Jubilee Metals Group plc (LON:JLP) has announced, following the earlier announcement confirming the appointment of Manuel Lino Silva de Sousa Oliveira (Ollie De Sousa-Oliveira) as independent non-executive director of the Company with immediate effect and his appointment as Chairman effective 1 June 2022, the granting of a total of 24 500 000 options to directors in accordance with its approved Share Option Plan.
|Director||Number of options granted||Vesting date||Strike price (pence)||Strike price(ZAR cents)at current exchange rates|
|9 000 000||26 May 2023||15||297|
|3 000 000||26 May 2024||19||376|
|3 000 000||26 May 2025||24||475|
|Total – Ollie Oliveira||15 000 000|
|2 000 000||26 May 2022||6||119|
|2 500 000||01 Oct 2022||7||139|
|3 000 000||01 Oct 2023||8||158|
|Total – Nicholas Taylor||7 500 000|
|1 000 000||26 May 2022||10||198|
|1 000 000||26 May 2023||19||376|
|Total – Evan Kirby||2 000 000|
In the cases of Ollie Oliveira and Nicholas Taylor, the options have been priced based on the market price at the time of their appointments, with further tranches priced at a premium. The options are valid for a period of 10 years from the date of grant. The directors do not have any current interests in the issued capital of the Company. Following the grant of the above options, total options granted in terms of the Company’s approved Share Option Scheme represents approximately 5.9% of the issued capital of Jubilee Metals Group after the issue of the Option Shares.
Related Party Transactions
The award of options to the directors are regarded as related party transactions under the AIM Rules. Accordingly, the independent directors (being all of the directors other than Messrs Oliveira, Taylor and Kirby) consider, having consulted with SPARK Advisory Partners Limited as nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.