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LONDON - Metals Exploration PLC (AIM:MTL) has granted options over 10.6 million new ordinary shares to two directors under its existing long-term incentive plan, according to a company press release issued Wednesday.
Chairman Steven Smith received 6.6 million options, while Non-executive Director Rob Marshall received 4 million options. The options have an exercise price of £0.0001 per share and a seven-year exercise period.
The company’s remuneration committee determined that the shareholder-appointed directors should be incentivized similarly to independent directors following changes to board composition and shareholding structure after the acquisition of Condor Gold.
The options will vest in three equal tranches when the company’s share price reaches specific thresholds of 2.5 pence, 5.0 pence, and 7.5 pence, based on a 30-day volume-weighted average. Additionally, directors must maintain their positions for three years after each performance condition is met.
The allocations follow Metals Exploration’s LTIP scheme approved by shareholders at a General Meeting on August 23, 2024, which authorized directors to issue up to 15% of the company’s issued capital as LTIP options.
Previously, the company issued 221.5 million options under Tranche A in August 2024 and an additional 96.5 million options following the Condor Gold acquisition, partly in lieu of cash bonuses and to incentivize key personnel.
Metals Exploration is a gold production, exploration and development company with assets in the Philippines and Nicaragua.
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