Business
Options Cancellation
Options Cancellation.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6279I Strategic Minerals PLC 02 June 2014 \n \n\n2 June 2014\n \nStrategic Minerals plc\n(the \"Company\")\n \nCancelled and outstanding options\n \nStrategic Minerals plc (AIM:SML; USOTC: SMCDY) has cancelled share options over 50,000,000 ordinary shares in the Company that had previously been issued to past directors. The Company will seek to put in place an incentive programme for the Company's current management in the near future and will make an announcement in due course.\n \nExecutive Chairman, Julien McInally, stated, \"The Company is in a good position going forward with no debt, an income producing asset at Cobre, a significant reduction in overheads being worked on and a number of new acquisition projects being reviewed. The cancellation of these options allows space for the current management team to be appropriately incentivised and to ensure alignment of management performance with shareholder value.\"\n \nFollowing the cancellation of these options, there are a total of 22,421,416 warrants and options over the Company's ordinary shares currently outstanding, which represent approximately 3.1% of the current issued ordinary share capital of the Company. The details of the outstanding warrants and options are provided below, with each warrant/option providing the right to acquire one ordinary share in the Company.\n\n\n\n\nNo of Options/Warrants\n\n\nExercise Price\n\n\nExpiry Date\n\n\nVesting date\n\n\n\n\n4,000,000\n\n\n20 pence\n\n\n01.03.2015\n\n\nvested\n\n\n\n\n8,421,416\n\n\n5 pence\n\n\n29.06.2016\n\n\nvested\n\n\n\n\n6,000,000\n\n\n5 pence\n\n\n27.06.2016\n\n\nvested\n\n\n\n\n4,000,000\n\n\n7.5 pence\n\n\n27.06.2016\n\n\n30.06.2014\n\n\n\n\n \nFor further information:\n \n\n\n\n\nCompany\n\n\n\n\n\n\n\nStrategic Minerals plc\n\n\n\n\n\n\n\nJulien McInally Executive Chairman\n \n\n\n+61(0) 409 077 035 \n\n\n\n\nNominated Adviser/Joint Broker\n\n\n\n\n\n\n\nAllenby Capital Limited\n\n\n\n\n\n\n\nJeremy Porter / James Reeve\n \n\n\n+44 (0) 20 3328 5656\n\n\n\n\nJoint Broker\n\n\n\n\n\n\n\nDaniel Stewart & Company Plc\n\n\n\n\n\n\n\nSean Lunn / David Hart\n \n\n\n+44 (0) 20 7776 6550\n\n\n\n\nFinancial PR\n\n\n\n\n\n\n\nTavistock Communications \n\n\n\n\n\n\n\nJos Simpson / Nuala Gallagher\n\n\n+44 (0) 20 792...