Conditional Share Awards
Serabi announces that on 27 March 2024 the Board
of Directors agreed to award in aggregate 310,922 Conditional Share
Awards to employees of the Company. None of the awards have been
made to Directors of the Company The awards are part of the
Company's normal compensation review for senior management and the
issuance is made under the Serabi 2020 Restricted Share Plan (the
“2020 Plan”) which was approved by shareholders on 16 June 2020 and
adopted by the Board on 10 November 2020. Shareholders confirmed
the Board’s continuing authority to make awards under the 2020 Plan
at the Annual General Meeting held on 27 June 2023.
The awards are subject to a three-year
performance period during which time certain performance criteria
stipulated by the Board must be attained. The underlying shares to
be issued pursuant to each of the Conditional Share Awards will
only be issued and the rights transferred to the employees after
the completion of the performance period and only in such amount
(if any) as is required based on the achievement of the performance
criteria.
The performance criteria and minimum thresholds
to be achieved can be summarised as follows:
- 40% of the award is subject to
Total Shareholder Return, (where there will be 0% vesting if Serabi
TSR is in line with the BMO junior gold index increasing in a
linear manner up to 100% vesting under this KPI if Serabi hits 1.2x
the index over same period.)
- 30% of the award is subject to
Return on Capital Employed (where ROCE premium over Weighted
Average Cost of Capital (“WACC”) must be in excess of 1.05 times.
If this hurdle is met vesting will occur in a linear manner such
that 100% vesting of this portion is achieved at 1.2x WACC),
and
- 30% of the award is subject to
Return on Sales (where ROS must exceed average annual budget by 10
per cent or more).
The Company made a similar award on 1 February
2024 to other members of management including its Executive
Directors (see news release issued 2 February 2024) Consistent with
that award the number of Conditional Shares awarded has been
calculated by reference to the 30 day VWAP average of the Company's
shares of on 30 January 2024.
Following these latest awards there are
2,814,541 Conditional Share Awards in issue representing 3.7% of
the issued share capital of the Company.
Enquiries
SERABI GOLD plcMichael
Hodgson t
+44 (0)20 7246 6830Chief
Executive m
+44 (0)7799 473621
Clive
Line t
+44 (0)20 7246 6830Finance
Director m
+44 (0)7710 151692
Andrew
Khov m +1
647 885 4874VP Investor Relations & Business Development
e
contact@serabigold.com
BEAUMONT CORNISH LimitedNominated
Adviser & Financial AdviserRoland Cornish / Michael
Cornish t
+44 (0)20 7628 3396
PEEL HUNT LLPJoint UK
BrokerRoss
Allister t
+44 (0)20 7418 9000
TAMESIS PARTNERS LLPJoint UK
BrokerCharlie Bendon/ Richard
Greenfield t
+44 (0)20 3882 2868
CAMARCOFinancial PR -
EuropeGordon Poole / Emily
Hall t
+44 (0)20 3757 4980
HARBOR ACCESSFinancial PR – North
AmericaJonathan
Paterson t
+1 475 477 9401
Copies of this announcement are available from
the Company's website at www.serabigold.com.
Forward-looking statementsCertain statements in
this announcement are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should”
‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’
or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors’ current expectations and assumptions regarding the
Company’s future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect
the Directors’ current beliefs and assumptions and are based on
information currently available to the Directors. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and
underinsured losses and other factors, many of which are beyond the
control of the Company. Although any forward-looking statements
contained in this announcement are based upon what the Directors
believe to be reasonable assumptions, the Company cannot assure
investors that actual results will be consistent with such forward
looking statements.
Qualified Persons StatementThe scientific and
technical information contained within this announcement has been
reviewed and approved by Michael Hodgson, a Director of the
Company. Mr Hodgson is an Economic Geologist by training with over
30 years' experience in the mining industry. He holds a BSc (Hons)
Geology, University of London, a MSc Mining Geology, University of
Leicester and is a Fellow of the Institute of Materials, Minerals
and Mining and a Chartered Engineer of the Engineering Council of
UK, recognizing him as both a Qualified Person for the purposes of
Canadian National Instrument 43-101 and by the AIM Guidance Note on
Mining and Oil & Gas Companies dated June 2009.
Neither the Toronto Stock Exchange, nor any other securities
regulatory authority, has approved or disapproved of the contents
of this news release.
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