Wolf Minerals Limited Performance Rights Plan Update (9069C)

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RNS Number : 9069C

Wolf Minerals Limited

01 July 2016

1 July 2016

Wolf Minerals Limited

("Wolf" or "the Company")

Performance Rights Plan Update

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) wishes to advise an amendment to the Company's long term incentive arrangements provided through its Performance Rights Plan (the Plan) with effect from 30 June 2016 and a consequential change to the remuneration arrangements of the Company's Managing Director, Mr Russell Clark, pursuant to ASX Listing Rule 3.16.4.

Under the Performance Rights Plan, senior managers including the Managing Director are provided with performance rights for Wolf ordinary shares. Vesting of the performance rights over defined multi year periods is subject to the attainment of the vesting assessment criteria which are as follows:

-- 50% calculated on Wolf's relative performance to a peer group of companies, being the AIM Basic Resources Index; and

   --     50% based on Wolf achieving absolute Total Shareholder Return targets. 

Upon recommendation from the Remuneration Committee, the Board has approved an extension to the vesting period of the Plan's performance rights for an additional two years to a maximum of five years. Vesting assessments will be conducted by the Remuneration Committee at predetermined intervals during the additional two year period and, subject to the outcome of the review, performance rights may vest prior to their new expiry date. Approval for the requisite elements of the extension arrangements will be sought from shareholders at the Company's 2016 Annual General Meeting. The table below details the Company's performance rights currently on issue and the amended vesting period. There has been no change to the vesting assessment criteria.

 
   Remuneration        Tranche      Number of       Original       New Expiry 
   period covered                   Performance    Expiry Date         Date 
                                     Rights as 
                                    at business 
                                     close 30 
                                     June 2016 
------------------  ------------  -------------  --------------  -------------- 
                     2012 (Note         366,945    21 November     21 November 
                      1)                            2016            2016 
------------------  ------------  -------------  --------------  -------------- 
 13 Oct 2013         Tranche            898,150    30 June 2016    30 June 2018 
  to 30 June 2014     1 
------------------  ------------  -------------  --------------  -------------- 
 1 July 2014         Tranche          1,491,989    30 June 2017    30 June 2019 
  to 30 June 2015     2 
------------------  ------------  -------------  --------------  -------------- 
 1 July 2015         Tranche          1,982,545    30 June 2018    30 June 2020 
  to 30 June 2016     3 
------------------  ------------  -------------  --------------  -------------- 
                           TOTAL      4,739,629 
 -------------------------------  -------------  --------------  -------------- 
 

Note 1: The 2012 performance rights were issued prior to the existing Plan and are subject to separate vesting conditions relating to project completion. Therefore, no extension has been provided for these performance rights

ENDS

 
Wolf Minerals Limited: Russell Clark   [phone] 
Numis Securities: John Prior/James 
 Black/Paul Gillam                     [phone] 
Newgate: Adam Lloyd / Ed Treadwell 
 / Helena Bogle                        [phone] 
 

About Wolf Minerals

Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty metals producer. With global demand for tungsten rising and future global production expected to be constrained, Wolf Minerals has recently completed the development of a large tungsten resource at its Drakelands Mine, located at Hemerdon, in southwest England.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 01, 2016 02:00 ET (06:00 GMT)