Business
Grant of Options
Grant of Options.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 6695N Zanaga Iron Ore Company Ltd 30 July 2014 \n \n\n30 July 2014\nGrant of Options\nZanaga Iron Ore Company (\"ZIOC\" or the \"Company\") announces that on 29 July 2014 the Board approved the grant of 9,027,274 share options over ordinary shares of no par value in the Company (\"Ordinary Shares\") to certain Directors, key employees of and consultants to the Company (\"Share Options\") in recognition of the achievement of key corporate and project milestones since 2012 and to incentivise key employees and consultants to achieve certain new performance targets.\n1,613,856 of the Share Options have been awarded to Directors in the amounts and with the vesting terms and exercise prices stated below.\nThe remaining 7,413,418 Share Options have the following vesting terms and exercise prices:\n· 5,513,418 will vest immediately and 1,900,000 will vest on 31 December 2015 or sooner on the satisfaction of certain performance or other vesting conditions; and\n· 5,813,418 have an exercise price of 0.01p per Ordinary Share and the remaining 1,600,000 have an exercise price of 18.50p per Ordinary Share, being the mid-market closing price on 28 July 2013.\nAll of the Share Options are exercisable within 10 years of the date of award and are being made as part of the Company's overall management incentivisation plan by way of individual share option agreements. Such arrangements fall outside the 2010 LTIP trust scheme which was set up at the time of the Company's IPO and which remains in place.\nDirectors' Options\nThe Share Options granted to Directors were as follows:\nDirector Share Options \nDavid Elzas 400,924 \nColin Harris ...