AIM and Media Release
24 February 2021
BASE RESOURCES
LIMITED
Exercise of LTIP performance rights
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises that 3,742,393 vested performance rights issued
pursuant to the Base Resources Long Term Incentive Plan
(LTIP) have been exercised.
Of the vested performance rights that have been exercised,
3,616,862 were from the 2017 LTIP cycle that vested following
performance testing as at 30 September 2020. The remaining
125,531 performance rights that have been exercised were from the
2016 LTIP cycle that vested following performance testing as at
30 September 2019.
For each performance right that was exercised, LTIP participants
were allocated one fully paid ordinary share in Base Resources
previously acquired on-market by the LTIP trustee.
In accordance with the terms of the LTIP, the exercise price was
nil and the shares were allocated for nil cash consideration.
The LTIP participants that exercised vested performance rights
included employees classified as “persons discharging managerial
responsibilities” for the purposes of the United Kingdom’s Market
Abuse Regulation (PDMRs). As a result of their
exercises, no PDMR presently holds vested performance rights.
The updated security holdings of the PDMRs in the Company are set
out below.
Name |
Vested performance
rights exercised and shares allocated |
Holding of
performance rights* |
Holding of
shares
(direct and indirect) |
Tim Carstens (Managing
Director) |
896,820 |
8,410,908 |
8,442,833 |
Colin Bwye (Executive Director) |
896,820 |
8,410,908 |
8,096,058 |
Kevin Balloch |
347,980 |
2,855,253 |
3,039,313 |
Andre Greyling |
308,337 |
2,760,931 |
4,193,966 |
Stephen Hay |
365,908 |
3,001,249 |
1,697,999** |
Chadwick Poletti |
286,313 |
2,576,797 |
1,448,859 |
*
Performance rights are unvested and therefore remain subject to
vesting conditions.
** Mr Hay’s holding
reflects the sale of 180,000 ordinary shares on market on
24 February 2021 for an average price
of A$0.313 per share for the primary
purpose of funding future tax liabilities arising from his exercise
of vested performance rights.
As a result of the exercise of the vested performance rights,
the Company has the following securities on issue:
- 1,178,011,850 ordinary shares.
- 71,078,976 performance rights issued pursuant to the terms of
the LTIP, comprising:
- 266,893 vested 2017 LTIP cycle performance rights, which remain
subject to exercise1.
- 70,812,083 unvested performance rights subject to performance
testing in accordance with their terms of issue.
The figure of 1,178,011,850 ordinary shares on issue may be used
by shareholders as the denominator for calculations when
determining if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
[Note (1): Vested
performance rights have a nil cash exercise price and, unless
exercised beforehand, these rights expire on 30 September 2025.]
ENDS.
For further information contact:
James Fuller, Manager Communications
and Investor Relations |
UK Media Relations |
Base Resources |
Tavistock Communications |
Tel: +61 (8) 9413 7426 |
Jos Simson and Gareth Tredway |
Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
Email:
jfuller@baseresources.com.au |
|
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The Company operates
the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au
PRINCIPAL & REGISTERED
OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500
BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800