Xtract Resources plc Director/PDMR Shareholding (5132Q)

TIDMXTR

RNS Number : 5132Q

Xtract Resources plc

19 February 2019

For immediate release

19 February 2019

Xtract Resources Plc

("Xtract" or the "Company")

Award of Share Options

Director / PDMR Shareholding

Award of Share Options

The Board of Xtract announces that on 19 February 2019, the Board agreed to award in aggregate 23,300,000 new options over ordinary shares ("New Options"). 15,000,000 New Options (representing 4.28 per cent. of the current issued share capital) have been awarded to Directors (other than Peter Moir, Non-executive Director and Chairman of the Remuneration Committee) and a further 8,300,000 New Options (representing 2.67 per cent. of the current issued share capital) have been awarded to employees and officers of the Company.

The New Options vest in three equal tranches, with one-third vesting and being exercisable immediately on award, one-third vesting when the Company's closing mid-market share price ("Closing Price") is 1.25p and the remainder vesting on the Closing Price reaching 2p. The New Options will lapse five years after the date of the award, being 19 February 2024.

The New Options have an exercise price of 1p per share for the first-vested tranche ("First Tranche"), 1.25p per share for the second-vested tranche and 2p for the third-vested tranche. The exercise price of the First Tranche represents a 17.65 per cent premium to the Closing Price as at 18 February 2019 of 0.85 pence and a 6.31 per cent premium to the 30-day VWAP of 0.94 pence on 18 February 2019. Further details of the New Options awards are as follows:

 
                      Number of 
Individual          New Options 
-----------------  ------------ 
Directors: 
Colin Bird           10,000,000 
Joel Silberstein      5,000,000 
Other PDMR(s): 
Eduard Victor         6,000,000 
Employees: 
Other                 2,300,000 
Total                23,300,000 
                   ------------ 
 

Issue of equity and Director / PDMR shareholding

On 28 December 2017, the Company announced that it had agreed to issue 4,614,035 new Shares to Colin Bird in settlement of accrued but unpaid fees (which amounted at that time to GBP131,500) at an issue price of 2.85p per share ("Settlement Shares"), conditional on approval by shareholders of an increase in the Company's general share authorities at the next general meeting of the Company, which was duly approved on 25 June 2018. As the Company is no longer in a close period, the Board has completed the issue of the Settlement Shares today on the terms as previously announced.

The Settlement Shares will rank pari passu in all respects with the Company's existing issued ordinary shares and application will be made for admission of the Settlement Shares to trading on AIM ("Admission"), which is expected to occur on or about 26 February 2019. Following the issue of the Settlement Shares, Colin Bird's interest in Xtract is as follows:

 
 Director         Issue price       Settlement   Total Shareholding     % Shareholding 
                of Settlement    Shares issued            following    in the enlarged 
                       Shares                             the issue       issued share 
                                                  of the Settlement            capital 
                                                             Shares 
------------  ---------------  ---------------  -------------------  ----------------- 
 Colin Bird             2.85p        4,614,035            7,032,266              1.98% 
------------  ---------------  ---------------  -------------------  ----------------- 
 

Total Voting Rights

In conformity with the Disclosure and Transparency Rules of the Financial Conduct Authority ("FCA"), the Company announces the following:

As at the date of this announcement the Company's issued share capital consists of 355,174,719 ordinary shares of 0.02p each with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights is 355,174,719.

The above figure of 355,174,719 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 FCA's Disclosure and Transparency Rules.

A copy of this announcement: www.xtractresources.com

Enquiries:

 
 Xtract Resources Plc         Colin Bird,           [phone] 
                               Executive Chairman    www.xtractresources.com 
 Beaumont Cornish Limited     Roland Cornish        [phone] 
  Nominated Adviser and        Michael Cornish       www.beaumontcornish.co.uk 
  Joint Broker                 Felicity Geidt 
 
   Novum Securities Limited     Colin Rowbury         [phone] 
   Joint Broker                                       www.novumsecurities.com 
 

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. Colin Bird 
                                        2. Joel Siberstein 
                                        3. Eduard Victor 
     --------------------------  -------------------------------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------------------------------------ 
 a)   Position/status             1. Chairman 
                                   2. Finance Director 
                                   3. Chief Operating Officer (Non-Board) 
     --------------------------  -------------------------------------------------------------------------- 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  -------------------------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------------------------------------ 
 a)   Name                        Xtract Resources plc 
     --------------------------  -------------------------------------------------------------------------- 
 b)   LEI                         213800A71LZ79EKUNC34 
     --------------------------  -------------------------------------------------------------------------- 
 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          Options over Ordinary Shares of 0.02p each 
       financial instrument,       ("Ordinary Shares") 
       type of instrument 
 
      Identification code         ISIN: GB00BYSX2795 
 
 b)   Nature of the transaction   Issue of Options over Ordinary Shares 
     --------------------------  -------------------------------------------------------------------------- 
 c)   Price(s) and volume(s)        Director            Price payable on exercise of option    Volume(s) 
                                     -----------------  --------------------------------------  --------- 
                                     Colin Bird                p              1.00              5,000,000 
                                     Colin Bird                p              1.25              3,000,000 
                                     Colin Bird                p              2.00              2,000,000 
                                     Joel Silberstein          p              1.00              2,500,000 
                                     Joel Silberstein          p              1.25              1,500,000 
                                     Joel Silberstein          p              2.00              1,000,000 
                                     Eduard Victor             p              1.00              3,000,000 
                                     Eduard Victor             p              1.25              1,800,000 
                                     Eduard Victor             p              2.00              1,200,000 
                                   ---------------------------------------------------------------------- 
 
 d)   Aggregated information 
 
      - Aggregated volume         23,300,000 options over Ordinary Shares 
 
      - Price                     1/3 exercisable at 1p 
                                   1/3 exercisable at 1.25p; 
                                   1/3 exercisable at 2p 
 
 e)   Date of the transaction     19 February 2019 
     --------------------------  -------------------------------------------------------------------------- 
 f)   Place of the transaction    Outside a trading venue 
     --------------------------  -------------------------------------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                Colin Bird 
      -----------------------------  ------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------------- 
 a)    Position/status                Chairman 
      -----------------------------  ------------------------------------------- 
 b)    Initial notification           Initial Notification 
        /Amendment 
      -----------------------------  ------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------------- 

 a)    Name                           Xtract Resources plc 
      -----------------------------  ------------------------------------------- 
 b)    LEI                            213800A71LZ79EKUNC34 
      -----------------------------  ------------------------------------------- 
 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 0.02p each ("Ordinary 
        financial instrument,          Shares") 
        type of instrument 
 
       Identification code            ISIN: GB00BYSX2795 
 
 b)    Nature of the transaction      Issue of Ordinary Shares 
      -----------------------------  ------------------------------------------- 
 c)    Price(s) and volume(s)         4,614,035 Ordinary Shares at 2.85p 
                                     ----------------------------------------- 
 
 d)    Aggregated information 
 
       - Aggregated volume            4,614,035 Ordinary Shares 
  - Price                             2.85p 
 
 e)    Date of the transaction        19 February 2019 
      -----------------------------  ------------------------------------------- 
 f)    Place of the transaction       Outside a trading venue 
      -----------------------------  ------------------------------------------- 
 

ENDS

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February 19, 2019 09:14 ET (14:14 GMT)