ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

RBD Reabold Resources Plc

0.0625
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Reabold Resources Plc LSE:RBD London Ordinary Share GB00B95L0551 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0625 0.06 0.065 0.0625 0.0625 0.0625 5,230,144 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mgmt Invt Offices, Open-end 560k -45k 0.0000 N/A 5.93M

Reabold Resources PLC Board appointments and Issue of Options (1356U)

19/10/2017 5:48pm

UK Regulatory


TIDMRBD

RNS Number : 1356U

Reabold Resources PLC

19 October 2017

 
 For immediate release   19 October 2017 
 
 

Reabold Resources plc

("Reabold" or the "Company")

Director Appointments

Issue of Options

Reabold, the AIM listed investment company operating in the natural resources sector, is pleased to announce that Sachin Oza and Stephen Williams, the Joint Chief Executive Officers of the Company, have been appointed to the Board of Directors with immediate effect. Mr Oza and Mr Williams will now both be acting as Directors and Joint Chief Executive Officers.

Mr Oza and Mr Williams each hold 10,000,000 ordinary shares in the Company (or 0.65% of the Company's issued share capital each) which they acquired under the placing to raise GBP3.96 million announced on 20 September 2017 (the "Placing") and at the Placing price of 0.5 pence per Placing share (the "Placing Price").

Following the Placing and in connection with the appointment of Mr Oza and Mr Williams to the Board, the Company also advises that options over Ordinary Shares (the "Options") as set out below were granted on 19 October 2017 over a total of 190 million common shares representing 12.33% of the issued share capital of the Company and expire four years from the date of grant.

 
 Executive    Position     New Options   Exercise   Vesting Period   Expiry 
                            Issued        Price 
-----------  -----------  ------------  ---------  ---------------  ----------- 
 Sachin       CEO          30,000,000    0.50p      Immediately      19-Oct-21 
  Oza 
                            30,000,000    0.75p      12 months        19-Oct-21 
                                                      from grant 
                            30,000,000    1.00p      18 months        19-Oct-21 
                                                      from grant 
-----------  -----------  ------------  ---------  ---------------  ----------- 
 Stephen      CEO          30,000,000    0.50p      Immediately      19-Oct-21 
  Williams 
                            30,000,000    0.75p      12 months        19-Oct-21 
                                                      from grant 
                            30,000,000    1.00p      18 months        19-Oct-21 
                                                      from grant 
-----------  -----------  ------------  ---------  ---------------  ----------- 
 Anthony      Finance 
  Samaha       Director    10,000,000    0.5p       Immediately      19-Oct-21 
-----------  -----------  ------------  ---------  ---------------  ----------- 
 

Of the 190m stock options: 70 million have an exercise price of 0.50p and vest immediately and are in line with both the Placing Price as set out above, and with the subscription price of a subsequent fund raising totalling GBP1.76 million announced on 2 October 2017; 60 million have an exercise price of 0.75p, representing a premium of 50% to the Placing Price and vest 12 months from grant; and 60 million have a exercise price of 1.0p, representing a premium of 100% to the Placing Price, and vest 18 months from grant. Should any Option holder leave the Board prior to the vesting of their Options, such Options will be forfeited.

The issue of the Options as set out above ("the Transaction") are a related party transaction under the AIM Rules. Jeremy Edelman, the Director independent of the Transaction, considers, having consulted with the Company's Nominated Adviser, that the terms of the Transaction are fair and reasonable so far as shareholders of the Company are concerned.

Jeremy Edelman, Executive Chairman comments:

"I am delighted to see Sachin and Stephen join the Board and very much appreciate their efforts so far. Following discussions with potential investors at the time of the Placing it was agreed that putting in place appropriate management incentives to align the interests of new investors and management would be appropriate and therefore the Company hopes the grant of Options as detailed above will achieve this. We look forward to further benefiting from their considerable technical expertise and experience".

Disclosure required under the AIM Rules:

The names of all companies of which Mr Sachin Oza, aged 44, and Mr Stephen Anthony Williams, aged 36, has been a director at any time in the previous five years are set out below:

 
              Sachin Oza   Stephen Williams 
-----------  -----------  ----------------- 
 Kermin Ltd   Previous     Previous 
-----------  -----------  ----------------- 
 

Mr Oza and Mr Williams, each hold 10 million ordinary shares in the Company.

There are no other matters which are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014

Enquiries:

 
 Reabold Resources         Sachin Oza          C/o Camarco 
  plc                       Stephen Williams    Tel: 020 3757 4980 
                            Anthony Samaha 
 Beaumont Cornish          Roland Cornish      Tel: 020 7628 3396 
  Limited                   Felicity Geidt 
 Whitman Howard            Nick Lovering       Tel: 020 7659 1234 
  Limited                   Grant Barker 
 Turner Pope Investments   Andy Thacker        Tel: 020 3621 4120 
  (TPI) Ltd - Joint 
  Broker 
 Camarco                   Billy Clegg         Tel: 020 3757 4980 
                            James Crothers 
                            Oliver Head 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBLBDGRSBBGRC

(END) Dow Jones Newswires

October 19, 2017 12:48 ET (16:48 GMT)

1 Year Reabold Resources Chart

1 Year Reabold Resources Chart

1 Month Reabold Resources Chart

1 Month Reabold Resources Chart

Your Recent History

Delayed Upgrade Clock