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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 |
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.
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(END) Dow Jones Newswires
May 15, 2020 02:00 ET (06:00 GMT)
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