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STEL Stellar Diamond

5.25
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Stellar Diamond LSE:STEL London Ordinary Share GB00BYZ5QT80 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 5.25 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Stellar Diamonds PLC Cancellation of Options & Grant of Share Options (9268Z)

20/12/2017 10:47am

UK Regulatory


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TIDMSTEL

RNS Number : 9268Z

Stellar Diamonds PLC

20 December 2017

NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.

20 December 2017

AIM: STEL

Stellar Diamonds plc

("Stellar" or the "Company")

Cancellation of existing Share Options

Grant of new Share Options

PDMR dealings

Stellar, the London Listed (AIM: STEL) diamond mining and exploration company focused on Sierra Leone, announces the cancellation of all 1,013,000 existing options over ordinary shares ("Existing Options") and the intended grant of new share options over 5,250,000 ordinary shares of GBP0.01 each ("Ordinary Shares") in aggregate to certain Directors and employees of the Company or its subsidiaries ("New Options"). The New Options have an exercise price of 3.25 pence per Ordinary Share. Further terms of the New Options are described below.

Cancellation of Existing Options

The Directors and certain employees were awarded options during the period 2012 to 2014 whose exercise price (following the Company's share reorganisation in 2015) is 62.5p, 75p and 150p. The Board considers that these Existing Options provide no realistic incentive and, accordingly, it has been agreed to cancel these options.

New Options

The New Options are exercisable for a period of 5 years from the date of grant. One third of the New Options will vest immediately, one third in six months and one third in twelve months. The exercise price represents a premium of 30% to the closing share price of 2.50p per share on 19 December 2017.

The New Options will be subject to the terms of the Company's unapproved share option scheme.

The allocation of the New Options is detailed in the following table:

 
    Directors           Position          New      Exercise     Total 
                                        Options      price      number 
                                        granted      (GBP)     of share 
                                                               options 
                                                                 held 
-----------------  -----------------  ----------  ---------  ---------- 
                    Chief Executive 
 Karl Smithson       Officer           1,850,000    0.0325    1,850,000 
-----------------  -----------------  ----------  ---------  ---------- 
                    Non-Executive 
 Steven Poulton      Director            750,000    0.0325      750,000 
-----------------  -----------------  ----------  ---------  ---------- 
 Hansjoerg          Non-Executive 
  Plaggemars         Director            750,000    0.0325      750,000 
-----------------  -----------------  ----------  ---------  ---------- 
                    Chief Operating 
 Rowan Carr          Officer           1,250,000    0.0325    1,250,000 
-----------------  -----------------  ----------  ---------  ---------- 
 Other Employees                         650,000    0.0325      650,000 
------------------------------------  ----------  ---------  ---------- 
                                       5,250,000              5,250,000 
                                      ----------             ---------- 
 

Following the cancellation of the Existing Options and grant of the New Options, the total number of Ordinary Shares under option is 5,250,000 representing 8.47% of the Company's share capital of 62,007,748 ordinary shares.

The grant of the New Options to Karl Smithson, Steven Poulton, Hansjoerg Plaggemars and Rowan Carr as outlined above, are related party transactions for the purposes of Rule 13 of the AIM Rules for Companies. The independent director of the Company, Peter Daresbury, considers, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, that the terms of grant of the New Options, as outlined above, are fair and reasonable insofar as Shareholders are concerned.

For further information contact the following or visit the Company's website at www.stellar-diamonds.com.

 
 Karl Smithson,     Stellar Diamonds plc       Tel: +44 (0) 20 
  CEO                                             7010 7686 
 Emma Earl          Cairn Financial Advisers   Tel: +44 (0) 20 
  Sandy Jamieson     (Nominated Adviser)             7213 0880 
 Jon Bellis         Beaufort Securities        Tel: +44 (0) 20 
                     Limited (Joint Broker)          7382 8300 
 Martin Lampshire   Peterhouse Corporate       Tel: +44 (0) 20 
                     Finance (Joint Broker)       7469 0930 
 Tim Blythe         Blytheweigh                Tel: +44 (0) 20 
  Nick Elwes         (Financial PR)                  7138 3204 
 

About Stellar Diamonds plc

Stellar is an AIM listed (AIM: STEL) diamond development company focused on the 4.5 million carat high-grade and high value Tongo-Tonguma kimberlite diamond project in the world famous diamond fields of eastern Sierra Leone. An independently generated mine plan, based on over 66,000m of drilling that has been completed to date, envisages the production of over 4 million carats, generating gross revenues of more than US$1.2 billion, over a 21 year life of mine. Initial production at Tongo-Tonguma is scheduled to occur in the first year of development, building up to over 200,000 carats per annum, with a weighted average modelled diamond value of $229 per carat. The Tongo-Tonguma mine is estimated to give Stellar an attributable a Post-tax NPV(8) of US$109 million and IRR of 31%.

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

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

 
 Notification of a Transaction pursuant to Article 
  19(1) of Regulation (EU) No. 596/2014 
------------------------------------------------------------------------------- 
 1      Details of the person discharging managerial 
         responsibilities/person closely associated 
-----  ------------------------------------------------------------------------ 
 a.     Name                          Nicholas Karl Smithson 
                                     ------------------------------------------ 
 2      Reason for 
         notification 
-----  ----------------------------  ------------------------------------------ 
 a.     Position/Status               Director 
-----  ----------------------------  ------------------------------------------ 
 b.     Initial notification/         Initial notification 
         Amendment 
-----  ----------------------------  ------------------------------------------ 
 3      Details of the issuer, emission allowance 
         market participant, auction platform, auctioneer 
         or auction monitor 
       ------------------------------------------------------------------------ 
 a.     Name                          Stellar Diamonds Plc 
-----  ----------------------------  ------------------------------------------ 
 b.     LEI                           213800BFLH23MYBBNC62 
-----  ----------------------------  ------------------------------------------ 
 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                   Ordinary Shares of 1 pence each 
         of the financial 
         instrument, 
         type of instrument 
                                       GB00BYZ5QT80 
         Identification 
         Code 
-----  ----------------------------  ------------------------------------------ 
 b.     Nature of the                 Grant of options over new Ordinary 
         transaction                   Shares 
-----  ----------------------------  ------------------------------------------ 
 
 c.     Price(s) and                   Price(s)               Volume(s) 
         volume(s)                      per share 
-----  ----------------------------   ---------------------  --------------- 
    3.25 pence                                                1,850,000 
   --------------------------------------------------------  --------------- 
 
 d.     Aggregated 
         information                    Options over 1,850,000 ordinary 
                                        shares with an exercise price 
         - Aggregated                   of 3.25pence each 
         Volume 
         - Price 
-----  ----------------------------  ------------------------------------------ 
 e.     Date of the                   19 December 2017 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 f.     Place of the                  London AIM 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 
 
 
 Notification of a Transaction pursuant to Article 
  19(1) of Regulation (EU) No. 596/2014 
------------------------------------------------------------------------------- 
 1      Details of the person discharging managerial 
         responsibilities/person closely associated 
-----  ------------------------------------------------------------------------ 
 a.     Name                          Hansjoerg Plaggemars 
                                     ------------------------------------------ 
 2      Reason for 
         notification 
-----  ----------------------------  ------------------------------------------ 
 a.     Position/Status               Director 
-----  ----------------------------  ------------------------------------------ 
 b.     Initial notification/         Initial notification 
         Amendment 
-----  ----------------------------  ------------------------------------------ 
 3      Details of the issuer, emission allowance 
         market participant, auction platform, auctioneer 
         or auction monitor 
       ------------------------------------------------------------------------ 
 a.     Name                          Stellar Diamonds Plc 
-----  ----------------------------  ------------------------------------------ 
 b.     LEI                           213800BFLH23MYBBNC62 
-----  ----------------------------  ------------------------------------------ 
 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                   Ordinary Shares of 1 pence each 
         of the financial 
         instrument, 
         type of instrument 
                                       GB00BYZ5QT80 
         Identification 
         Code 
-----  ----------------------------  ------------------------------------------ 
 b.     Nature of the                 Grant of options over new Ordinary 
         transaction                   Shares 
-----  ----------------------------  ------------------------------------------ 
 
 c.     Price(s) and                   Price(s)               Volume(s) 
         volume(s)                      per share 
-----  ----------------------------   ---------------------  --------------- 
    3.25 pence                                                750,000 
   --------------------------------------------------------  --------------- 
 
 d.     Aggregated 
         information 
                                        Options over 750,000 ordinary 
         - Aggregated                   shares with an exercise price 
         Volume                         of 3.25pence each 
         - Price 
-----  ----------------------------  ------------------------------------------ 
 e.     Date of the                   19 December 2017 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 f.     Place of the                  London AIM 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 
 
 
 Notification of a Transaction pursuant to Article 
  19(1) of Regulation (EU) No. 596/2014 
------------------------------------------------------------------------------- 
 1      Details of the person discharging managerial 
         responsibilities/person closely associated 
-----  ------------------------------------------------------------------------ 
 a.     Name                          Steven Poulton 
                                     ------------------------------------------ 
 2      Reason for 
         notification 
-----  ----------------------------  ------------------------------------------ 
 a.     Position/Status               Director 
-----  ----------------------------  ------------------------------------------ 
 b.     Initial notification/         Initial notification 
         Amendment 
-----  ----------------------------  ------------------------------------------ 
 3      Details of the issuer, emission allowance 
         market participant, auction platform, auctioneer 
         or auction monitor 
       ------------------------------------------------------------------------ 
 a.     Name                          Stellar Diamonds Plc 
-----  ----------------------------  ------------------------------------------ 
 b.     LEI                           213800BFLH23MYBBNC62 
-----  ----------------------------  ------------------------------------------ 
 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                   Ordinary Shares of 1 pence each 
         of the financial 
         instrument, 
         type of instrument 
                                       GB00BYZ5QT80 
         Identification 
         Code 
-----  ----------------------------  ------------------------------------------ 
 b.     Nature of the                 Grant of options over new Ordinary 
         transaction                   Shares 
-----  ----------------------------  ------------------------------------------ 
 
 c.     Price(s) and                   Price(s)               Volume(s) 
         volume(s)                      per share 
-----  ----------------------------   ---------------------  --------------- 
    3.25 pence                                                750,000 
   --------------------------------------------------------  --------------- 
 
 d.     Aggregated 
         information 
                                        Options over 750,000 ordinary 
         - Aggregated                   shares with an exercise price 
         Volume                         of 3.25pence each 
         - Price 
-----  ----------------------------  ------------------------------------------ 
 e.     Date of the                   19 December 2017 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 f.     Place of the                  London AIM 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 
 
 
 Notification of a Transaction pursuant to Article 
  19(1) of Regulation (EU) No. 596/2014 
------------------------------------------------------------------------------- 
 1      Details of the person discharging managerial 
         responsibilities/person closely associated 
-----  ------------------------------------------------------------------------ 
 a.     Name                          Rowan Carr 
                                     ------------------------------------------ 
 2      Reason for 
         notification 
-----  ----------------------------  ------------------------------------------ 
 a.     Position/Status               Senior Manager 
-----  ----------------------------  ------------------------------------------ 
 b.     Initial notification/         Initial notification 
         Amendment 
-----  ----------------------------  ------------------------------------------ 
 3      Details of the issuer, emission allowance 
         market participant, auction platform, auctioneer 
         or auction monitor 
       ------------------------------------------------------------------------ 
 a.     Name                          Stellar Diamonds Plc 
-----  ----------------------------  ------------------------------------------ 
 b.     LEI                           213800BFLH23MYBBNC62 
-----  ----------------------------  ------------------------------------------ 
 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                   Ordinary Shares of 1 pence each 
         of the financial 
         instrument, 
         type of instrument 
                                       GB00BYZ5QT80 
         Identification 
         Code 
-----  ----------------------------  ------------------------------------------ 
 b.     Nature of the                 Grant of options over new Ordinary 
         transaction                   Shares 
-----  ----------------------------  ------------------------------------------ 
 
 c.     Price(s) and                   Price(s)               Volume(s) 
         volume(s)                      per share 
-----  ----------------------------   ---------------------  --------------- 
    3.25 pence                                                1,250,000 
   --------------------------------------------------------  --------------- 
 
 d.     Aggregated 
         information 
                                        Options over 1,250,000 ordinary 
         - Aggregated                   shares with an exercise price 
         Volume                         of 3.25pence each 
         - Price 
-----  ----------------------------  ------------------------------------------ 
 e.     Date of the                   19 December 2017 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 f.     Place of the                  London AIM 
         transaction 
-----  ----------------------------  ------------------------------------------ 
 
 

** ENDS **

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

December 20, 2017 05:47 ET (10:47 GMT)

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