Remuneration Information • Jun 10, 2016
Remuneration Information
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RNS Number : 7892A
Cluff Natural Resources plc
10 June 2016
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources
10 June 2016
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Grant of Share Options to Executive Directors
Cluff Natural Resources Plc is pleased to announce that it has today granted options to its three Executive Directors over a total of 25,556,900 ordinary shares of 0.5 pence each in the Company ("Options"), subject to performance criteria, as follows:
| Executive Director | Position | Number of Options granted | Number of Ordinary Shares held under option after grant |
| Algy Cluff | Chairman & Chief Executive | 10,648,709 | 18,648,709 |
| Graham Swindells | Finance Director | 7,454,096 | 9,654,096 |
| Andrew Nunn | Chief Operating Officer | 7,454,096 | 10,454,096 |
| Total | 25,556,901 | 38,756,901 |
The Options have an exercise price of 1.325 pence each, being the closing mid-market price per ordinary share on 9 June 2016.
The Options may vest in two equal tranches over two years, subject to meeting certain share price performance criteria and are exercisable, to the extent vested, until 10 years from the date of grant. The first tranche of 50% of the Options may vest after one year, subject to the Company's share price increasing by at least 50% over the exercise price and remaining at or above that level for at least 30 consecutive days. All of the share options may vest after two years, subject to the Company's share price increasing by at least 100% over the exercise price and remaining at or above above that level for at least 30 consecutive days.
At the same time, Graham Swindells has agreed to surrender options over 3,000,000 shares which were granted in 2013.
The Options awarded today are equivalent to 9.9% of the Company's current issued share capital.
The total number of Ordinary Shares currently in issue is 257,393,532
**ENDS**
For further information please contact the following:
| Cluff Natural Resources Plc | Tel: +44 (0) 20 7887 2630 |
| Algy Cluff/ Graham Swindells/Andrew Nunn | |
| Panmure Gordon (UK) Limited | Tel: +44 (0) 20 7886 2500 |
| Adam James/Atholl Tweedie (Corporate Finance) | |
| Tom Salvesen (Corporate Broking) | |
| Allenby Capital Limited | Tel: +44 (0) 20 3328 5656 |
| Chris Crawford/Katrina Perez (Corporate Broking) | |
| St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
| Lottie Brocklehurst/Frank Buhagiar (Financial PR) |
This information is provided by RNS
The company news service from the London Stock Exchange
END
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