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LONDON - Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a Namibia-based tin producer, announced today the issuance of new shares as part of its employee incentive schemes. The company, which focuses on mining and exploration of critical raw materials, has implemented these schemes to align employee interests with shareholder value and to retain key personnel.
As part of its short-term incentive plan (STIP), Andrada has issued 17,391,447 ordinary shares to employees who elected to receive shares instead of cash bonuses. The issuance follows the company’s fiscal year 2024 performance, which achieved a 65% score based on a balanced scorecard assessment. The price per STIP share was set at 2.251 pence, based on the 30-day volume-weighted average price (VWAP) as of February 11, 2025.
In addition to the STIP shares, Andrada has approved the issue of nil cost share awards over 29,368,664 ordinary shares under its long-term incentive plan (LTIP) and the employee share scheme (ESS). The LTIP and ESS are designed to incentivize and retain employees over the long term, with the rights subject to the LTIP awards vesting on March 1, 2027, provided certain performance conditions are met. These conditions include targets related to total shareholder return and return on capital employed.
The LTIP awards, amounting to 23,524,208 shares, include 12,180,889 shares issued to persons discharging managerial responsibilities (PDMRs). The ESS awards, totaling 5,844,456 shares, are granted to other critical employees under the same terms as the LTIP.
The company has made an application for the newly issued ordinary shares to be admitted to trading on AIM, with trading expected to commence on February 27, 2025. Following the admission, Andrada will have 1,671,679,053 shares in issue with equal voting rights.
This move comes as Andrada seeks to preserve cash resources for operational priorities while incentivizing its workforce. The share-based component of the remuneration policy is intended to foster a culture of ownership among employees and align their efforts with the company’s strategic objectives.
The information disclosed is based on a press release statement from Andrada Mining Limited.
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