Business
Exercise of Share Options and Bonus Shares
Exercise of Share Options and Bonus Shares.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 1567W Sylvania Platinum Limited 10 November 2017 \n\n \n \n \n \n \n \n _____________________________________________________________________________________________________________________________\n \nSylvania Platinum Limited \n (\"Sylvania\", \"the Company\" or \"the Group\")\n AIM (SLP)\n \nExercise of Share Options and Bonus Shares\n \n10 November 2017\n \nThe Company announces that certain Directors and senior management have exercised vested options awarded to them under the Sylvania Platinum Limited Share Option Plan (\"the Option Plan\") as well as the deferred share awards granted in accordance with the Sylvania Platinum Limited Bonus Share Award Plan (\"Bonus Shares\"). \n \nBACKGROUND\nAs previously disclosed in the Annual Report the Option Plan was approved at the Annual General Meeting on 29 December 2011. \n \nThe Options issued under the Plan were granted free of charge and the exercise price (if any) for the options determined by the Board at its absolute discretion. The expiry date of the options, unless otherwise determined by the Board, is ten years after the grant date. The Board at its discretion may apply certain vesting conditions upon any options issued under the plan. \n \nUnder the Plan, 10% of issued Share Capital was allowed to be issued as Options. The Company however disclosed that it did not intend to issue more than 5% of issued Share Capital. This was based on the number of Ordinary Shares in issue at the time of the AGM held on 29 December 2011. The full 5% has been granted and the Board does not intend to issue any further Options under the Plan.\n \nBonus Shares were awarded to selected employees in August 2015 and, in addition to other vesting conditions, held a 12 month vesting period. \n \nRECENT EVENTS\nUpon exercising the vested Options and Bonus Shares, these convert to 3,452,900 shares of USD0.01 each in the Company (\"Ordinary Shares\"), and shares currently held in treasury will be used to satisfy the exercise of the options. \n \nA further 1,672,100 Opt...