Metals Exploration plc has granted options over 10,600,000 new ordinary shares of £0.0001 each in the company to certain directors, under its 2024 long-term incentive plan.
AWARDS
The recipients are two shareholder-appointed directors who act in the same manner as the independent directors.
Chairman Steven Smith was awarded 6.6 million options and non-executive director Rob Marshall received 4m.
Vesting of the options is subject to three years’ service once all benchmark performance criteria of the LTIP have been achieved.
At Metals’ general meeting in August 2024, shareholders also granted the company’s directors authority to issue up to 15% of its issued capital as LTIP options.
The company said it issued a total of 318m ordinary shares to certain directors and senior management of the group to incentivise and retain them.
LTIP options to subscribe for 221.5m ordinary shares were issued in August 2024 in relation to the tranche A options.
The company issued the further 96.5m LTIP options to subscribe for ordinary shares following its acquisition of Condor Gold, in lieu of cash bonuses and to incentivise key personnel.
The LTIP options have an exercise price of £0.0001 per ordinary share and vest seven years from issue, subject to Metals’ share price.
Metals owns gold exploration, development and production assets in Nicaragua and the Philippines.