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Award of rights under the Company’s Share Appreciation Rights Scheme

Vast Resources PLC
·4-min read

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

26 November 2020

Vast Resources plc
(“Vast” or the “Company”)

Award of rights under the Company’s Share Appreciation Rights Scheme

Vast Resources plc, the AIM-listed mining company, announces the offer of rights as set out below (the ‘Award’) under the Share Appreciation Rights Scheme (the ‘Scheme’) which was set up to incentivise directors and senior executives/consultants of the Company.

The basis of the Scheme

The basis of the Scheme, for which new authorities were last granted at the Annual General Meeting of the Company in 2019, is to grant a fixed number of ‘share appreciations rights’ (‘SARs’) to participants. Each SAR consists of rights at the discretion of the Company either to receive ordinary shares in Vast (the ‘Shares’) based on a price equal to the six month VWAP of a Share immediately preceding the grant of the SAR (the ‘Exercise Price’) or to receive cash to a value equal to the difference between the Exercise Price and the daily VWAP on the date of exercise of a SAR. A SAR may be exercised at any time between a given Vesting date (‘Vesting Date’) and the final date (the ‘Vesting Period’). The Vesting Date is the date on which the Company confirms that any performance or other condition attached to the SAR has been satisfied.

The Award

Aggregate SARs awarded

Vesting date

Vesting quantities

Paul Fletcher

Finance Director

35,000,000

Immediate
31 March 2021

17,500,000
17,500,000

Roy Tucker
Executive Director

22,500,000

Immediate
31 March 2021

11,250,000
11,250,000

Craig Harvey
Chief Operating Officer

20,000,000

Immediate
31 March 2021

10,000,000
10,000,000

Nick Hatch

Non-Executive Director

10,000,000

Immediate

31 March 2021

5,000,000

5,000,000

Other participants

52,500,000

Immediate
31 March 2021

26,250,000
26,250,000

The first half of each grant of Award vests immediately as the Company customarily makes grants in or about March of each year. The Exercise Price for this grant of Award is 0.198p.

The SARs which have not vested are subject to satisfactory continued employment or engagement with the Company or its subsidiaries. All SARs that are issued in accordance with the grant of Award have a Vesting Period of three years.

**ENDS**

For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:

Vast Resources plc
Andrew Prelea - CEO
Andrew Hall

www.vastplc.com
+44 (0) 20 7846 0974

Beaumont Cornish - Financial & Nominated Adviser
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 020 7628 3396

SP Angel Corporate Finance LLP – Joint Broker
Richard Morrison
Caroline Rowe

www.spangel.co.uk
+44 (0) 20 3470 0470

Axis Capital Markets Limited – Joint Broker
Richard Hutchison

www.axcap247.com
+44 (0) 20 3206 0320

St Brides Partners Limited
Susie Geliher
Charlotte Page

www.stbridespartners.co.uk
+44 (0) 20 7236 1177

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company’s Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M–3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.