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KORE POTASH PLC — Remuneration Information 2020
Apr 7, 2020
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Remuneration Information
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National Storage Mechanism | Additional information
RNS Number : 9661I
Kore Potash PLC
07 April 2020
7 April 2020
Kore Potash Plc
("Kore Potash" or the "Company")
Issue of Equity and Performance Rights
Kore Potash plc advises that a total of 7,770,939 ordinary shares of US$0.001 each in the Company ("New Ordinary Shares") have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 March 2020. This is in line with the cost reduction strategy announced on 27 June 2019 and approved at the 2019 General Meeting of the Company held on 17 July 2019.
Separately, the Company also confirms the issue of shares of 1,250,000 ordinary shares due under the Company performance rights plans as previously disclosed on 15 April 2019.
Non-Executive Director shares in lieu of cash fees
The number of New Ordinary Shares issued to each Non-Executive Director in lieu of remuneration for the quarter ended 31 March 2020 was calculated as follows:
| Annual fee | Quarterly fee | Percentage of Remuneration | GBP/USD | 7 day VWAP | Number of shares | |
| David Hathorn | US$156,000.00 | US$39,000.00 | 100% | 1.2368 | 0.6078 | 5,188,053 |
| David Netherway | US$80,500.00 | US$20,125.00 | 55% | 1.2368 | 0.6078 | 1,472,443 |
| Jonathan Trollip | US$63,000.00 | US$15,750.00 | 53% | 1.2368 | 0.6078 | 1,110,443 |
| Total | 7,770,939 |
Performance rights
The Company also confirms that, further to the unconditional vesting of the Performance Rights issued to certain Non-Executive Directors on 29 March 2020, being the second anniversary of admission to trading on AIM and as announced on 15 April 2019, it has today issued the requisite 1,250,500 ordinary shares to satisfy the Performance Rights.
As set out in the announcement of 15 April 2019, the following is the breakdown of the ordinary shares issued under the Performance Rights:
| Number of Shares | Amount to be paid | |
| David Hathorn | 500,000 | US$500.00 |
| David Netherway | 250,000 | US$250.00 |
| Jonathan Trollip | 250,000 | US$250.00 |
| Timothy Keating | 250,000 | US$250.00 |
| Total | 1,250,000 | US$1,250.00 |
Accordingly, a total of 9,020,939 ordinary shares of US$0.001 each (being 7,770,939 ordinary shares in respect of Directors Remuneration Shares and 1,250,000 ordinary shares in respect of Performance Rights as detailed above) have today been issued. Application has been made for the admission of 9,020,939 ordinary shares of US$0.001 each on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on Tuesday 14 April 2020.
Following this issue, the Company's issued share capital consists of 1,550,273,503 ordinary shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 1,550,273,503.
The above figure may be used by shareholders 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
ENDS
For further information, please visit www.korepotash.com or contact:
| Kore Potash Brad Sampson - CEO |
Tel: +27 11 469 9140 | |
| Tavistock Communications Jos Simson Edward Lee |
Tel: +44 (0) 20 7920 3150 | |
| Canaccord Genuity - Nomad and Broker James Asensio Henry Fitzgerald-O'Connor |
Tel: +44 (0) 20 7523 4600 | |
| Shore Capital - Joint Broker Jerry Keen Toby Gibbs James Thomas |
Tel: +44 (0) 20 7408 4050 |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of Renumeration Shares. For the avoidance of doubt the ordinary shares being issued under the Performance Rights was reported on 15 April 2019
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | David Hathorn |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | GB00BYP2QJ94 | |
| b) | Nature of the transactionon | Issue of shares |
| c) | Price(s) and volume(s) | Price: 0.6078p Volume: 5,188,053 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | David Netherway |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | GB00BYP2QJ94 | |
| b) | Nature of the transaction | Issue of shares |
| c) | Price(s) and volume(s) | Price: 0.6078p Volume: 1,472,443 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Jonathan Trollip |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | GB00BYP2QJ94 | |
| b) | Nature of the transaction | Issue of shares |
| c) | Price(s) and volume(s) | Price: 0.6078p Volume: 1,110,443 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | David Hathorn |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | B00BYP2QJ94 | |
| b) | Nature of the transaction | Conversion of Performance Rights |
| c) | Price(s) and volume(s) | Price: US$0.001 Volume: 500,000 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | David Netherway |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | GB00BYP2QJ94 | |
| b) | Nature of the transaction | Conversion of Performance Rights |
| c) | Price(s) and volume(s) | Price: US$0.001 Volume: 250,000 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Jonathan Trollip |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | GB00BYP2QJ94 | |
| b) | Nature of the transaction | Conversion of Performance Rights |
| c) | Price(s) and volume(s) | Price: US$0.001 Volume: 250,000 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Timothy Keating |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 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 | Ordinary Shares of US$0.001 each |
| Identification code | GB00BYP2QJ94 | |
| b) | Nature of the transaction | Conversion of Performance Rights |
| c) | Price(s) and volume(s) | Price: US$0.001 Volume: 250,000 |
| d) | Aggregated information | Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 7 April 2020 |
| f) | Place of the transaction | Outside a trading venue |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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