Business
Director/PDMR Shareholding
Director/PDMR Shareholding.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 1357V Zanaga Iron Ore Company Ltd 01 November 2017 \n\nZanaga Iron Ore Company Limited\n(\"ZIOC\" or the \"Company\") (AIM:ZIOC)\n \nPDMR Dealing \nThe 2010 share incentive scheme\nIn November 2010 the Company established a share incentive scheme for staff (the \"Scheme\"). As part of the Scheme two separate trusts were established, known as ZIOC Trust 1 and ZIOC Trust 2. Option arrangements were then entered into between ZIOC Trust 1, ZIOC Trust 2, the Company and certain directors and members of staff. These arrangements were in respect of a number of shares of the Company which were issued by the Company to ZIOC Trust 1. The beneficial ownership in these issued shares was then jointly acquired by ZIOC Trust 2 and the relevant director or member of staff. \nSince that date, a number of options have been exercised and, upon exercise, the individuals concerned ceased to hold any options under the Scheme. At the date of this announcement (as well as on 31 May 2017) there are 5 individuals who are option holders, including Clinton Dines, a director of the Company (the \"Option Holders\"). \nIn discussions between the Company, the Trustees of ZIOC Trust 1 and ZIOC Trust 2 and the Option Holders it has been recognised that the Trust structure serves no further purpose and has become an administrative inconvenience, with potential cost implications for the Company. Accordingly, the relevant parties have decided to proceed with a plan to end the Trust structure arrangements. As part of this plan, it is necessary for the Option Holders either to exercise their share options or to surrender their interest in and rights over their option shares. \nEach of the Option Holders (except one) has exercised his share options and has acquired the entire legal and beneficial interest in the ordinary shares of the Company which were the subject of his options. The total number of shares in respect of which options have been exercised is 3,722,726 shares, including 398,153 shares acquired by Clinton Dines. \nOne Option Holder has at the same time disclaimed his interest in his options with the result that, following arrangements entered into by the Trusts, 199,076 shares of the Company have now become beneficially owned by ZIOC Trust 1.\nAs part of the process,...