Base Resources Limited LTIP performance rights update

 
TIDMBSE 
 
AIM and Media Release 
 
13 April 2023 
 
BASE RESOURCES LIMITED 
LTIP performance rights update 
 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises that, since the Company's last LTIP update on 
11 January 2023, 2,757,437 vested performance rights granted under the Base 
Resources Long Term Incentive Plan (LTIP) have been exercised, and a further 
504,915 performance rights have been granted. 
 
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 
performance rights exercised were from the 2018 and 2019 LTIP cycles, which 
vested following performance testing as at 30 September 2021 and 30 September 
2022, respectively. 
 
The performance rights granted were for the current 2022 LTIP cycle, with the 
three-year performance period for those rights having commenced on 1 October 
2022.  The performance rights were granted to employees that became eligible to 
participate in the LTIP after commencement of the three-year performance period 
and form the equity component of their at-risk remuneration for the financial 
year ending 30 June 2023. 
 
Base Resources further advises that 2,169,738 unvested performance rights, from 
the 2020, 2021 and 2022 LTIP cycles, have also been forfeited after one or more 
LTIP participants ceased to be employed other than for a "Qualifying Reason" 
(as that term is defined in the LTIP). 
 
As a result of the above events, the Company has the following securities on 
issue: 
 
  * 1,178,011,850 ordinary shares. 
  * 53,598,359 performance rights issued pursuant to the terms of the LTIP, 
    comprising: 
      + 1,872,852 vested performance rights, which remain subject to exercise1; 
        and 
      + 51,725,507 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 and, unless 
exercised beforehand, expire five years after vesting.] 
 
ENDS. 
 
For further information contact: 
 
Australian Media Relations                        UK Media Relations 
 
Citadel Magnus                                    Tavistock Communications 
 
Cameron Gilenko and Michael Weir                  Jos Simson and Gareth Tredway 
 
Tel: [phone]                              Tel: [phone] 
 
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, 
is developing the Toliara Project in Madagascar and is conducting exploration 
in Tanzania.  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:  [e-mail] 
Phone: [phone] 
Fax: [phone] 
 
NOMINATED ADVISOR 
RFC Ambrian Limited 
Stephen Allen 
Phone: [phone] 
 
JOINT BROKER 
Berenberg 
Matthew Armitt / Detlir Elezi 
Phone: [phone] 
 
JOINT BROKER 
Canaccord Genuity 
Raj Khatri / James Asensio / Patrick Dolaghan 
Phone: [phone] 
 
 
 
 
END 
 
 

(END) Dow Jones Newswires

April 13, 2023 05:01 ET (09:01 GMT)