Emmerson PLC / Ticker: EML /
Index: AIM / Sector: Mining
31 May 2024
Emmerson PLC ("Emmerson" or
the "Company")
Grant of Share Options and
PDMR dealing
Emmerson, the Moroccan focused
potash development company, announces the award of share options
and PDMR dealing.
Employee share options
Emmerson announces the award of
20,000,000 options to subscribe for new ordinary shares in the
Company (the "New Options") to certain directors and employees of
the Company with effect from 30 May 2024 (the "Grant
Date").
The awards are split into two
tranches, with the first vesting after one year at an exercise
price of 3.0 pence, and the second after two years at an exercise
price of 4.5 pence (being 58% and 137% premiums over the mid-market
close price on the day prior to the Grant Date).
In addition, 425,000 and 1,099,999
share options awarded in 2022 to Graham Clarke and Jim Wynn
respectively under the Company's Enterprise Management Incentive
("EMI") have been cancelled and re-issued as non-EMI qualifying
options on otherwise identical terms on 29 May 2024. The purpose of
this cancellation and re-award is to ensure all the new awards
would qualify as EMI options, as individual limits apply to the
number of EMI options that can be awarded.
|
Director / PDMR
|
Options awarded/
(surrendered)
|
Qualifying
|
Exercise price and vesting
dates
|
Total share options held
after award
|
|
Graham Clarke
|
(425,000)
|
EMI
|
7.0
pence, vesting 20-07-2024
|
27,321,000
|
|
|
425,000
|
Non-EMI
|
7.0
pence, vesting 20-07-2024
|
|
|
(Director)
|
4,000,000
|
EMI
|
3.0
pence, vesting 30-05-2025
|
|
|
|
4,000,000
|
EMI
|
4.5
pence, vesting 30-05-2026
|
|
|
Jim Wynn
|
(1,099,999)
|
EMI
|
10.0
pence, vested 15-03-2023
|
14,000,000
|
|
|
1,099,999
|
Non-EMI
|
10.0
pence, vesting 30-05-2024
|
|
|
(PDMR)
|
2,500,000
|
EMI
|
3.0
pence, vesting 30-05-2025
|
|
|
|
2,500,000
|
EMI
|
4.5
pence, vesting 30-05-2026
|
|
|
Other employees
|
3,500,000
|
|
3.0
pence, vesting 30-05-2025
|
44,942,000
|
|
|
3,500,000
|
|
4.5
pence, vesting 30-05-2026
|
|
|
Total
|
20,000,000
|
|
|
86,263,000
|
The total
share options in issue are now
86,263,000 representing
approximately 7.6% of the Company's issued share
capital.
PDMR Dealing
Emmerson announces that Robert
Wrixon, a Director of the Company, has transferred 44,233,411
shares previously held in the name of Good Spirit International
Ltd (a company controlled by Robert
Wrixon) to his spouse, Mrs Kimberly Wrixon
for nil consideration, as part of a personal financial
reorganisation.
As Mrs Wrixon is a Person Closely
Associated with Robert Wrixon, there is no change to his overall
shareholding at 46,233,411 shares (4.06% of the
Company's issued share capital) as a result of
the transaction
**ENDS**
For further information, please
visit www.emmersonplc.com,
follow us on Twitter (@emmerson_plc), or contact:
|
Emmerson PLC
Graham Clarke / Jim Wynn / Charles
Vaughan
|
+44 (0)
207 138 3204
|
|
Liberum Capital Limited (Nominated Advisor and Joint
Broker)
Scott Mathieson / Matthew
Hogg
|
+44 (0)20
3100 2000
|
|
Shard Capital LLP (Joint Broker)
Damon Heath / Isabella
Pierre
|
+44 (0)20
7186 9927
|
|
BlytheRay (Financial PR and IR)
Tim Blythe / Megan Ray / Said
Izagaren
|
+44 (0)
207 138 3204
|
Notes to Editors
Emmerson is focused on advancing the
Khemisset project ("Khemisset" or the "Project") in Morocco into a
low cost, high margin supplier of potash, and the first primary
producer on the African continent. With an initial 19-year life of
mine, the development of Khemisset is expected to deliver long-term
investment and financial contributions to Morocco including the
creation of permanent employment, taxation, and a plethora of
ancillary benefits. As a UK-Moroccan partnership, the Company is
committed to bringing in significant international investment over
the life of the mine.
Morocco is widely recognised as one
of the leading phosphate producers globally, ranking third in the
world in terms of tonnes produced annually, and the development of
this mine is set to consolidate its position as the most important
fertiliser producer in Africa. The Project has a large JORC
Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant
exploration potential, and is perfectly located to support the
expected growth of African fertiliser consumption whilst also being
located on the doorstep of European markets. The need to feed the
world's rapidly increasing population is driving demand for potash
and Khemisset is well placed to benefit from the opportunities this
presents. The Feasibility Study released in June 2020 indicated the
Project has the potential to be among the lowest capital cost
development stage potash projects in the world and also, as a
result of its location, one of the highest margin projects. Updated
financial estimates published in February 2024 indicated a net
present value of US$2.2 billion, with an internal rate of return of
approximately 40%.
|
1.
|
Details
of the person discharging managerial responsibilities/person
closely associated
|
|
a)
|
Name:
|
Graham
Clarke
|
|
2.
|
Reason
for the notification
|
|
a)
|
Position/status:
|
CEO
|
|
b)
|
Initial
notification/Amendment:
|
Initial
notification
|
|
3.
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name:
|
Emmerson
PLC
|
|
b)
|
LEI:
|
213800JA8ZK1K6CWYP61
|
|
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 financial
instrument, type of instrument:
Identification code:
|
Ordinary
Shares of NPV
ISIN: IM00BDHDTX83
|
|
b)
|
Nature of
the transaction:
|
Surrender
and Grant of Options over Ordinary Shares
|
|
c)
|
Price(s)
and volume(s):
|
Surrendered: 425,000 options at
£0.070
Regranted: 425,000 options at
£0.070
Granted: 4,000,000 options at
£0.030
Granted: 4,000,000 options at
£0.045
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
n/a
|
|
e)
|
Date of
the transaction:
|
Surrendered/regranted options - 29 May 2024
Granted
options - 30 May 2024
|
|
f)
|
Place of
the transaction:
|
Outside a
trading Venue
|
|
1.
|
Details
of the person discharging managerial responsibilities/person
closely associated
|
|
a)
|
Name:
|
Jim
Wynn
|
|
2.
|
Reason
for the notification
|
|
a)
|
Position/status:
|
CFO
|
|
b)
|
Initial
notification/Amendment:
|
Initial
notification
|
|
3.
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name:
|
Emmerson
PLC
|
|
b)
|
LEI:
|
213800JA8ZK1K6CWYP61
|
|
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 financial
instrument, type of instrument:
Identification code:
|
Ordinary
Shares of NPV
ISIN: IM00BDHDTX83
|
|
b)
|
Nature of
the transaction:
|
Surrender
and Grant of Options
|
|
c)
|
Price(s)
and volume(s):
|
Surrendered: 1,099,999 options at
£0.100
Regranted: 1,099,999 options at
£0.100
Granted: 2,500,000 options at
£0.030
Granted: 2,500,000 options at
£0.045
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
n/a
|
|
e)
|
Date of
the transaction:
|
Surrendered/regranted options - 29 May 2024
Granted
options - 30 May 2024
|
|
f)
|
Place of
the transaction:
|
Outside a
trading Venue
|
|
1.
|
Details
of the person discharging managerial responsibilities/person
closely associated
|
|
a)
|
Name:
|
Robert
Wrixon
|
|
2.
|
Reason
for the notification
|
|
a)
|
Position/status:
|
Director
|
|
b)
|
Initial
notification/Amendment:
|
Initial
notification
|
|
3.
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name:
|
Emmerson
PLC
|
|
b)
|
LEI:
|
213800JA8ZK1K6CWYP61
|
|
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 financial
instrument, type of instrument:
Identification code:
|
Ordinary
Shares of NPV
ISIN: IM00BDHDTX83
|
|
b)
|
Nature of
the transaction:
|
Transfer
|
|
c)
|
Price(s)
and volume(s):
|
44,233,411 ordinary shares
transferred from Good Spirit International Ltd (a company
controlled by Robert Wrixon) to his spouse Kimberley Wrixon for nil
consideration
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
n/a
|
|
e)
|
Date of
the transaction:
|
30 May
2024
|
|
f)
|
Place of
the transaction:
|
Outside a
trading Venue
|