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Share Name Share Symbol Market Type Share ISIN Share Description
Greatland Gold Plc LSE:GGP London Ordinary Share GB00B15XDH89 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.15 2.03% 7.55 7.50 7.60 7.55 7.40 7.40 788,304 08:15:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -5.5 -0.1 - 318

Greatland Gold PLC Grant of Performance Rights

08/02/2022 12:25pm

UK Regulatory (RNS & others)


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RNS Number : 0565B

Greatland Gold PLC

08 February 2022

8 February 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATION. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc

("Greatland" or "the Company")

Grant of Performance Rights and Amendment of Existing Options

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, announces the proposed grant of share based incentive awards to certain employees and an executive director, and the extension of the expiry date of existing share options held by a director.

The Company proposes to award Performance Share Rights under the terms of a new long term incentive scheme which will give the holders the right to subscribe for up to 26,250,000 ordinary shares at 0.1p each (inclusive of 2,000,000 Performance Share Rights previously announced on 8 July 2021).

The Performance Share Rights will vest at the end of a three year performance period and will, in addition, be subject to a one year retention period, for a total of four years. The vesting of the Performance Share Rights will be subject to the satisfaction of a number of performance conditions reflecting operational and shareholder value criteria. Performance will be assessed by the Remuneration Committee.

The grant of the Performance Share Rights is intended to provide a long-term incentive to employees acting as a retention mechanism, rewarding outcomes consistent with the performance conditions, and creating additional alignment with shareholders. The expiry date of Performance Share Rights will be 10 years from grant.

Included in the above figure is a Performance Share Right over up to 12,000,000 ordinary shares awarded to Shaun Day, Chief Executive Officer .

As Shaun Day is a related party, the proposed award of Performance Share Right to him is regarded as a related party transaction under the AIM Rules. Accordingly, the Independent Directors, being the Directors other than Shaun Day, consider, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the award of Performance Share Right is fair and reasonable insofar as shareholders are concerned.

In addition, the Company has amended the terms of existing share options held by Alex Borrelli, Non-executive Chairman. Without amendment, all of the share options held by Mr Borrelli would expire in 2022. The Company believes that a more progressive sequence of expiry dates would better serve the interests of shareholders and the Company as a whole. The Company has therefore determined to extend the expiry dates of all of the options held by Mr Borrelli by 12 months from their current expiry dates, as follows:

 
   Number     Exercise price (p)   Grant date   Vesting date    Original expiry     Amended expiry date     Revised 
                                                                      date             on 28 Jan 2021      expiry date 
 25,000,000          0.20          20/04/2016    20/04/2016        20/04/2021           20/04/2022         20/04/2023 
             -------------------  -----------  -------------  -------------------  --------------------  ------------- 
 14,000,000          0.28          18/01/2017    18/07/2017        18/07/2022                              18/07/2023 
             -------------------  -----------  -------------  -------------------  --------------------  ------------- 
 7,500,000           0.70          18/08/2017    18/02/2018        16/02/2021           16/02/2022         16/02/2023 
             -------------------  -----------  -------------  -------------------  --------------------  ------------- 
 2,500,000           1.40          07/09/2018    07/09/2019        06/09/2022                              06/09/2023 
             -------------------  -----------  -------------  -------------------  --------------------  ------------- 
 2,500,000           2.00          07/09/2018    07/09/2019        06/09/2022                              06/09/2023 
             -------------------  -----------  -------------  -------------------  --------------------  ------------- 
 

All other terms of the options remain unchanged.

The amendment of these existing options is regarded as a related party transaction under the AIM Rules. Accordingly, the Independent Directors, being the Directors other than Alex Borrelli, consider, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the amendments to the terms of the share options held by Alex Borrelli are fair and reasonable insofar as shareholders are concerned.

The notification set out below is provided in accordance with the requirements of the UK Market Abuse Regulation:

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Company directors/officers: 
                                   Shaun Day      Chief Executive Officer 
                                    Christopher    Chief Financial Officer 
                                    Toon 
                                                 ------------------------- 
     ------------------------  ------------------------------------------------------------------------ 
 2    Reason for the notification 
     -------------------------------------------------------------------------------------------------- 
 a)   Position/status           See 1(a) above for all positions - all classified 
                                 as PDMRs of the Company 
     ------------------------  ------------------------------------------------------------------------ 
 b)   Initial notification      Initial Notification 
       /Amendment 
     ------------------------  ------------------------------------------------------------------------ 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------------------------- 
 a)   Name                      Greatland Gold plc 
     ------------------------  ------------------------------------------------------------------------ 
 b)   LEI                       213800KMN7LDF4VRPQ10 
     ------------------------  ------------------------------------------------------------------------ 
 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            Performance Share Right over Ordinary Shares 
       the financial             of 0.1p each 
       instrument, type 
       of instrument 
 
      Identification            GB00B15XDH89 
       code 
 
 b)   Nature of the             Award of Performance Share Right 
       transaction 
     ------------------------  ------------------------------------------------------------------------ 
 c)   Price(s) and              Shaun Day Date         Transaction            Amount       Price 
       volume(s)                                Type 
                                  8 February   Award of Performance   12,000,000   0.1p per 
                                   2022         Share Right                         share 
                                              ---------------------  -----------  --------- 
 
                                 Christopher Toon Date         Transaction            Amount      Price 
                                                Type 
                                  8 February   Award of Performance   3,000,000   0.1p per 
                                   2022         Share Right                        share 
                                              ---------------------  ----------  --------- 
 d)   Aggregated information    n/a - single transaction 
       Volume 
       Price 
 e)   Date of the transaction   8 February 2022 
 f)   Place of the              Outside a trading venue 
       transaction 
     ------------------------  ------------------------------------------------------------------------ 
 

Enquiries:

 
 Greatland Gold PLC                                     +44 (0)20 3709 4900 
  Shaun Day                                              info@greatlandgold.com 
                                                         www.greatlandgold.com 
 
 SPARK Advisory Partners Limited (Nominated Adviser) 
  Andrew Emmott/James Keeshan                           +44 (0)20 3368 3550 
 
 Berenberg (Joint Corporate Broker and Financial 
  Adviser) 
  Matthew Armitt/ Varun Talwar/Alamgir Ahmed /Detlir 
  Elezi                                                 +44 (0)20 3207 7800 
 
 Canaccord Genuity (Joint Corporate Broker and 
  Financial Adviser) 
  James Asensio/Patrick Dolaghan                        +44 (0)20 7523 8000 
 
 Hannam & Partners (Joint Corporate Broker and 
  Financial Adviser) 
  Andrew Chubb/Matt Hasson/Jay Ashfield                 +44 (0)20 7907 8500 
 
 SI Capital Limited (Joint Broker) 
  Nick Emerson/Alan Gunn                                +44 (0)14 8341 3500 
 
 Luther Pendragon (Media and Investor Relations) 
  Harry Chathli/Alexis Gore                             +44 (0)20 7618 9100 
 

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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February 08, 2022 07:25 ET (12:25 GMT)

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