TIDMAVM
RNS Number : 0677J
Avocet Mining PLC
01 August 2012
Avocet Mining PLC - directorate change and share awards
Appointment of David Cather to the Board of Directors
Further to his recent appointment as Chief Executive Officer,
the Company is pleased to announce that at a Board meeting on 31
July 2012, David Cather was formally appointed as an Executive
Director of Avocet Mining PLC.
Award of Share Options and 2012 Performance Share Plan ('PSP')
shares
The Company also announces that, as part of his remuneration
package, David has been awarded 250,000 options over ordinary
shares of 5 pence. These options have a Grant Date of 1 August
2012, and an Exercise Price of 75 pence.
In addition, David has also been awarded 250,000 shares under
the 2012 PSP.
In accordance with the PSP rules, these shares will vest on 1
August 2015 but the final number of shares will depend on the Total
Shareholder Return ('TSR') of the Company compared to a comparator
peer group over the period 1 January 2012 to 31 December 2014.
If the Company performs below the median level of its comparator
group, no shares will vest. If the Company is in the top quartile,
100% of the above shares will vest. If the performance is in the
third quartile, the number of shares that will vest will be
determined pro rate between 25% and 100% of the target award
depending on the TSR performance percentile. Shares will not vest
until 1 August March 2015, being three years after the grant
date.
Issue of Employee Benefit Trust shares
The Company announces that it has requested Maitland Trustees
Limited ('Maitland'), Trustee of the Company's Employee Benefit
Trust ('EBT'), to release 13,521 ordinary shares of 5p each in the
Company ('Shares') to satisfy the Company's obligations for
deferred employee share awards.
Following the above release, the EBT holds a total of 480,067
Ordinary Shares in Avocet, representing less than 0.2 per cent of
the share capital in issue of the Company.
Persons Discharging Managerial Responsibility ('PDMR')
interests
As a result of the above transactions, interests in shares held
by the following Directors and senior managers (primary insiders),
either directly, through connected persons (eg family members), or
within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be
as follows:
Shares owned Restricted PSP shares Share options
shares held in EBT/SIP
------------- ------------ --------------------------- ---------- -------------
EBT SIP Total
------------- ------------ --------- ------ -------- ---------- -------------
D Cather - - - - 250,000 250,000
------------- ------------ --------- ------ -------- ---------- -------------
M Norris 515,516 10,179 1,951 12,130 210,000 1,355,000
------------- ------------ --------- ------ -------- ---------- -------------
R Edey - 91,500 - 91,500 - -
------------- ------------ --------- ------ -------- ---------- -------------
R Pilkington 222,763 - - - - -
------------- ------------ --------- ------ -------- ---------- -------------
M Donoghue 38,029 - - - - -
------------- ------------ --------- ------ -------- ---------- -------------
R Gray 521,109 115 - 115 130,000 365,000
------------- ------------ --------- ------ -------- ---------- -------------
P Flindell 561,928 223 - 223 130,000 765,000
------------- ------------ --------- ------ -------- ---------- -------------
J Wynn 548 31,346 2,367 33,713 - 200,000
------------- ------------ --------- ------ -------- ---------- -------------
1,859,893 133,363 4,318 137,681 720,000 2,935,000
------------- ------------ --------- ------ -------- ---------- -------------
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining Pelham Bell J.P. Morgan Arctic SEB Enskilda
PLC Pottinger Cazenove Securities Financial
Financial Lead Broker Financial Adviser &
PR Consultants Adviser Market Maker
& Market
Maker
============== ================ ========================== ============ =================
David Cather, Daniel Thole Michael Wentworth-Stanley Arne Wenger Fredrik Cappelen
CEO Joanna Boon Neil Passmore Petter
Mike Norris, Bakken
FD
Angela Parr,
IR
============== ================ ========================== ============ =================
+44 20 7766 +44 20 7861 +44 20 7588 +47 2101
7676 3232 2828 3100 +47 2100 8500
NOTES TO EDITORS
Avocet Mining is a gold mining and exploration company listed on
the London Stock Exchange (Ticker: AVM.L) and the Oslo Bors
(Ticker: AVM.OL). The Company's principal activities are gold
mining and exploration in West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
deposit at Inata currently comprises a Mineral Resource of 3.46
million ounces and a Mineral Reserve of 1.85 million ounces. The
Inata Gold Mine poured its first gold in December 2009 and produced
167,000 ounces of gold in 2011 and is expected to produce 135,000 -
140,000 ounces of gold in 2012.
Other assets in Burkina Faso include eight exploration permits
surrounding the Inata Gold Mine in the broader Belahouro region.
The most advanced of these projects is at Souma, some 20 kilometres
from the Inata Gold Mine, where a Mineral Resource of 0.56 million
ounces exists.
In Guinea, Avocet owns twelve exploration licenses in the north
east of the country. Mineral Resource development has been ongoing
since 2005 and the project at Tri-K is the most advanced. Within
the Tri-K project, Koulekoun has a Mineral Resource of 1.83 million
ounces and Kodieran of 0.4 million ounces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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