Base Resources Limited LTIP performance rights update
January 11 2023 - 2:00AM
UK Regulatory
TIDMBSE
AIM and Media Release
11 January 2023
BASE RESOURCES LIMITED
LTIP performance rights update
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that 1,286,461 vested performance rights
issued under the Base Resources Long Term Incentive Plan (LTIP) have been
exercised.
For each performance right that was exercised, LTIP participants were allocated
one fully paid ordinary share in Base Resources previously acquired on-market
by the LTIP trustee. In accordance with the terms of the LTIP, the exercise
price was nil and the shares were allocated for nil cash consideration. The
performance rights exercised were from the 2019 LTIP cycle that vested
following performance testing as at 30 September 2022.
Since the Company's last LTIP performance rights update on 14 December 2022,
2,679,793 unvested performance rights were also forfeited after one or more
LTIP participants ceased to be employed other than for a "Qualifying Reason"
(as that term is defined in the LTIP).
As a result of the above events, the Company has the following securities on
issue:
* 1,178,011,850 ordinary shares.
* 58,020,619 performance rights issued pursuant to the terms of the LTIP,
comprising:
+ 4,630,289 vested performance rights, which remain subject to exercise1;
and
+ 53,390,330 unvested performance rights subject to performance testing
in accordance with their terms of issue.
[Note (1): Vested performance rights have a nil cash exercise price and, unless
exercised beforehand, expire five years after vesting.]
ENDS.
For further information contact:
James Fuller, Manager Communications and Investor UK Media Relations
Relations
Base Resources Tavistock Communications
Tel: +61 (8) 9413 7426 Jos Simson and Gareth Tredway
Mobile: +61 (0) 488 093 763 Tel: +44 (0) 207 920 3150
Email: jfuller@baseresources.com.au
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 Kenya
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
www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 8 9480 2500
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
Phone: +44 20 7523 8000
END
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January 11, 2023 02:00 ET (07:00 GMT)
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