MC Mining Limited Grant of Performance Rights to Executive Directors (1564K)

TIDMMCM

RNS Number : 1564K

MC Mining Limited

12 December 2018

ANNOUNCEMENT 12 DECEMBER 2018

GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTORS

MC Mining Limited (the "Company") confirms the award of Performance Rights under the Company's Performance Rights Plan to executive directors, David Brown and Brenda Berlin, following the approval of shareholders at the Annual General Meeting of Shareholders ("AGM") on 23 November 2018.

Following the approval of shareholders, David Brown, Chief Executive Officer and Brenda Berlin, Chief Financial Officer, were granted a total of 878,287 Performance Rights and 635,347 Performance Rights respectively under the Company's Performance Rights Plan, being directly beneficial in nature. The Performance Rights were granted off-market.

As detailed in the notice of meeting for the AGM, the total Performance Rights issued have been determined by dividing ZAR5,183,900 and ZAR3,750,000 (representing the value of the Performance Rights granted for the 2018 financial year, respectively) by the volume weighted average price of the shares of the Company over the five trading days prior to the approval date of the Performance Rights (ZAR5.9023 per share).

The Performance Rights are granted as conditional awards over ordinary shares of no par value for no consideration. The awards will vest on 23 November 2021 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 ordinary shares in the Company which represents 0.03% of the Company's issued share capital. He also holds 562,747 and 625,612 Performance Rights issued in 2016 and 2017 which will vest on 13 December 2019 and 24 November 2020 respectively subject to the vesting conditions.

Other than the Performance Rights issued above, Ms Berlin holds no ordinary shares or Performance Rights.

AUTHORISED BY:

Tony Bevan

Company Secretary

 
 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 notification     Initial 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 been determined 
       of the                   by dividing ZAR5,183,900 (representing the 
       Financial instrument,    value of the performance rights granted 
       type                     for the 2018 financial year) by the volume 
       of instrument            weighted average price of the Shares of 
       Identification           the Company over the 5 trading days prior 
       code                     to the date of approval of the Performance 
                                Rights. 
                                The Performance Rights have a three-year 
                                vesting period. 
     -----------------------  ----------------------------------------------- 
 b.   Nature of the            Share Grant according to Employee scheme 
       transaction 
     -----------------------  ----------------------------------------------- 
 c.   Price(s) and              Price(s)    Volume(s) 
       volume(s)                 Nil         878,287 
                                            ---------- 
     -----------------------  ----------------------------------------------- 
 d.   Aggregated               878,287 at nil value. 
       information 
       -- Aggregated 
       volume 
       -- Price 
     -----------------------  ----------------------------------------------- 
 e.   Date of the              12 December 2018 
       transaction 
     -----------------------  ----------------------------------------------- 
 f.   Place of the             Outside of a trading venue 
       transaction 
     -----------------------  ----------------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a.   Name                     Brenda Berlin 
     -----------------------  ------------------------------------------------- 
 2.   Reason for the notification 
     -------------------------------------------------------------------------- 
 a.   Position/status          Chief Financial Officer 
     -----------------------  ------------------------------------------------- 
 b.   Initial notification     Initial 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 been determined 
       of the                   by dividing ZAR3,750,000 (representing the 
       Financial instrument,    value of the performance rights granted for 
       type                     the 2018 financial year) by the volume weighted 
       of instrument            average price of the Shares of the Company 
       Identification           over the 5 trading days prior to the date 
       code                     of approval of the Performance Rights. 
                                The Performance Rights have a three-year 
                                vesting period. 
     -----------------------  ------------------------------------------------- 
 b.   Nature of the            Share Grant according to Employee scheme 
       transaction 
     -----------------------  ------------------------------------------------- 
 c.   Price(s) and              Price(s)    Volume(s) 
       volume(s)                 Nil         635,347 
                                            ---------- 
     -----------------------  ------------------------------------------------- 
 d.   Aggregated               637,347 at nil value. 
       information 
       -- Aggregated 
       volume 
       -- Price 
     -----------------------  ------------------------------------------------- 
 e.   Date of the              12 December 2018 
       transaction 
     -----------------------  ------------------------------------------------- 
 f.   Place of the             Outside of a trading venue 
       transaction 
     -----------------------  ------------------------------------------------- 
 

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December 12, 2018 02:00 ET (07:00 GMT)