Red Rock Resources Plc
Grant of Options
Directors' Shareholdings
1 Feb 2016
Red Rock Resources Plc ("Red Rock" or the "Company"), the natural resource development and investment Company with interests in oil and mineral exploration, announces the grant of 13,320,000 options to directors and key staff. Each option entitles the holder upon exercise to one ordinary share of 0.01p in the capital of the Company ("Ordinary Shares").
Pursuant to the recommendation of the Remuneration Committee, the board on 29th January 2016 awarded the following options:
| Tranche 1 | Tranche 2 | Tranche 3 | Tranche 4 |
Andrew Bell | 1,440,000 | 1,440,000 | 1,440,000 | 1,440,000 |
Scott Kaintz | 1,170,000 | 1,170,000 | 1,170,000 | 1,170,000 |
Michael Nott | 225,000 | 225,000 | 225,000 | 225,000 |
Sam Quinn | 225,000 | 225,000 | 225,000 | 225,000 |
Other personnel | 270,000 | 270,000 | 270,000 | 270,000 |
Vesting date: | Immediate | After 6 months | After 12 months | After 18 months |
Performance condition: | N/A | Share price close 3 days over 0.75p | Share price close 3 days over 1.5p | Share price close 3 days over 2p |
All options have a life of six years from the date of grant and an exercise price of 0.45p.
The vesting date in respect of tranches not yet vested will be accelerated, though the performance condition will be retained, in the event of a takeover event.
The grants other than those to Michael Nott and Sam Quinn are made under an EMI (Enterprise Management Incentive) scheme.
The Remuneration Committee in its review took account of the turnround under way as a result of the management actions over the last year, including rationalization of existing mineral exploration projects, sale of the Colombian gold assets, actions to protect the Company gold interest in Kenya, exit from the Star Striker investment, significant cost reductions and corporate restructuring, balance sheet improvement and deleveraging, and the recent investments at Shoats Creek focussed on turning Red Rock into a cash generative oil producer. In order to retain and incentivise the management and align their interests with those of shareholders, and given a policy of minimising cash costs, an option award was considered the most appropriate way to do this.
Following the grant of options to directors, the resultant total directors' shareholdings are as follows:
Directors | Shareholding in the Company | Current Shareholding as % of Current Issued Share Capital | Warrants | Options |
| Direct | Indirect* | Total | | | |
Andrew R M Bell | 2,944,173 | 1,218,080 | 4,162,253 | 1.70% | 1,105,263 | 5,760,000 |
Sam Quinn | - | 1,171,052 | 1,171,052 | 0.48% | 210,526 | 900,000 |
Michael C Nott | 842,105 | 1,842,182 | 2,684,287 | 1.10% | 421,052 | 900,000 |
Scott Kaintz | - | 1,212,480 | 1,212,480 | 0.49% | - | 4,680,000 |
* Each Director except for Sam Quinn indirectly holds 1,212,480 shares held by the Share Incentive Plan Trustees. In addition, Andrew Bell indirectly holds 5,600 shares through Beaufort Securities Nominees Limited and 2,210,526 shares directly and jointly with Stephanie Bell. Michael Nott, directly and jointly with Anna Nott, holds 842,105 shares and Michael Nott indirectly holds 629,702 shares jointly with Anna Nott through Barclayshare Nominees Limited. Sam Quinn indirectly holds 421,052 shares through Fitel Nominees Limited/WH Ireland.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd
Christian Pickel 0203 128 8208 Media Relations MHP Communications
