Employee Share Trust & Grant - Amended

 

TIDMEGU 
 
RNS Number : 9205J 
European Goldfields Ltd 
08 April 2010 
 

 
 
 
 For Immediate Release 
                                         08 April 2010 
 
 
                          European Goldfields Limited 
 
    Establishment of Employee Share Trust and Finalisation of Special Grant 
The following amendment has been made to the announcement released on 8 April at 
13:38 under RNS No 9020J: 
 
In the fifth paragraph, the words "subject to the relevant approval by 
shareholders at the Meeting" has been deleted.  Application for the admission of 
the 500,000 shares to trading on the AIM Market of the London Stock Exchange is 
not subject to shareholder approval at the Company's forthcoming annual general 
meeting. 
 
All other details remain the same. 
 
The full amended text is shown below. 
 
 
8 April 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European 
Goldfields" or the "Company") announces that it has executed a trust deed 
constituting the European Goldfields Employee Share Trust (the "Trust") which is 
operated by an independent trustee (the "Trustee").  The establishment of the 
Trust enables the Trustee to acquire shares in the Company and to make available 
interests in those shares as jointly owned equity ("JOE") for the benefit of 
current and future employees under the Company's Share Option Plan and 
Restricted Share Unit ("RSU") Plan (the "Plans"). 
 
The Company has amended its Plans to enable the grant of share options and RSUs 
in the form of JOE awards, with the shares underlying such awards being jointly 
owned by the Trust and employees.  The amendments to facilitate the JOE 
structure in each of the Plans do not alter the commercial or economic terms of 
the Plans or the benefits to the employees.  The Company will be seeking 
approval from its shareholders at its annual general meeting (the "Meeting") on 
12 May 2010 for these amendments. Requisite regulatory approvals have already 
been sought.  The Management Proxy Circular for the Meeting will contain full 
details of the amendments to the Plans. 
On 1 April, 2010, the Trustee subscribed for 500,000 shares of the Company at a 
price per share of C$6.7093 under the JOE structure, which relate to the RSUs 
described below.  Neither the Trustee nor any employee is entitled to vote or 
receive dividends in respect of these shares. None of these shares will vest 
until after the Meeting, and only then after the achievement of certain 
performance targets.  To the extent that the relevant approvals are not 
obtained, the JOE awards will be cancelled. 
As per the Company's news release dated 18 March 2010, the awards in relation to 
the Special Grant previously approved by the Company's Board have been 
finalised. In total, the Company awarded 550,000 performance RSUs and 1.6 
million performance options (priced as previously disclosed), subject to the 
achievement of (i) key corporate milestones and value drivers, in respect of the 
RSUs, and (ii) sustained share price appreciation, in respect of the share 
options.  Messrs Rachovides and Morgan-Wynne have each been awarded 150,000 
performance RSUs and 500,000 performance options.  Messrs Forward and 
Dimitriadis have each been awarded 25,000 performance RSUs and 150,000 
performance options.  Subject to the approval of shareholders, 300,000 out of 
the 550,000 Special Grant performance RSUs in respect of Messrs Rachovides and 
Morgan-Wynne, along with a further 200,000 RSUs with similar performance 
conditions in respect of Martyn Konig (as previously disclosed), have been 
transferred into the JOE structure. 
Application has been made for the admission of the 500,000 shares to trading on 
the AIM Market of the London Stock Exchange, which is expected to occur at 8.00 
a.m. on 14 April 2010. Application will also be made to list the 500,000 shares 
on the Toronto Stock Exchange. 
About European Goldfields 
 
European Goldfields is a developer-producer with globally significant gold 
reserves located within the European Union. The Company generates cash flow from 
its 95%-owned Stratoni operation, a high grade lead/zinc/silver mine in 
North-Eastern Greece and the sale of gold concentrates from Olympias. European 
Goldfields will evolve into a mid-tier producer through responsible development 
of its project pipeline of gold and base metal deposits at Skouries and Olympias 
in Greece and Certej in Romania. The Company plans future growth through 
development of its highly prospective exploration portfolio in Greece, Romania 
and Turkey. 
 
For further information please see the Company's new website at 
www.egoldfields.com 
 
 
 
For further information please contact: 
 
European Goldfields:                                                   Buchanan 
Communications: 
Martyn Konig, Executive Chairman                                  Bobby Morse / 
Katharine Sutton / James Strong 
Sally Schofield, VP Investor Relations                              e-mail: 
[e-mail] 
e-mail: [e-mail]                                           Tel: +44 
(0)20 7466 5000 
Tel: [phone] 
 
RBC Capital Markets: 
Josh Critchley 
e-mail: [e-mail] 
 
Matthew Coakes 
 
e-mail: [e-mail] 
 
Tel: [phone] 
 
 
Forward-looking statements 
 
Certain statements and information contained in this document, including any 
information as to the Company's future financial or operating performance and 
other statements that express management's expectations or estimates of future 
performance, constitute forward-looking information under provisions of Canadian 
provincial securities laws. When used in this document, the words "anticipate", 
"expect", "will", "intend", "estimate", "forecast", "planned" and similar 
expressions are intended to identify forward-looking statements or information. 
Forward-looking statements include, but are not limited to, the estimation of 
mineral reserves and resources, the timing and amount of estimated future 
production, costs and timing of development of new deposits, permitting time 
lines and expectations regarding metal recovery rates. Forward-looking 
statements are necessarily based upon a number of estimates and assumptions 
that, while considered reasonable by management, are inherently subject to 
significant business, economic and competitive uncertainties and contingencies. 
 
The Company cautions the reader that such forward-looking statements involve 
known and unknown risks, uncertainties and other factors that may cause the 
actual financial results, performance or achievements of the Company to be 
materially different from its estimated future results, performance or 
achievements expressed or implied by those forward-looking statements and the 
forward-looking statements are not guarantees of future performance. These 
risks, uncertainties and other factors include, but are not limited to: changes 
in the price of gold, base metals or certain other commodities (such as fuel and 
electricity) and currencies; uncertainty of mineral reserves, resources, grades 
and recovery estimates; uncertainty of future production, capital expenditures 
and other costs; currency fluctuations; financing and additional capital 
requirements; the successful and timely permitting of the Company's Skouries, 
Olympias and Certej projects; legislative, political, social or economic 
developments in the jurisdictions in which the Company carries on business; 
operating or technical difficulties in connection with mining or development 
activities; the speculative nature of gold and base metals exploration and 
development, including the risks of diminishing quantities or grades of 
reserves; the risks normally involved in the exploration, development and mining 
business; and risks associated with internal control over financial reporting. 
For a more detailed discussion of such risks and material factors or assumptions 
underlying these forward-looking statements, see the Company's Annual 
Information Form for the year ended 31 December 2009, filed on SEDAR at 
www.sedar.com. The Company does not intend, and does not assume any obligation, 
to update or revise any forward-looking statements whether as a result of new 
information, future events or otherwise, except as required by law. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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