AIM and Media Release
14 October 2022
BASE RESOURCES
LIMITED
LTIP performance rights update
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises that, following performance testing of the 2019 cycle
performance rights granted under the Base Resources Long Term
Incentive Plan (LTIP) as at 30 September 2022,
20,458,045 performance rights have vested.
Vesting of performance rights granted under the LTIP is subject
to achievement of specified performance criteria over a three-year
performance period. The performance criteria for the 2019
cycle performance rights required achievement of total shareholder
return (TSR) targets, with 50% subject to an absolute TSR
performance hurdle and 50% subject to a relative TSR performance
hurdle assessed against a set group of comparator companies.
The TSR for the 2019 cycle performance rights over the three-year
performance period was 80.6%, which resulted in vesting of
approximately 98% of the 2019 cycle performance rights on issue at
the time of testing. In accordance with the terms of the
LTIP, 2019 cycle performance rights that did not vest following
testing were automatically forfeited.
The LTIP participants whose 2019 cycle performance rights were
tested, with subsequent vesting and forfeiture, included senior
management of the Company classified as key management
personnel. Their updated securityholdings in the Company are
set out below.
Name |
Vested 2019 cycle
performance rights |
Holding of unvested
performance rights |
Holding of
shares
(direct and indirect) |
Tim Carstens (Managing
Director) |
2,864,477 |
5,338,768 |
10,136,997 |
Kevin Balloch |
956,065 |
1,817,288 |
3,633,731 |
Andre Greyling |
935,060 |
1,848,138 |
3,193,966 |
Stephen Hay |
1,004,950 |
1,909,590 |
2,022,811 |
Chadwick Poletti |
878,044 |
1,710,257 |
1,967,332 |
Michael Rose |
1,026,285 |
1,842,613 |
61,994 |
In addition, during the September quarter and up to (and
including) 12 October 2022:
- some vested 2018 cycle and 2019 cycle performance rights were
exercised by participants, with the resultant entitlement to
ordinary shares satisfied by the allocation of shares previously
acquired on-market by the LTIP trustee; and
- unvested performance rights were forfeited following cessation
of employment other than for a “Qualifying Reason” (as that term is
defined in the LTIP).
As a result of the above events, as at 12
October 2022, the Company had the following securities on
issue:
- 1,178,011,850 ordinary shares.
- 56,850,643 performance rights granted under the terms of the
LTIP, comprising:
- 19,782,733 vested performance rights;1 and
- 37,067,910 unvested performance rights subject to performance
testing in accordance with their terms of issue.
[Note (1): Vested performance
rights have a nil cash exercise price. Unless exercised
beforehand, performance rights expire five years after
vesting.]
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 3, 46 Colin Street
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
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio /
Patrick Dolaghan
Phone: +44 20 7523 8000