Business
Proposed Directors & Management Options Programme
Proposed Directors & Management Options Programme.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 9551O Strategic Minerals PLC 25 August 2017 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n25 August 2017\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\" or \"SML\")\n \nProposed Directors and Management Options Programme\nTargeting Market Capitalisation of £100m and Share Price of £0.10\n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral production and development company, announces that its Board has proposed the implementation of an options programme designed to incentivise the Board and Management of the Company to target, over the next five years, a market capitalisation of £100m and progressing onto a share price of £0.10 (\"Options Programme\"). The Options Programme is subject to shareholder ratification at the Company's General Meeting to be held on 24 October 2017.\n \nWith the recent vesting of Board and Management options, the Board has received a number of enquiries, from shareholders and the general market, as to the future direction of the Company and how the Board and Management would be incentivised to achieve market capitalisation and share price growth. Accordingly, the Board has reviewed market capitalisation and share price targets, over a five year time horizon, and has developed an Options Programme, consisting of three Tranches, designed to incentivise Directors and Management to achieve market capitalisation and share price growth over this period.\n \nThe three Tranches and vesting conditions proposed are:\n\n\n\n\nTranche\n\n\nNumber of Options\n\n\nVesting Price\n\n\nExercise Price\n\n\nMaturity Date\n\n\n\n\n1\n\n\n120,000,000\n\n\n£0.055\n\n\n£0.0275\n\n\n30 June 2020\n\n\n\n\n2\n\n\n55,000,000\n\n\n£0.075\n\n\n£0.0375\n\n\n30 June 2021\n\n\n\n\n3\n\n\n25,000,000\n\n\n£0.100\n\n\n£0.0500\n\n\n30 June 2022\n\n\n\n\n \nApart from each Tranche having specific price vesting requirements, the Company has adopted an overarching vesting requirement which ensures that the Company cannot, at any point in time, have unexercised options exceeding 10% of the Company's issued shares (currently 1,24...