted under the Serabi Mining 2011 Share Option Scheme\n(\"the 2011 Scheme\") which the Company has adopted. Under the 2011 Scheme\noptions granted will vest in three equal tranches, with one-third vesting and\nbeing exercisable immediately on award, one-third vesting on the first\nanniversary of the award and the remainder vesting on the second anniversary of\nthe award and the options will lapse 10 years after the date of the award.\nIncluding the options issued by the Company in December 2009 over 1.9 million\nordinary shares, the Company may only have in issue at any time, options over\nordinary shares issued under the 2011 Scheme that represent no more than 10% of\nthe issued capital. Options may be issued with an exercise price no less than\nthe volume weighted average price for the five days immediately preceding the\ndate of grant. Other standard provisions consistent with the terms of the\nsimilar share option schemes apply in respect of any corporate restructuring,\nre-organisation or other variation in the ordinary shares of the Company.\n\nThe Company has terminated all other options and incentive schemes that it had\nin place and no new options will be issued under these previous arrangements.\n\nThe Board has made further option awards to other employees of the Company\nrepresenting a further 450,000 new options over ordinary shares with an exercise\nprice of 37 pence but otherwise these options are on the same terms and\nconditions.\n\nThe Company also announces that the Board has agreed to settle through the issue\nof 49,000 Ordinary Shares to each of Michael Hodgson and Clive Line at a price\nof 41.0 pence, a bonus payment of £20,090 in recognition of their efforts over\nthe preceding 12 months. Following the issue of these new Ordinary Shar...