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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oriole Resources Plc | LSE:ORR | London | Ordinary Share | GB00B0T29327 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.025 | -7.35% | 0.315 | 0.31 | 0.32 | 0.34 | 0.30 | 0.34 | 46,458,705 | 16:35:25 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 115k | -1.62M | -0.0008 | -3.88 | 6.18M |
From Apr 2023 to Apr 2024
TIDMORR
RNS Number : 8893A
Oriole Resources PLC
30 May 2023
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Board commits to further Salary Sacrifice Plan,
New Share Option Remuneration Plan
and
Notification of Directors Dealings
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides details of a further Salary Sacrifice Plan and a New Share Option Remuneration Plan agreed by the Board of Directors ('the Board'). This follows the completion last month of a share-based salary sacrifice scheme (announcement dated 12 May 2023) that saw the entire Board take shares in the Company in lieu of GBP90,000 net salary.
Oriole Resources Remuneration Committee Chairman, David Pelham , said: "This award of options reflects the continuing desire of the Board to invest salaries into the equity of the Company, so retaining cash for exploration purposes, and also recognises the success of the team in delivering exploration objectives in Cameroon. The salary sacrifice element of this award replaces the salary sacrifice for shares arrangements that have been running since June 2022. "
Salary Sacrifice Plan
In order to continue to maximise cash available for ongoing exploration work, the Board has agreed to a new plan to sacrifice 25% of its contractual salary payments for the six-month period commencing May 2023 in return for the issue of share options. Share options are considered a more favourable financial instrument than fully-paid shares, since the tax deferral that options provide will enable significantly more cash conservation in the Company.
New Share Option Remuneration Plan
Alongside the Salary Sacrifice Plan, the Company has also agreed to grant options to the Company's Board and to certain members of staff. Additionally, an incentive scheme is being introduced in respect of the Company's Cameroonian employees who have worked hard to successfully deliver Cameroons first JORC compliant resource for gold. The Company has made this award in order to compensate the team for its dedication, hard work, and in lieu of material salary increases that would be in line with inflationary wage trends.
The awards have been determined by the Remuneration Committee and, in the case of the members of the Remuneration Committee and other employees, determined by the Executive Directors.
In aggregate, the Company is to issue 177,000,000 options ('the Options') at an exercise price of 0.2 pence per Ordinary Share of the Company ('Ordinary Shares'), an 8% premium to the closing price at 26 May 2023, utilising the Company's existing shareholder authority.
These options will vest in the following tranches:
Hot Features
Premium
Vesting Date Number of options
Immediately 54,250,000
------------------
30 June 2023 10,750,000
------------------
31 July 2023 10,750,000
------------------
31 August 2023 10,750,000
------------------
30 September 2023 10,750,000
------------------
31 October 2023 10,750,000
------------------
31 May 2024 34,500,000
------------------
31 May 2025 34,500,000
------------------
The Options are not subject to performance conditions and will expire after ten years. In aggregate, this award of Options is equivalent to 6.21% of the current issued share capital of the Company.
The awards include 160,500,000 options in respect of awards to Directors as set out below:
Options Options T otal new Total Total No. of Ordinary
issued issued options unexercised unexercised ordinary shares
under under issued options warrants shares held held as
Salary N ew a % of
Sacrifice Share issued
Plan Option shares
Remuneration
Plan
Eileen
Carr 6,300,000 18,000,000 24,300,000 24,300,000 11,111,111 152,672,969 5.36%
----------- -------------- ----------- --------------- --------------- --------------- ---------
Tim Livesey 22,500,000 18,000,000 40,500,000 76,479,940 2,777,778 38,308,323 1.34%
----------- -------------- ----------- --------------- --------------- --------------- ---------
David Pelham 4,200,000 18,000,000 22,200,000 25,490,446 - 6,681,075 0.23%
----------- -------------- ----------- --------------- --------------- --------------- ---------
Claire
Bay 13,500,000 24,000,000* 37,500,000 47,530,000 1,666,667 9,739,901 0.34%
----------- -------------- ----------- --------------- --------------- --------------- ---------
Bob Smeeton 18,000,000 18,000,000 36,000,000 64,383,952 6,666,666 32,436,378 1.14%
----------- -------------- ----------- --------------- --------------- --------------- ---------
*includes a performance-based bonus.
Further information on these dealings is included in the PDMR dealing notifications below.
**S **
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.orioleresources.com , @OrioleResources on Twitter,
or contact:
Oriole Resources PLC Tel: +44 (0)23 8065 1649 Tim Livesey / Bob Smeeton / Claire Bay BlytheRay (IR/PR contact) Tel: +44 (0)20 7138 3204 Tim Blythe / Megan Ray / Rachael Brooks Grant Thornton UK LLP Tel: +44 (0)20 7383 5100 Samantha Harrison / George Grainger / Ciara Donnelly SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470 Ewan Leggat / Harry Davies-Ball
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has a maiden Resource of 305,000 oz Au in the JORC Inferred category at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At the more advanced Senala gold project in Senegal, Oriole was advised by IAMGOLD on 26 April 2023 that AGEM Senegal Exploration Suarl ('AGEM') was now a wholly-owned subsidiary of Managem Group. As previously announced, AGEM has earned an initial 51% beneficial interest by spending US$4 million and has the option to spend up to a further US$4 million by 28 February 2024 to earn a further 19% interest. Reverse Circulation drilling is planned as part of AGEM's Year 6 programme at Senala. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.
Annex
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Eileen Carr
-------------------------------------- ---------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status Chair
-------------------------------------- ---------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name Oriole Resources PLC
-------------------------------------- ---------------------------------------
b) LEI 213800X32GJR5AGAR511
-------------------------------------- ---------------------------------------
Details of the transaction(s): section to be repeated
4 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 the Ordinary shares of 0.1 pence each
financial instrument, in the capital of the Company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
-------------------------------------- ---------------------------------------
c) Price(s) and volume(s)
---------------- ------------------
Price(s) Volume(s)
---------------- ------------------
0.2 24,300,000
---------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 26(th) May 2023
-------------------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ---------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Tim Livesey
-------------------------------------- ---------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status CEO
-------------------------------------- ---------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name Oriole Resources PLC
-------------------------------------- ---------------------------------------
b) LEI 213800X32GJR5AGAR511
-------------------------------------- ---------------------------------------
Details of the transaction(s): section to be repeated
4 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 the Ordinary shares of 0.1 pence each
financial instrument, in the capital of the Company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
-------------------------------------- ---------------------------------------
c) Price(s) and volume(s)
---------------- ------------------
Price(s) Volume(s)
---------------- ------------------
0.2 40,500,000
---------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 26(th) May 2023
-------------------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ---------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name David Pelham
-------------------------------------- ---------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status Director
-------------------------------------- ---------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name Oriole Resources PLC
-------------------------------------- ---------------------------------------
b) LEI 213800X32GJR5AGAR511
-------------------------------------- ---------------------------------------
Details of the transaction(s): section to be repeated
4 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 the Ordinary shares of 0.1 pence each
financial instrument, in the capital of the Company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
-------------------------------------- ---------------------------------------
c) Price(s) and volume(s)
---------------- ------------------
Price(s) Volume(s)
---------------- ------------------
0.2 22,200,000
---------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 26(th) May 2023
-------------------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ---------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Claire Bay
-------------------------------------- ---------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status Executive Director
-------------------------------------- ---------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name Oriole Resources PLC
-------------------------------------- ---------------------------------------
b) LEI 213800X32GJR5AGAR511
-------------------------------------- ---------------------------------------
Details of the transaction(s): section to be repeated
4 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 the Ordinary shares of 0.1 pence each
financial instrument, in the capital of the Company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
-------------------------------------- ---------------------------------------
c) Price(s) and volume(s)
---------------- ------------------
Price(s) Volume(s)
---------------- ------------------
0.2 37,500,000
---------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 26(th) May 2023
-------------------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ---------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Bob Smeeton
-------------------------------------- ---------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status CFO
-------------------------------------- ---------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name Oriole Resources PLC
-------------------------------------- ---------------------------------------
b) LEI 213800X32GJR5AGAR511
-------------------------------------- ---------------------------------------
Details of the transaction(s): section to be repeated
4 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 the Ordinary shares of 0.1 pence each
financial instrument, in the capital of the Company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share
-------------------------------------- ---------------------------------------
c) Price(s) and volume(s)
---------------- ------------------
Price(s) Volume(s)
---------------- ------------------
0.2 36,000,000
---------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 26(th) May 2023
-------------------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ---------------------------------------
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END
MSCBGGDUBBDDGXC
(END) Dow Jones Newswires
May 30, 2023 02:00 ET (06:00 GMT)
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