Red Rock Resources plc Issue of Shares under Share Incentive Plan (6167V)

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RNS Number : 6167V

Red Rock Resources plc

09 April 2019

Red Rock Resources Plc

("Red Rock" or the "Company")

Issue of Shares under Share Incentive Plan and Directors' Dealings

9 April 2019

Red Rock Resources Plc, the natural resource investment and development company, announces that on 2 April 2019 the Board of Directors approved the issuance of 6,556,800 ordinary shares in the Company ("Ordinary Shares") under the Company's Share Incentive Plan ("SIP") for the 2018/19 tax year as agreed in the Trustees meeting held on 1 April 2019.

Under the terms of the SIP, once employees have satisfactorily completed their probationary period, they may sign up to both the Free Share Agreement and Partnership Share Agreement, however, they may only begin active participation in the Partnership Agreement at the beginning of the tax year.

Free Share Agreement - Free Share Award

Under the Free Share Agreement, employees may be awarded up to GBP3,600 worth of Ordinary Shares in the Company in any one tax year. Ordinary Shares to the value of GBP3,600 per existing employee have been awarded in respect of the 2018/19 tax year, representing a total of 3,000,000 Ordinary Shares, with reference to the mid-market closing price of 0.60p as of 29 March 2019.

Partnership Share Agreement - Share Award

In addition, employees may purchase up to GBP1,800 (or up to a maximum of 10% of their salary, whichever is the lower) worth of Shares (the "Partnership Shares") in any one tax year. The Company will match these shares on a 2:1 basis (the "Matching Shares"). The Partnership and the Matching Shares are awarded with reference to the lower of the mid-market closing price at the beginning or at the end of the accumulation period.

Therefore, 1,185,600 Partnership Shares and 2,371,200 Matching Shares (being 3,556,800 Shares in aggregate) have been awarded with reference to the mid-market closing price of 0.60p on 29 March 2019, which is the end of the accumulation period for the 2018/19 tax year.

The Directors have participated in the Partnership Share award and the above numbers include such participation, further details of which are set out below.

All shares awarded under the Partnership Share Agreement will be held by the SIP Trustees and such shares cannot be released to participants until five years after the date of the award, except in specific circumstances.

Directors' Participation

In respect of the 2018/19 tax year, all Directors were eligible to participate in the Free, Partnership and Matching Share schemes. These shares awarded to Directors have been included in the table below, which sets out the total shareholding and interests of the Directors in the enlarged share capital of the Company:

 
 
   Directors     New Ordinary      Ordinary Shares         Total        % of       Options     Warrants 
                    Shares           Post Issuance         Shares      Enlarged 
                                                                        Issued 
                                                                        Share 
                                                                       Capital 
 
 Andrew R M 
  Bell            1,500,000     31,792,511   7,828,480   39,620,991     6.47%     17,760,000   7,886,904 
 Michael C 
  Nott            1,464,000     1,471,807    7,660,480   9,132,287      1.49%      900,000             0 
 Scott Kaintz     1,500,000     2,517,807    7,828,480   10,346,287     1.69%     15,680,000   1,785,714 
 Sam Quinn        1,492,800     2,206,766    5,911,600   8,118,366      1.33%     3,900,000    1,785,714 
--------------  -------------  -----------  ----------  -----------  ----------  -----------  ---------- 
 

Admission to trading on AIM and Total Voting Rights

Application is being made to AIM for 6,556,800 new Ordinary Shares allotted in relation to the SIP for 2018/19 tax year to be admitted to trading on AIM. Admission of the 6,556,800 new Ordinary Shares is expected on or around 12 April 2019.

Following the issue of the 6,556,800 new Ordinary Shares the issued share capital of the Company consists of 612,569,271 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.

The above figure of 612,569,271 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.

For Further Information Contact:

Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990 Executive Director Red Rock Resources Plc

   Roland Cornish/Rosalind Hill Abrahams 0207 628 3396         NOMAD Beaumont Cornish Limited 

Jason Robertson 0207 374 2212 Broker First Equity Limited

The following disclosure is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                         1. Andrew R M Bell 
                                     2. Sam Quinn 
                                     3. Michael C Nott 
                                     4. Scott Kaintz 
                                     5. Rasa Vaitkute 
      ---------------------------  --------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------------- 
 a)    Position/status              1. Executive Chairman 
                                     2. Non-Executive Director 
                                     3. Non-Executive Director 
                                     4. Executive Director 
                                     5. Corporate Affairs Manager 
      ---------------------------  --------------------------------------------- 
 b)    Initial notification         Initial Notification 
        /Amendment 
      ---------------------------  --------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------------- 
 a)    Name                         Red Rock Resources Plc 
      ---------------------------  --------------------------------------------- 
 b)    LEI                          213800383CFWX3U42W09 
      ---------------------------  --------------------------------------------- 
 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 of the           Ordinary Shares of 0.01p each 
        financial instrument, 
        type of instrument 
 
       Identification code          ISIN: GB00BYWKBV38 
 
 b)    Nature of the transaction    Issue of Shares under Share Incentive Plan 
      ---------------------------  --------------------------------------------- 
 c)    Price(s) and volume(s)        Name               Price(s)   Volume(s) 
                                      Andrew R M Bell    0.60p      1,500,000 
                                                        ---------  ---------- 
                                      Sam Quinn          0.60p      1,492,800 
                                                        ---------  ---------- 
                                      Michael C Nott     0.60p      1,464,000 
                                                        ---------  ---------- 
                                      Scott Kaintz       0.60p      1,500,000 
                                                        ---------  ---------- 
                                      Rasa Vaitkute      0.60p      600,000 
                                                        ---------  ---------- 
                                   ------------------------------------------- 
 
 d)    Aggregated information 
 
  - Aggregated volume               6,556,800 
 
  - Price                           0.60 pence 
 
 e)    Date of the transaction      2 April 2019 
      ---------------------------  --------------------------------------------- 
 f)    Place of the transaction     Outside a trading venue 
      ---------------------------  --------------------------------------------- 
 

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 [e-mail] or visit www.rns.com.

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April 09, 2019 05:16 ET (09:16 GMT)