Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining
16 August 2022
Emmerson PLC ("Emmerson" or the "Company")
Exercise of Share Options and Allotment of Shares to Director/PDMR
Emmerson PLC announces that it has received notice of the exercise of 13,100,000 share options, including 12,000,000 share options held by Benson Capital Limited, a consulting company controlled by Hayden Locke, a Director of the Company.
These exercises were settled through a cashless exercise mechanism, as a result of which 7,509,673 shares are to be allotted, and no exercise price paid (including 6,879,090 to Hayden Locke).
Following the allotment, Hayden Locke will hold a beneficial interest in 8,909,660 shares in the Company (0.96% of the issued share capital), and 10,000,000 share options at an average exercise price of 8 pence.
Application has been made to the London Stock Exchange for the admission of the 7,509,673 new Ordinary Shares to trading on AIM. Admission is expected to take place on or around 8.00 a.m. on Monday 22 August 2022.
Following Admission, the Company's issued share capital will consist of 923,590,444 Ordinary Shares with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Company does not hold any Ordinary Shares in treasury.
**ENDS**
For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:
| Emmerson PLC Graham Clarke / Jim Wynn / Charles Vaughan
| +44 (0) 20 7236 1177
|
| Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More
| +44 (0)20 7408 4090
|
| Liberum Capital Limited (Joint Broker) Scott Mathieson / Lydia Zychowska | +44 (0)20 3100 2000 |
| Shard Capital (Joint Broker) Damon Heath / Isabella Pierre
| +44 (0)20 7186 9927
|
| St Brides Partners (Financial PR/IR) Susie Geliher / Charlotte Page
| +44 (0)20 7236 1177
|
Notes to Editors
Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent. With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation and a plethora of ancillary benefits. As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine.
Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics, including a post-tax NPV8 of approximately US$1.4 billion using industry expert Argus' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.
|
1. | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name: | Hayden Locke |
| 2. | Reason for the notification | |
| a) | Position/status: | Director |
| b) | Initial notification/Amendment: | Initial notification |
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name: | Emmerson PLC |
| b) | LEI: | 213800JA8ZK1K6CWYP61
|
| 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 NPV
ISIN: IM00BDHDTX83
|
| b) | Nature of the transaction: | Allotment of share in satisfaction of option exercise |
| c) | Price(s) and volume(s): |
Volume Price (£) 6,879,090 at 0.07030 |
| d) | Aggregated information: Aggregated volume: Price: |
n/a |
| e) | Date of the transaction: | 16 August 2022 |
| f) | Place of the transaction: | Outside a trading Venue |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
