Avocet Mining PLC Share Transaction by PDMR (3204P)

TIDMAVM

RNS Number : 3204P

Avocet Mining PLC

30 September 2013

30 September 2013

Avocet Mining PLC

Share Transaction by PDMR

Release of Deferred Bonus Shares from EBT

Avocet Mining PLC ('Avocet' or 'the Company) announces that, following its request, Maitland Trustees Limited, Trustee of the Company's Employee Benefit Trust ('EBT'), released 91,500 ordinary shares of 5p each in the Company to Russell Edey, a Person Discharging Managerial Responsibility ('PDMR'), on 27 September 2013.

These shares represent 2010 deferred share bonus awards, which vested after a period of three years.

Of these, Russell Edey sold 41,175 shares at a price of 15.56 pence on 27 September 2013, in order to settle income tax and other liabilities associated with the award.

EBT shareholding

Following the above release, the EBT holds a total of 334,300 ordinary shares in Avocet, representing 0.17 per cent of the share capital in issue of the Company.

PDMR interests

As a result of the above transaction, interests in shares held by the following Directors and senior managers (primary insiders), either directly, through connected persons (e.g. family members), or within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be as follows:

 
               Shares owned          Restricted           PSP shares  Share options 
                                shares held in EBT/SIP 
-------------  ------------  ---------------------------  ----------  ------------- 
                                   EBT     SIP     Total 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
D Cather             50,000     14,925       -    14,925   1,000,000      1,000,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
M Norris            525,695     16,788   1,951    18,739     525,000      1,670,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Edey              150,325          -       -         -           -              - 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Pilkington        222,763          -       -         -           -              - 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
M Donoghue           38,029          -       -         -           -              - 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
P Flindell          562,151          -       -         -     130,000        865,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
J Wynn               31,894          -   2,367     2,367     195,000        625,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
J Lee                61,397          -       -         -           -        275,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Demblon                 -          -       -         -     195,000        485,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Simmons             2,324          -       -         -           -        505,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
M Platts                  -          -       -         -           -        180,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
Total             1,644,578     31,713   4,318    36,031   2,045,000      5,605,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
 

FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining PLC  Pelham Bell Pottinger      J.P. Morgan Cazenove       Arctic Securities   SEB Enskilda 
                    Financial PR Consultants   Corporate Broker           Financial Adviser   Financial Adviser 
=================  =========================  =========================  ==================  ================== 
David Cather, CEO  Daniel Thöle          Michael Wentworth-Stanley  Arne Wenger         Fredrik Cappelen 
 Mike Norris, FD                                                          Petter Bakken 
 Rob Simmons, IR 
-----------------  -------------------------  -------------------------  ------------------  ------------------ 
[phone]   [phone]           [phone]           [phone]       [phone] 
 

NOTES TO EDITORS

Avocet Mining PLC is a gold mining and exploration company listed on the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The Company's principal activities are gold mining and exploration in West Africa.

In Burkina Faso the Company owns 90% of the Inata Gold Mine. The deposit at Inata currently comprises a Mineral Resource of 4.7 million ounces and an Ore Reserve of 1.0 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 135,189 ounces of gold in 2012.

Other assets in Burkina Faso include eight exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometres from the Inata Gold Mine, where there is a Mineral Resource estimate of 0.8 million ounces.

In Guinea, Avocet owns exploration licences in the north east of the country. Mineral Resource development has been ongoing since 2005 and the Tri-K project is the most advanced, which currently has a Mineral Resource estimate of 3.2 million ounces and where a feasibility study is underway.

This information is provided by RNS

The company news service from the London Stock Exchange

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