MC Mining Limited Grant of Performance Rights to Executive Director (9863O)

TIDMMCM

RNS Number : 9863O

MC Mining Limited

23 May 2018

ANNOUNCEMENT 23 MAY 2018

GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTOR

MC Mining Limited (the "Company") confirms the award of 625,612 Performance Rights under the Company's Performance Rights Plan to executive director, David Brown, following the approval of shareholders at the Annual General Meeting of Shareholders ("AGM") on 24 November 2017.

As detailed in the notice of meeting for the AGM, the total Performance Rights issued have been determined by dividing ZAR4,117,317 and ZAR1,212,750 (representing the value of the performance rights granted for the 2017 financial year and the value of compensation for reduced revenue over a four-year period without a salary increase, respectively) by the volume weighted average price of the Shares of the Company over the 5 trading days prior to the approval date of the Performance Rights (R0.43). The number of Performance Rights are then reduced in accordance with the 20 to 1 consolidation of securities that was also approved at the AGM.

The Performance Rights are granted as conditional awards over ordinary shares of no par value for no consideration. The awards will vest on 24 November 2020 subject to the vesting conditions.

Current Shares and Performance Rights Held by Executive Directors:

In addition to the above Performance Rights Mr Brown holds 41,250 (post consolidation) ordinary shares in the Company which represents 0.03% of the Company's issued share capital. He also holds 485,702 and 562,747 Performance Rights issued in 2015 and 2016 which will vest on 1 December 2018 and 13 December 2019 respectively subject to the vesting conditions.

AUTHORISED BY:

Tony Bevan

 
 For more information contact: 
 David Brown                          Chief Executive Officer         MC Mining Limited               [phone] 
 Brenda Berlin                        Chief Financial Officer         MC Mining Limited               [phone] 
 Tony Bevan                           Company Secretary               Endeavour Corporate Services    [phone] 
 Company advisors: 
                                      Financial PR 
 Jos Simson/ Gareth Tredway            (United Kingdom)               Tavistock                       [phone] 
 Ross Allister/Richard 
  Crichton/James Bavister             Nominated Adviser and Broker    Peel Hunt LLP                   [phone] 
 Charmane Russell/Olwen Auret         Financial PR (South Africa)     R&A Strategic Communications    [phone] 
 Investec Bank Limited is the nominated JSE Sponsor 
 
 

About MC Mining Limited:

MC Mining is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. MCM's key projects include the Uitkomst Colliery (metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking and thermal coal), and the Greater Soutpansberg Projects (MbeuYashu).

Notification and public disclosure of transactions by persons discharging

managerial responsibilities and persons closely associated with them

 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ------------------------------------------------------------- 
 a.   Name               David Hugh Brown 
---  -----------------  ------------------------------------------ 
 2.   Reason for the notification 
---  ------------------------------------------------------------- 
 a.   Position/status    Chief Executive Officer 
---  -----------------  ------------------------------------------ 
 b.   Initial            Initial Notification 
       notification 
       /Amendment 
---  -----------------  ------------------------------------------ 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ------------------------------------------------------------- 
 a.   Name               MC Mining Limited 
---  -----------------  ------------------------------------------ 
 b.   LEI                213800G6YDVUTU9NEP37 
---  -----------------  ------------------------------------------ 
 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        Performance Rights issued have 
       of the             been determined by dividing ZAR4,117,317 
       Financial          and ZAR1,212,750 (representing 
       instrument,        the value of the performance rights 
       type               granted for the 2017 financial 
       of instrument      year and the value of compensation 
       Identification     for reduced revenue over a four-year 
       code               period without a salary increase, 
                          respectively) by the volume weighted 
                          average price of the Shares of 
                          the Company over the 5 trading 
                          days prior to the date of approval 
                          of the Performance Rights. The 
                          number of Performance Rights are 
                          then reduced in accordance with 
                          the 20 to 1 consolidation of securities 
                          that was also approved at the 
                          AGM. 
 
                          The Performance Rights have a 
                          three year vesting period. 
---  -----------------  ------------------------------------------ 
 b.   Nature of          Share Grant according to Employee 
       the transaction    scheme 
---  -----------------  ------------------------------------------ 
 c.   Price(s)            Price(s)    Volume(s) 
       and volume(s)      ----------  ---------- 
                           Nil         625,612 
                          ----------  ---------- 
---  -----------------  ------------------------------------------ 
 d.   Aggregated         625,612 at nil value. 
       information 
       -- Aggregated 
       volume 
       -- Price 
---  -----------------  ------------------------------------------ 
 e.   Date of            23 May 2018 
       the transaction 
---  -----------------  ------------------------------------------ 
 f.   Place of           Outside of a trading venue 
       the transaction 
---  -----------------  ------------------------------------------ 
 

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May 23, 2018 03:00 ET (07:00 GMT)