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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Coal of Africa | LSE:CZA | London | Ordinary Share | AU000000CZA6 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 43.50 | 42.00 | 45.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCZA
RNS Number : 6350R
Coal of Africa Limited
13 December 2016
ANNOUNCEMENT 13 DECEMBER 2016
GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTORS
Coal of Africa Limited ("CoAL" or the "Company") confirms the following awards to executive directors following the shareholder approval received at the Annual General Meeting of Shareholders ("AGM") on 25 November 2016.
Following the approval of shareholders David Brown, Chief Executive Officer and De Wet Schutte, Chief Financial Officer, will be granted a total of 11,254,933 Performance Rights and 7,983,715 Performance Rights respectively under the Company's Performance Rights Plan, being direct beneficial in nature. The performance rights were granted off-market.
As detailed in the notice of meeting for the AGM, the annual Performance Rights issued have been determined by dividing the resultant remuneration factor of ZAR 5,032,912 and ZAR 2,835,000 (for Mr Brown and Mr Schutte respectively) by the volume weighted average price of the Shares of the Company over the 5 trading days prior to the date of grant of the Performance Rights to determine the annual allocation. The value of the forfeited options were calculated by using a Black Scholes model and the resultant value as determined by BDO was then similarly divided by the volume weighted average price of the Shares of the Company over the 5 trading days prior to the date of grant. This amounted to a further value of ZAR 1,441,725 and ZAR 1,757,800 (for Mr Brown and Mr Schutte respectively).
The Performance Rights are granted as conditional awards over ordinary shares of no par value for no consideration. The awards will ordinarily vest three years after the grant date subject to the vesting conditions.
Current Shares and Performance Rights Held by Executive Directors:
In addition to the above Performance Rights Mr Brown holds 825,000 ordinary shares in the Company which represents 0.04% of the Company's issued share capital. He also holds 9,714,021 Performance Rights issued in 2015 which will vest on 1 December 2018 subject to the vesting conditions. Mr Brown no longer holds any share options in the company.
Mr Schutte does not currently hold any shares or share options in the Company. In addition to the above Performance Rights, Mr Schutte holds 5,449,944 Performance Rights issued in 2015 which will vest on 1 December 2018 subject to the vesting conditions.
AUTHORISED BY:
Tony Bevan
For more information contact:
Hot Features
Premium
Chief Executive +27 10 003
David Brown Officer Coal of Africa 8000
Chief Financial +27 10 003
De Wet Schutte Officer Coal of Africa 8000
+27 10 003
Celeste Riekert Investor Relations Coal of Africa 8000
Endeavour Corporate +61 08 9316
Tony Bevan Company Secretary Services 9100
Company advisors:
Jos Simson/Emily Financial PR +44 20
Fenton (United Kingdom) Tavistock 7920 3150
Matthew Armitt/Ross Nominated Adviser Peel Hunt +44 20
Allister and Broker LLP 7418 8900
Charmane Russell/Olwen Financial PR Russell & +27 11
Auret (South Africa) Associates 880 3924
or
+27 82
372 5816
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project (coking and thermal coal).
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ------------------------------------------------------------------------
a. Name David Hugh Brown
--- ------------------------------ ----------------------------------------
2. Reason for the notification
--- ------------------------------------------------------------------------
a. Position/status Chief Executive Officer
--- ------------------------------ ----------------------------------------
b. Initial notification Initial Notification
/Amendment
--- ------------------------------ ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ------------------------------------------------------------------------
a. Name Coal of Africa
--- ------------------------------ ----------------------------------------
b. LEI N/A
--- ------------------------------ ----------------------------------------
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 Performance Rights issued have
of the been determined by dividing the
Financial resultant remuneration factor of
instrument, ZAR 5,032,912 by the volume weighted
type average price of the Shares of
of instrument the Company over the 5 trading
Identification days prior to the date of grant
code of the Performance Rights to determine
the annual allocation.
The Performance Rights have a three
year vesting period.
--- ------------------------------ ----------------------------------------
b. Nature of
the transaction Share Grant according to Employee
scheme
--- ------------------------------ ----------------------------------------
c. Price(s) Price(s) Volume(s)
and volume(s) ---------- -----------
Nil 11,254,933
---------- -----------
--- ------------------------------ ----------------------------------------
d. Aggregated
information
* Aggregated volume 11,254,933 at nil value.
* Price
--- ------------------------------ ----------------------------------------
e. Date of the 2016/12/12
transaction
--- ------------------------------ ----------------------------------------
f. Place of Outside of a trading venue
the transaction
--- ------------------------------ ----------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
-------- ---------------------------------------------------------------------
a. Name De Wet Olivier Schutte
-------- ------------------------------ -------------------------------------
2. Reason for the notification
-------- ---------------------------------------------------------------------
a. Position/status Chief Financial Officer
-------- ------------------------------ -------------------------------------
b. Initial notification Initial notification
/Amendment
-------- ------------------------------ -------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
-------- ---------------------------------------------------------------------
a. Name Coal of Africa
-------- ------------------------------ -------------------------------------
b. LEI N/A
-------- ------------------------------ -------------------------------------
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 Performance Rights issued have
of the been determined by dividing the
Financial instrument, resultant remuneration factor
type of ZAR 2,835,000 by the volume
of instrument weighted average price of the
Identification Shares of the Company over the
code 5 trading days prior to the date
of grant of the Performance Rights
to determine the annual allocation.
The Performance Rights have a
three year vesting period.
-------- ------------------------------ -------------------------------------
b. Nature of the
transaction Share Grant according to Employee
scheme
-------- ------------------------------ -------------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
Nil 7,983,715
---------- ----------
-------- ------------------------------ -------------------------------------
d. Aggregated
information 7,983,715 at nil value
* Aggregated volume
* Price
-------- ------------------------------ -------------------------------------
e. Date of the 2016/12/12
transaction
-------- ------------------------------ -------------------------------------
f. Place of the Outside of a trading venue
transaction
-------- ------------------------------ -------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHGGGCPPUPQPGP
(END) Dow Jones Newswires
December 13, 2016 02:00 ET (07:00 GMT)
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