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LONDON - Serabi Gold plc, a UK-based gold production and exploration company, announced on Thursday that it has settled its 2022 Conditional Share Awards in cash. The awards, part of the company’s Long Term Incentive Plan (LTIP), were initially granted for the calendar year 2022 and were subject to a three-year performance period with specific targets on Total (EPA:TTEF) Shareholder Return, Return on Capital Employed, and Return on Sales.
The Board of Directors approved the vesting of the LTIP awards, totaling 482,528 new ordinary shares. However, in a move to strengthen the company’s cash position and minimize the issuance of new shares, the Board decided to settle these awards in cash, based on the 20 Day VWAP (Volume Weighted Average Price) of £1.52 as of June 5, 2025.
The cash settlements amounted to £341,356 for Mr. Hodgson and £104,956 for Mr. Howlin, with appropriate tax deductions. In a related transaction, CEO Michael Hodgson purchased 45,000 ordinary shares at £1.69 each on the London Stock Exchange (LON:LSEG), increasing his stake to 0.18% of the company.
This announcement aligns with the UK Market Abuse Regulation requirements and reflects Serabi’s commitment to aligning directors’ interests with those of shareholders. The company, which operates mainly in the Tapajós region of northern Brazil, aims to double its annual production with the development of the Coringa Gold project and has recently discovered a copper-gold porphyry on its exploration license.
The information provided is based on a press release statement, offering a transparent view of the company’s financial dealings and compliance with regulatory standards.
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