Regency Mines Plc, the natural resource investment and development company, announces that on 6 December 2017 the Board of Directors approved the issuance of 2,304,000 ordinary shares in the Company (“Ordinary Shares”) under the Company’s Share Incentive Plan (“SIP”) for the 2017/18 tax year as agreed in the Trustees meeting held on 6 December 2017.
Under the terms of the SIP, once employees have satisfactorily completed their probationary period, they may sign up to the Free Share Agreement.
Free Share Agreement – Free Share Award
Under the Free Share Agreement, employees may be awarded up to £3,600 worth of Ordinary Shares in the Company in any one tax year. Ordinary Shares to the value of £3,600 per existing employee have been awarded in respect of the 2017/18 tax year, representing a total of 2,304,000 Ordinary Shares, with reference to the mid-market closing price of 0.625p as of 5 December 2017.
All shares awarded under the Free Share Agreement will be held by the SIP Trustees and such shares cannot be released to participants until five years after the date of the award, except in specific circumstances.
In respect of the 2017/2018 tax year, each Director has been awarded 576,000 Ordinary Shares under the Free Share Agreement. These shares awarded to Directors have been included in the table below, which sets out the total shareholding and interests of the directors in the enlarged share capital of the Company:
*Mr A Bell and Mr S Kaintz are each beneficiaries of 4,877,654 shares held on their behalf by the SIP Trustees whilst Mr E Bugnosen is a beneficiary of 4,760,623 shares held on his behalf by the SIP Trustees. In addition, Mr A Bell holds 4,825,907 shares in the account of Alliance Trust Nominees Limited, 977,429 shares in the name of Beaufort Securities Nominees Limited, and 2,302,435 shares in the account of Rock (Nominees) Limited. Mr S Kaintz holds 21,052 shares in the account of Hargreave Hale Ltd.
Admission to trading on AIM and Total Voting Rights
Application is being made to AIM for 2,304,000 new Ordinary Shares allotted in relation to the SIP for 2017/18 tax year to be admitted to trading on AIM. Admission of the 2,304,000 new Ordinary Shares is expected on or around 14 December 2017.
Following the issue of the 2,304,000 new Ordinary Shares, the issued share capital of the Company consists of 578,795,064 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 578,795,064 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.
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