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KORE POTASH PLC - Issue of Equity and Performance Rights

Release Date: 18/10/2019 11:15
Code(s): KP2     PDF:  
 
Wrap Text
Issue of Equity and Performance Rights

Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code:KP2
ISIN: GB00BYP2QJ94
(“Kore Potash” or the “Company”)

                                 Issue of Equity and Performance Rights

Kore Potash plc advises that certain Non-Executive Directors of the Company have been issued new
ordinary shares in the Company in lieu of cash payments (“Remuneration Shares”), as part of a cost
reduction strategy announced on 27 June 2019 and approved at the 2019 General Meeting of the
Company held on 17 July 2019 (the “General Meeting”).

Separately, the Company also confirms the issue of shares due under the Company performance rights
plans as previously disclosed on 15 April 2019.

Non-Executive Director shares in lieu of cash fees

Further to the announcement dated 27 June 2019 and the approval at the General Meeting, it has
been confirmed that, for the period approved at the General Meeting (being four quarterly periods
ending 30 June 2020), directors Tim Keating and Jose Antonio Merino have elected to have their fees
paid in cash while David Hathorn, David Netherway and Jonathan Trollip have irrevocably elected to
receive a proportion of their fees in shares over this period. The proportion of the fees to be settled in
shares shall remain fixed each quarter as set below.

The number of ordinary shares issued to each director in lieu of remuneration for the quarter ended
30 September 2019 was calculated as follows:

                                                      Percentage of            7 day   Number
                     Annual fee      Quarterly fee     Remuneration   GBP/USD  VWAP   of shares
 David Hathorn       US$156,000.00   US$39,000.00       100%          1.2304   1.1238   2,820,520
 David
 Netherway           US$80,500.00      US$20,125.00      55%          1.2304   1.1238   800,503
 Jonathan Trollip    US$63,000.00      US$15,750.00      53%          1.2304   1.1238   603,700
 Total                                                                                  4,224,723

Performance rights

The Company also confirms that, further to the unconditional vesting of the Performance Rights issued
to certain Non-Executive Directors and Mr Leonard Math, a former Non-Executive Director, on 29
March 2019, being the first anniversary of admission to trading on AIM and as announced on 15 April
2019, it has today issued the requisite 1,562,500 ordinary shares to satisfy the Performance Rights.

As set out in the announcement of 15 April 2019, the following is the breakdown of the ordinary shares
issued under the Performance Rights:


                                    Number of Shares
 David Hathorn                      500,000
 David Netherway                    250,000
 Jonathan Trollip                   250,000
 Timothy Keating                    250,000
 Leonard Math                      312,500
 Total                             1,562,500

Accordingly, a total of 5,787,223 ordinary shares of US$0.001 each (being 4,224,723 ordinary shares in
respect of Directors Remuneration Shares and 1,562,500 ordinary shares in respect of Performance
Rights as detailed above) have today been issued. Application has been made for the admission of
5,787,223 ordinary shares of US$0.001 each on AIM, the Johannesburg Stock Exchange and the
Australian Securities Exchange with admission expected to take place on Thursday 24 October
2019.

Following this issue, the Company's issued share capital consists of 1,515,441,166 ordinary shares. No
shares are held in treasury. Accordingly, the total number of voting rights in the Company is
1,515,441,166 .

The above figure 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.


                                                 ENDS
18 October 2019
JSE Sponsor: Rencap Securities (Pty) Limited

For further information, please visit www.korepotash.com or contact:



 Kore Potash                                                     Tel: +27 11 469 9140
 Brad Sampson – CEO


 Tavistock Communications                                        Tel: +44 (0) 20 7920 3150
 Jos Simson
 Edward Lee

 Canaccord Genuity – Nomad and Broker                            Tel: +44 (0) 20 7523 4600
 James Asensio
 Henry Fitzgerald-O’Connor

 Shore Capital – Joint Broker                                    Tel: +44 (0) 20 7408 4050
 Jerry Keen
 Toby Gibbs
 James Thomas

Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”) in relation
          to issue of Renumeration Shares. For the avoidance of doubt the ordinary shares being
          issued under the Performance Rights was reported on 15 April 2019

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            David Hathorn
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Issue of new shares
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      2,820,520
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                         18 October 2019
 f)   Place of the transaction                        Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            David Netherway
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Issue of new shares
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      800,503
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                          18 October 2019
 f)   Place of the transaction                        Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            Jonathan Trollip
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Issue of new shares
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      603,700
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                          18 October 2019
 f)   Place of the transaction                        Outside a trading venue
Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            David Hathorn
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Conversion of Performance Rights
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      500,000
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                          18 October 2019
 f)   Place of the transaction                        Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            David Netherway
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Conversion of Performance Rights
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      250,000
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                          18 October 2019
 f)   Place of the transaction                        Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            Jonathan Trollip
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Conversion of Performance Rights
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      250,000
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                          18 October 2019
 f)   Place of the transaction                        Outside a trading venue

Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)

 1    Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                                            Timothy Keating
 2    Reason for the notification
 a)   Position/status                                 PDMR
 b)   Initial notification/Amendment                  Initial notification
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or
                auction monitor
 a)   Name                                            Kore Potash Plc
 b)   LEI                                              213800NWX7EHG4UVC107
 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 Ordinary Shares of US$0.001 each
                of instrument
      Identification code                            GB00BYP2QJ94
 b)   Nature of the transaction                       Conversion of Performance Rights
 c)   Price(s) and volume(s)                          Price: US$0.001
                                                      Volume:      250,000
 d)   Aggregated information                          Aggregated volume: N/A
                                                      Price: N/A
 e)   Date of the transaction                          18 October 2019
 f)   Place of the transaction                        Outside a trading venue

Date: 18/10/2019 11:15:00
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