_____________________________________________________________________________________________________________________________
Sylvania Platinum Limited
("Sylvania", "the Company" or "the Group")
AIM (SLP)
Exercise of Share Options and Bonus Shares
10 November 2017
The Company announces that certain Directors and senior management have exercised vested options awarded to them under the Sylvania Platinum Limited Share Option Plan ("the Option Plan") as well as the deferred share awards granted in accordance with the Sylvania Platinum Limited Bonus Share Award Plan ("Bonus Shares").
BACKGROUND
As previously disclosed in the Annual Report the Option Plan was approved at the Annual General Meeting on 29 December 2011.
The Options issued under the Plan were granted free of charge and the exercise price (if any) for the options determined by the Board at its absolute discretion. The expiry date of the options, unless otherwise determined by the Board, is ten years after the grant date. The Board at its discretion may apply certain vesting conditions upon any options issued under the plan.
Under the Plan, 10% of issued Share Capital was allowed to be issued as Options. The Company however disclosed that it did not intend to issue more than 5% of issued Share Capital. This was based on the number of Ordinary Shares in issue at the time of the AGM held on 29 December 2011. The full 5% has been granted and the Board does not intend to issue any further Options under the Plan.
Bonus Shares were awarded to selected employees in August 2015 and, in addition to other vesting conditions, held a 12 month vesting period.
RECENT EVENTS
Upon exercising the vested Options and Bonus Shares, these convert to 3,452,900 shares of USD0.01 each in the Company ("Ordinary Shares"), and shares currently held in treasury will be used to satisfy the exercise of the options.
A further 1,672,100 Options and Bonus Shares converting into the same number of Ordinary Shares were exercised and then simultaneously repurchased by the Company in order to satisfy the tax liabilities of certain employees. These Ordinary Shares are currently being held in treasury.
In addition to the Options and Bonus Shares above, 835,650 Options and Bonus Shares were exercised and the Company has repurchased these shares at the 30 Day VWAP of 10.85 pence. These shares have been placed in treasury.
Of the 5,125,000 Options and Bonus Shares being exercised, the following relate to Directors and senior management of the Company:
Director |
Bonus shares being exercised |
Plan shares being exercised |
Shares sold |
Plan shares retained |
Total shares held after event |
% of share capital |
Price per share |
Sales for tax and dealing costs |
Other share sales |
Stuart Murray |
- |
400,000 |
- |
- |
- |
400,000 |
1,000,000 |
0.35% |
Terry McConnachie |
- |
200,000 |
- |
- |
- |
200,000 |
5,015,000 |
1.75% |
Roger Williams |
- |
80,000 |
- |
- |
- |
80,000 |
1,067,000 |
0.37% |
PDMR |
Bonus shares being exercised |
Option Plan shares being exercised |
Shares sold |
Shares retained |
Total shares held after event |
% of share capital (Shares with voting rights) |
Price per share* |
Sales for tax and dealing costs |
Other share sales |
Johannes Prinsloo |
535,000 |
40,000 |
|
258,750 |
- |
316,250 |
1,647,526 |
0.58% |
Lewanne Carminati |
500,000 |
40,000 |
|
243,000 |
- |
297,000 |
1,488,543 |
0.52% |
Albert Jordaan |
480,000 |
40,000 |
|
234,000 |
286,000 |
- |
516,632 |
0.18% |
|
* The South African Income Tax is payable on the day the Options vest and therefore the price used to value the shares bought back for tax is the price on the day the Options vest. |
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Following the above transactions, the Company's issued share capital is 294,648,885 Ordinary Shares, of which a total of 8,518,777 Ordinary Shares are held in treasury. Therefore the total number of Ordinary Shares with voting rights in Sylvania is 286,130,108 Ordinary Shares.
CORPORATE INFORMATION
Registered and postal address: |
Sylvania Platinum Limited |
|
Clarendon House |
|
2 Church Street |
|
Hamilton HM 11 |
|
Bermuda |
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SA Operations postal address: |
PO Box 976 |
|
Florida Hills, 1716 |
|
South Africa |
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Sylvania Website: www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please contact: |
|
Terence McConnachie (Chief Executive Officer) |
+44 777 533 7175 |
|
|
Nominated Advisor and Broker |
|
Liberum Capital Limited |
+44 (0) 20 3100 2000 |
Richard Crawley / Neil Elliot |
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Communications |
|
Alma PR Limited |
+44 (0) 77 8090 1979 |
Josh Royston / Helena Bogle / Hilary Buchanan |
|
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
S Murray |
2 |
Reason for the notification |
a) |
Position/status |
Chairman |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Exercise of Options |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
400,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
7 November 2017 |
f) |
Place of the transaction |
Off market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
T McConnachie |
2 |
Reason for the notification |
a) |
Position/status |
Chief Executive Officer |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Exercise of Options |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
200,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
7 November 2017 |
f) |
Place of the transaction |
Off market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
R Williams |
2 |
Reason for the notification |
a) |
Position/status |
Non-Executive Director |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Exercise of Options |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
80,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
7 November 2017 |
f) |
Place of the transaction |
Off market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
J Prinsloo |
2 |
Reason for the notification |
a) |
Position/status |
Managing Director |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Exercise of Options |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
575,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
7 November 2017 |
f) |
Place of the transaction |
Off Market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
J Prinsloo |
2 |
Reason for the notification |
a) |
Position/status |
Managing Director |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Sale of shares |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
10.85 |
258,750 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
7 November 2017 |
f) |
Place of the transaction |
Off Market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
L Carminati |
2 |
Reason for the notification |
a) |
Position/status |
Executive Officer: Finance |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Exercise of Options |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
540,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
07 November 2017 |
f) |
Place of the transaction |
Off Market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
L Carminati |
2 |
Reason for the notification |
a) |
Position/status |
Executive Officer: Finance |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Sale of shares |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
10.85 |
243,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
07 November 2017 |
f) |
Place of the transaction |
Off Market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
A Jordaan |
2 |
Reason for the notification |
a) |
Position/status |
Executive Officer: New Business |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in progress |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Exercise of Options |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
520,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
7 November 2017 |
f) |
Place of the transaction |
Off Market |
1 |
Details of the person discharging managerial responsibilities/person closely associated |
a) |
Name |
A Jordaan |
2 |
Reason for the notification |
a) |
Position/status |
Executive Officer: New Business |
b) |
Initial notification/ Amendment |
Initial Notification |
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) |
Name |
Sylvania Platinum Limited |
b) |
LEI |
Application in process |
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 USD 0.01 each BMG864081044 |
b) |
Nature of the transaction |
Sale of shares |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
10.85 |
520,000 |
|
d) |
Aggregated information - Aggregated volume - Price |
n/a Single Transaction |
e) |
Date of the transaction |
07 November 2017 |
f) |
Place of the transaction |
Off Market |
