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.
Vested 2017 cycle performance rights
Holding of performance rights*
Holding of shares
Tim Carstens (Managing Director)
Colin Bwye (Executive Director)
* 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.]
For further information contact:
James Fuller, Manager Communications and Investor Relations
UK Media Relations
Tel: +61 (8) 9413 7426
Jos Simson and Barnaby Hayward
Mobile: +61 (0) 488 093 763
Tel: +44 (0) 207 920 3150
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
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