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KEFI Kefi Gold And Copper Plc

0.497
-0.012 (-2.36%)
13 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kefi Gold And Copper Plc LSE:KEFI London Ordinary Share GB00BD8GP619 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.012 -2.36% 0.497 0.50 0.528 0.502 0.50 0.502 8,494,151 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Metal Mining Services 0 -7.9M -0.0011 -4.55 35.87M

Kefi Gold and Copper PLC Modifications to STI Bonus Plan

09/07/2024 7:00am

RNS Regulatory News


RNS Number : 5720V
Kefi Gold and Copper PLC
09 July 2024
 

9 July 2024

 

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

Modifications to

 

KEFI (AIM: KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, announces that following the results for the year ended 31 December 2023 announcement made on 17 June 2024 detailing, inter alia, cash bonuses to be paid to the Company's Executive Chairman and Finance Director, on the achievement of defined and specific milestones in relation to the Company's Tulu Kapi project, the Directors have received feedback from certain shareholders that they wish to see the payment of the bonuses more explicitly aligned to the achievement of shareholder value.

 

The Company's Remuneration Committee, comprising KEFI Non-Executive Directors: Alistair Clark (Chairman), Mark Tyler and Richard Robinson have considered the feedback received from shareholders and have agreed to modify the milestones for the payment of the cash bonuses to the Executive Chairman and the Finance Director to include a minimum KEFI share price criteria. Mr Anagnostaras-Adams, Executive Chairman, and Mr Leach, Finance Director, have agreed to these additional terms to the Company's Short Term Incentive ("STI") bonus plan.

 

The other recipient of the Company's STI bonus plan is KEFI's Chief Operating Officer.  The Chief Operating Officer's cost to the Company is, and in the future is intended to remain, rechargeable to the Company's operating subsidiaries.  The Company's Remuneration Committee consider his current remuneration to be at a below normal market level and his performance should solely be measured by operational performance and the achievement of specific operational targets, so no modifications to the milestones for the payment of his cash bonuses are considered appropriate.

 

 

 

STI 1

STI 2

STI 3

Retention

400

400

400

185

Finance Director

400

200

200

100

 

STI Bonus 1: This bonus is awarded upon the granting of credit approvals by the lenders to the Tulu Kapi Gold Project.  Additionally, STI Bonus 1 will only be paid when the closing mid-price of the Company's shares is above 1.5p for five consecutive trading days

 

STI Bonus 2: Upon project finance lenders having permitted debt disbursement to commence for Tulu Kapi and not earlier than 12 months after STI Bonus 1 was earned. Additionally, STI Bonus 2 will only be paid when the closing mid-price of the Company's shares is above 2.5p for five consecutive trading days ¹.

 

STI Bonus 3: Upon Tulu Kapi having commenced production and not earlier than 12 months after STI Bonus 2 was earned. Additionally, STI Bonus 3 will only be paid when the closing mid-price of the Company's shares is above 3.0p for five consecutive trading days

 

¹The recipient can elect to take the STI Bonus in shares or in cash. If in shares, the issue price will be the VWAP for the month following the achievement of the relevant Key Milestone. If in cash, the timing of the cash payment will be subject to cash availability as determined by the Board but in any event no later than 6 months after the achievement of the relevant Key Milestone.  Other than in the circumstances of a change of control or cessation of employment, any shares paid out for the STI Bonus will be subject to a 12 month lock-in and any cash-paid STI bonus would need to be covered by the Tulu Kapi project finance package.

 

Retention Bonus: A Retention Bonus has been approved by the Board. The disbursement of this bonus will be at the Board's discretion, with the latest trigger being upon the grant of final credit approvals by the lenders to the TKGM project and when sufficient Tulu Kapi development proceeds (either debt or equity) become available.

 

 

Related Party Transaction

 

 

 

Enquiries

 

KEFI Gold and Copper plc

 

Harry Anagnostaras-Adams (Executive Chairman)

+357 99457843

John Leach (Finance Director)

+357 99208130



SP Angel Corporate Finance LLP (Nominated Adviser)

+44 (0) 20 3470 0470

Jeff Keating, Adam Cowl




Tavira Financial Limited (Lead Broker)

+44 (0) 20 7100 5100

Oliver Stansfield, Jonathan Evans


 


IFC Advisory Ltd (Financial PR and IR)

+44 (0) 20 3934 6630

Tim Metcalfe, Florence Chandler




3PPB LLC (Institutional IR)


Patrick Chidley

+1 (917) 991 7701

Paul Durham

+1-203-940-2538

 

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