BASE RESOURCES LIMITED - Vesting of LTIP performance rights
AIM and Media Release
BASE RESOURCES LIMITED
Vesting of LTIP performance rights
African mineral sands producer, (ASX & AIM: BSE) ( or the ) advises that, following performance testing of the 2017 cycle performance rights issued pursuant to the Base Resources Long Term Incentive Plan () as at , 6,373,301 performance rights have vested, equivalent to approximately 42% of the total number of 2017 cycle performance rights issued.Base Resources LimitedBase ResourcesCompanyLTIP
Vesting of performance rights issued under the LTIP is subject to achievement of specified performance criteria over a three-year performance period. The performance criteria specified for the 2017 cycle performance rights required achievement of total shareholder return () targets, with 50% subject to absolute TSR performance criteria and 50% subject to relative TSR performance criteria assessed against a set group of comparator companies. TSR
Further details about the LTIP, including specified performance criteria, are included in the Base Resources 2020 Annual Report, which can be accessed from the Company’s website.
In accordance with the terms of the LTIP, those 2017 cycle performance rights that did not vest following testing were automatically forfeited. Those LTIP participants whose performance rights were automatically forfeited included employees classified as “persons discharging managerial responsibilities” () for the purposes of the European Union’s Market Abuse Regulation. Their updated securityholdings in the Company are set out below.PDMRs
* Includes both vested and unvested LTIP performance rights which remain subject to vesting conditions.
As a result of the forfeiture of a portion of the 2017 cycle performance rights, the Company has the following securities on issue:
The figure of 1,178,011,850 ordinary shares on issue may be used by shareholders as the denominator for calculations when determining if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
[Note (1):Vested performance rights have a nil cash exercise price. Unless exercised beforehand, performance rights expire five years after vesting.]
For further information contact:
About Base Resources
Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance. The Company operates the established Kwale Operations in and is developing the Toliara Project in Madagascar. Base Resources is an ASX and AIM listed company. Further details about Base Resources are available at
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912PRINCIPAL & REGISTERED OFFICE
Phone: +61 (0)8 9480 2500NOMINATED ADVISOR
RFC Ambrian Limited
/ Detlir Elezi
Phone: +44 20 3207 7800
Name Vested 2017 cycle Holding of Holding of shares performance rights performance rights* (direct and indirect) Tim Carstens 896,820 6,616,299 7,546,013 (Managing Director) Colin Bwye 896,820 6,616,299 7,204,572 (Executive Director) Kevin Balloch 347,980 2,304,926 2,691,333 Andre Greyling 308,337 2,190,697 3,885,629 Stephen Hay 365,908 2,422,918 1,512,091 Chadwick Poletti 286,313 2,038,110 1,162,546
-- 1,178,011,850 ordinary shares. -- 54,122,220 performance rights issued pursuant to the terms of the LTIP, comprising: -- 6,498,832 vested performance rights;1 and -- 47,623,388 unvested performance rights subject to performance testing in accordance with their terms of issue.
, Manager Communications and Investor Media Relations Relations Base Resources Tavistock Communications Tel: +61 (8) 9413 7426 and Mobile: +61 (0) 488 093 763 Tel: +44 (0) 207 920 3150 Email:
James Fuller Jos Simson Barnaby Hayward UK[email protected]
Quick facts: Base Resources Limited
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE