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ORM Ormonde Mining Plc

0.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ormonde Mining Plc LSE:ORM London Ordinary Share IE00BF0MZF04 ORD EUR0.01 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.75 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ormonde Mining PLC Business Update, Salary Reductions, Options Grant (9846M)

15/05/2020 7:00am

UK Regulatory


Ormonde Mining (LSE:ORM)
Historical Stock Chart


From Mar 2019 to Mar 2024

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TIDMORM

RNS Number : 9846M

Ormonde Mining PLC

15 May 2020

15 May 2020

Ormonde Mi n i ng p lc

("Or m onde" or "the C o m pany ")

Business Update, Reduction of Director and Management Salaries

and Granting of Options

Ormonde advises that while the global COVID-19 pandemic continues with non-essential travel having ceased, only desk-study work will be ongoing on the Company's Spanish projects. The Company continues to focus its efforts on review of new opportunities for deployment of capital and enhancement of shareholder value, with over eighty resource sector projects having been reviewed in the short period since the disposal of the Company's interest in the Barruecopardo Tungsten Mine. A small number of these opportunities remain promising, being of an appropriate scale whereby the Company's cash would aid meaningful development, and which the directors believe could have the potential to add materially to shareholder value. Work on advancing these opportunities towards a successful conclusion will continue over the coming period.

In light of the ongoing COVID-19 situation, and with the goal of retaining maximum cash reserves for allocation to opportunities in the resource sector, Ormonde's directors and executive management have agreed to a reduction in salaries representing an ongoing reduction in remuneration costs of 25%, effective from 1 May 2020.

The Company also advises that it has granted conditional options ("Options") over 16,500,000 ordinary shares in the capital of the Company ("Ordinary Shares") to certain employees and directors of the Company, in accordance with the rules of the Company's Share Option Plan, which was approved by shareholders on 27 September 2018.

The exercise price for each option is Euro 0.01, being 43% above the closing share price of an Ordinary Share on the Euronext Growth Market of the Euronext Dublin Exchange ("Euronext") on the day prior to award of the options, being 14 May 2020, and 37% above the average Euronext share price for the thirty day period prior to the award date.

The Board considers that the holding of options helps align the interests of the executives and directors with shareholders, with a view to providing growth in the Company's share price. The Company's long term success will be dependent upon the assessment of value adding opportunities for investment; aligning the interests of all directors and senior executives with shareholders incentivises all concerned to achieve the best possible outcome and to minimise undue dilution of interests.

The Options have a 10 year duration and will vest in three equal instalments on issuance, and on the 12 and 24 month anniversaries of that date.

Ormonde has 472,507,482 ordinary shares of Euro 0.01 in issue. Details of the Options awarded to persons discharging managerial responsibilities ("PDMR") are included below:

 
 PDMR               Options granted     Total Options 
                                 on    held following 
                        14 May 2020             grant 
 
 Jonathan Henry           5,500,000         5,500,000 
 Richard Brown            2,500,000         2,500,000 
 Tim Livesey              2,500,000         2,500,000 
 Paul Carroll             3,000,000         8,100,000 
 Fraser Gardiner          3,000,000         5,000,000 
 

PDMR Dealings

The notification of dealing forms for each PDMR can be found below. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

Jonathan Henry, Ormonde's Executive Chairman, commented:

"I would like to thank the Ormonde Board and Executive Team for its focus and resourcefulness supporting the Company over what has been a difficult period for all. While travel restriction have had a limiting effect, it is pleasing to note the substantial progress made in reviewing over eighty resource sector opportunities, a number of which the Company believes could make a high impact over the short to medium term, with the potential to add materially to shareholder value. We look forward to keeping shareholders informed on developments in this regard, as progress is made."

Enqu iries t o:

Ormonde Mining plc

Jonathan Henry, Executive Chairman

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Email: info@ormondemining.com

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

John Frain / Barry Murphy

Tel: +353 (0)1 679 6363

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat

Tel: +44 (0)20 3 470 0470

Capital M Consultants

Simon Rothschild

Mob: +44 (0)7703 167065

Murray Consultants

Mark Brennock

Tel: +353 (0)1 4980300

Mob: +353 (0)87 2335923

For more information, visit www.ormondemining.com .

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    JONATHAN HENRY 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)   Position/status         EXECUTIVE CHAIRMAN 
     ======================  =============================================== 
 b)   Initial Notification    INITIAL NOTIFICATION 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    ORMONDE MINING PLC. 
     ======================  =============================================== 
 b)   LEI                     635400EA9DCKKQEWL348 
     ======================  =============================================== 
 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             OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN 
       of the financial        THE SHARE CAPITAL OF ORMONDE MINING PLC 
       instrument, 
       type of                 ISIN: IE00BF0MZF04 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               GRANT OF SHARE OPTIONS 
       the transaction 
     ======================  =============================================== 
 c)   Exercise Price(s)         Price(s)   Volume(s) 
       and volume(s)             EUR0.01    5,500,000 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the             14 May 2020 
       transaction 
     ======================  =============================================== 
 f)   Place of the            DUBLIN 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    RICHARD BROWN 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)   Position/status         NON-EXECUTIVE DIRECTOR 
     ======================  =============================================== 
 b)   Initial Notification    INITIAL NOTIFICATION 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    ORMONDE MINING PLC. 
     ======================  =============================================== 
 b)   LEI                     635400EA9DCKKQEWL348 
     ======================  =============================================== 
 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             OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN 
       of the financial        THE SHARE CAPITAL OF ORMONDE MINING PLC 
       instrument, 
       type of                 ISIN: IE00BF0MZF04 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               GRANT OF SHARE OPTIONS 
       the transaction 
     ======================  =============================================== 
 c)   Exercise Price(s)         Price(s)   Volume(s) 
       and volume(s)             EUR0.01    2,500,000 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the             14 May 2020 
       transaction 
     ======================  =============================================== 
 f)   Place of the            DUBLIN 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    TIM LIVESEY 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)   Position/status         NON-EXECUTIVE DIRECTOR 
     ======================  =============================================== 
 b)   Initial Notification    INITIAL NOTIFICATION 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    ORMONDE MINING PLC. 
     ======================  =============================================== 
 b)   LEI                     635400EA9DCKKQEWL348 
     ======================  =============================================== 
 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             OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN 
       of the financial        THE SHARE CAPITAL OF ORMONDE MINING PLC 
       instrument, 
       type of                 ISIN: IE00BF0MZF04 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               GRANT OF SHARE OPTIONS 
       the transaction 
     ======================  =============================================== 
 c)   Exercise Price(s)         Price(s)   Volume(s) 
       and volume(s)             EUR0.01    2,500,000 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the             14 May 2020 
       transaction 
     ======================  =============================================== 
 f)   Place of the            DUBLIN 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    PAUL CARROLL 
     ======================  =============================================== 
 
 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                    ORMONDE MINING PLC. 
     ======================  =============================================== 
 b)   LEI                     635400EA9DCKKQEWL348 
     ======================  =============================================== 
 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             OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN 
       of the financial        THE SHARE CAPITAL OF ORMONDE MINING PLC 
       instrument, 
       type of                 ISIN: IE00BF0MZF04 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               GRANT OF SHARE OPTIONS 
       the transaction 
     ======================  =============================================== 
 c)   Exercise Price(s)         Price(s)   Volume(s) 
       and volume(s)             EUR0.01    3,000,000 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the             14 May 2020 
       transaction 
     ======================  =============================================== 
 f)   Place of the            DUBLIN 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    FRASER GARDINER 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)   Position/status         CHIEF OPERATING OFFICER 
     ======================  =============================================== 
 b)   Initial Notification    INITIAL NOTIFICATION 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    ORMONDE MINING PLC. 
     ======================  =============================================== 
 b)   LEI                     635400EA9DCKKQEWL348 
     ======================  =============================================== 
 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             OPTIONS OVER ORDINARY SHARES OF 0.01 EURO IN 
       of the financial        THE SHARE CAPITAL OF ORMONDE MINING PLC 
       instrument, 
       type of                 ISIN: IE00BF0MZF04 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               GRANT OF SHARE OPTIONS 
       the transaction 
     ======================  =============================================== 
 c)   Exercise Price(s)         Price(s)   Volume(s) 
       and volume(s)             EUR0.01    3,000,000 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the             14 May 2020 
       transaction 
     ======================  =============================================== 
 f)   Place of the            DUBLIN 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information 
     ======================  =============================================== 
 

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.

END

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May 15, 2020 02:00 ET (06:00 GMT)

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