Atlantis Resources Limited Grant of awards to Director (2775L)

TIDMARL

RNS Number : 2775L

Atlantis Resources Limited

30 September 2016

30 September 2016

Atlantis Resources Limited

Grant of awards to Director

Atlantis Resources Limited (AIM: ARL, "Atlantis", or the "Company") announces that today it has granted an award over 1,000,000 ordinary shares of no par value in the Company ("Ordinary Shares") under the Company 2013 Long-Term Incentive Plan ("the Plan"), as amended by the Board in January 2016, to the Company CEO, Tim Cornelius.

The vesting of the awards is normally subject to ongoing employment with the Company. Subject to the rules of the Plan, the award will vest one third on 11 December 2016, one third on 11 December 2017 and one third on 11 December 2018 and remain exercisable until the tenth anniversary of the grant date.

The award has been granted in the form of an option with an exercise price per Ordinary Share of GBP0.50.

The Remuneration Committee met in late 2015 to consider the exercise price of this option award when the share price had been trading well below 50p for the previous 12 months and was then trading at a discount of more than 25% to the exercise price. At that time the Remuneration Committee unanimously agreed to recommend to the board that the options be awarded and in January 2016 the board formally accepted this recommendation and agreed that it should be implemented at the earliest possible opportunity but due to a series of technical close periods the board were unable to authorise this award until now.

At the same time all outstanding options granted to Tim Cornelius on 11 December 2013, totalling 1,063,830 Ordinary Shares at an exercise price of GBP0.94 per share will be cancelled. A separate notification has been issued in respect of this cancellation.

 
 PDMR notification - Tim Cornelius 
      1. Details of the Restricted Person / person 
       closely associated with him or her 
            a) Name 
                                                           Tim Cornelius 
 2. Reason for the notification 
            a) Position/status 
                                                           CEO 
            b) Initial notification 
             / Amendment                                   Initial notification 
      3. Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
            a) Name 
                                                           Atlantis Resources 
                                                           Limited 
            b) UEN 
                                                           Company number 200517551R 
      4. Details of the transaction(s): section to 
       be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each date; 
       and (iv) each place where transactions have 
       been conducted 
            a) Description of the financial 
             instrument, type of instrument                Ordinary shares of 
                                                           no par value in the 
                                                           capital of Atlantis 
                                                           Resources Limited 
            b) Identification code 
                                                           ISIN SG0000011118 
            c) Nature of the transaction 
                                                           Grant of options 
            d) Price(s) and volume(s)                    Volume(s) granted: 
                                                          1,000,000 
                                                          Exercise Price(s): 
                                                          GBP0.50 per share 
                                                          under option 
                           e) Aggregated information: 
                            i. Aggregated volume 
                            ii. Price                      Aggregate volume 
                                                           granted: 1,000,000 
 
                                                           Exercise Price: GBP0.50 
                                                           per share under option 
 
            f) Date of the transaction                     2016-09-30 
            g) Place of the transaction                  Outside a trading 
                                                          venue 
 
 

Enquiries:

 
                                     [phone] 
 Atlantis Resources                   1000 
 John Neill, Chairman 
 Simon Counsell, Chief Financial 
  Officer 
 
 Peel Hunt LLP (Nominated Adviser    [phone] 
  and Broker)                         8900 
 Adrian Trimmings 
  Jock Maxwell Macdonald 
  Euan Brown 
 
                                     [phone] 
 FTI Consulting                       1000 
 Ben Brewerton 
  Alex Beagley 
  Stephanie Blott 
  James Styles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 30, 2016 02:03 ET (06:03 GMT)