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BASE RESOURCES LIMITED - Vesting of LTIP performance rights

·3-min read

AIM and Media Release

6 October 2020

BASE RESOURCES LIMITED
Vesting of LTIP performance rights

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that, following performance testing of the 2017 cycle performance rights issued pursuant to the Base Resources Long Term Incentive Plan (LTIP) as at 30 September 2020, 6,373,301 performance rights have vested, equivalent to approximately 42% of the total number of 2017 cycle performance rights issued.

Vesting of performance rights issued under the LTIP is subject to achievement of specified performance criteria over a three-year performance period. The performance criteria specified for the 2017 cycle performance rights required achievement of total shareholder return (TSR) targets, with 50% subject to absolute TSR performance criteria and 50% subject to relative TSR performance criteria assessed against a set group of comparator companies.

Further details about the LTIP, including specified performance criteria, are included in the Base Resources 2020 Annual Report, which can be accessed from the Company’s website.

In accordance with the terms of the LTIP, those 2017 cycle performance rights that did not vest following testing were automatically forfeited. Those LTIP participants whose performance rights were automatically forfeited included employees classified as “persons discharging managerial responsibilities” (PDMRs) for the purposes of the European Union’s Market Abuse Regulation. Their updated securityholdings in the Company are set out below.

Name

Vested 2017 cycle performance rights

Holding of performance rights*

Holding of shares
(direct and indirect)

Tim Carstens (Managing Director)

896,820

6,616,299

7,546,013

Colin Bwye (Executive Director)

896,820

6,616,299

7,204,572

Kevin Balloch

347,980

2,304,926

2,691,333

Andre Greyling

308,337

2,190,697

3,885,629

Stephen Hay

365,908

2,422,918

1,512,091

Chadwick Poletti

286,313

2,038,110

1,162,546

* Includes both vested and unvested LTIP performance rights which remain subject to vesting conditions.

As a result of the forfeiture of a portion of the 2017 cycle performance rights, the Company has the following securities on issue:

  • 1,178,011,850 ordinary shares.

  • 54,122,220 performance rights issued pursuant to the terms of the LTIP, comprising:

    • 6,498,832 vested performance rights;1 and

    • 47,623,388 unvested performance rights subject to performance testing in accordance with their terms of issue.

The figure of 1,178,011,850 ordinary shares on issue may be used by shareholders as the denominator for calculations when determining 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.

[Note (1): Vested performance rights have a nil cash exercise price. Unless exercised beforehand, performance rights expire five years after vesting.]

ENDS.

For further information contact:

James Fuller, Manager Communications and Investor Relations

UK Media Relations

Base Resources

Tavistock Communications

Tel: +61 (8) 9413 7426

Jos Simson and Barnaby Hayward

Mobile: +61 (0) 488 093 763

Tel: +44 (0) 207 920 3150

Email: jfuller@baseresources.com.au

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance. The Company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar. Base Resources is an ASX and AIM listed company. Further details about Base Resources are available at www.baseresources.com.au

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912

NOMINATED ADVISOR
RFC Ambrian Limited

Stephen Allen
Phone: +61 (0)8 9480 2500

BROKER
Berenberg

Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800