Avocet Mining PLC Employee Share Options (7431Z)
March 12 2013 - 3:00AM
UK Regulatory
TIDMAVM
RNS Number : 7431Z
Avocet Mining PLC
12 March 2013
Avocet Mining PLC - employee share options
Avocet Mining PLC ('Avocet' or 'the Company') announces the
award of a total of 3,330,000 options over ordinary shares of 5
pence in the Company ('Options') to employees on 8 March 2013 ('the
Grant Date'). These Options have an exercise price of 23.5 pence.
No options were awarded to Persons Discharging Managerial
Responsibility.
Of these awards, 2,370,000 share options are not normally
exercisable before 8 March 2016, the third anniversary of the Grant
Date. In addition to the normal scheme rules, these options have an
additional performance criterion in order to be fully exercisable,
namely that the 30-day volume-weighted average price ('VWAP') for
Avocet shares must exceed 80 pence in the period between the Grant
Date and the 8 March 2016 (the 'Service Period'). If the maximum
30-day VWAP during the Service Period is between 40 pence and 80
pence, the number of options which become exercisable will be a pro
rata scale between 25% of the number of options awarded (for 40
pence) and 100% of the options awarded (for 80 pence). If the
maximum 30-day VWAP during the Service Period does not reach 40
pence, no options will be exercisable.
The remaining 960,000 share options will become immediately
exercisable, if the Avocet VWAP share price reaches 80 pence at any
time between the Grant Date and 31 December 2015. If the VWAP share
price between Grant Date and 31 December 2015 reaches between 40
pence and 80 pence, the number of options which become exercisable
at that time will be a pro rata scale between 25% of the number of
options awarded (for 40 pence) and 100% of the options awarded (for
80 pence). If the maximum 30-day VWAP between Grant Date and 31
December 2015 does not reach 40 pence, no options will be
exercisable. Any of these 960,000 options will lapse, if
unexercised, by 31 December 2015.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining Pelham Bell J.P. Morgan Cazenove Arctic Securities SEB Enskilda
PLC Pottinger Lead Broker Financial Financial Adviser
Financial Adviser &
PR Consultants & Market Market Maker
Maker
============= ================= ========================= ================= ==================
David Cather, Daniel Thöle Michael Wentworth-Stanley Arne Wenger Fredrik Cappelen
CEO Petter Bakken
Mike Norris,
FD
Rob Simmons,
IR
------------- ----------------- ------------------------- ----------------- ------------------
+44 20 7766 +44 20 7861 +47 2101
7676 3232 +44 20 7742 4000 3100 +47 2100 8500
NOTES TO EDITORS
Avocet Mining is a gold mining and exploration company listed on
the London Stock Exchange (ticker: AVM.L) and the Oslo Børs
(ticker: AVM.OL). The Company's principal activities are gold
mining and exploration in West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
deposit at Inata and its satellite deposits currently comprises a
Mineral Resource of 4.71 million ounces and a Ore Reserve of 0.92
million ounces. The Inata Gold Mine poured its first gold in
December 2009 and produced 135,189 ounces of gold in 2012.
Other assets in Burkina Faso include eight exploration permits
surrounding the Inata Gold Mine in the broader Bélahouro region.
The most advanced of these assets are at Souma, some 20 kilometres
from the Inata Gold Mine, where Mineral Resources of 0.78 million
ounces exist.
In Guinea, Avocet owns 22 exploration licences in the north east
of the country. Exploration has been ongoing since 2005 and the
project at Tri-K is the most advanced. Within the Tri-K project,
the Koulékoun Prospect has a Mineral Resource of 2.29 million
ounces and the Kodiéran Prospect comprises 0.93 million ounces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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