Last checked at 2 Jul 2021 15:16
2 July 2021
Kropz Plc
("Kropz" or the "Company")
Issue of LTIP Awards
Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer, is pleased to announce that the Company has granted conditional share awards over ordinary shares in the Company to key members of the executive management team, including certain Persons Discharging Managerial Responsibilities ("PDMRs"), including Chief Executive Officer Mark Summers and Chief Operating Officer Michelle Lawrence, under its Long Term Incentive Plan ("LTIP Awards"). These LTIP Awards have performance conditions aligned to the implementing the Company's strategic plans, including appropriate weightings on the successful commissioning, operating and profitability of the Elandsfontein mine and completion of the updated feasibility study on the Hinda project and associated development objectives.
The LTIP Awards are nil priced options over a total of 7,800,0000 ordinary shares representing 0.9 per cent. of the Company's issued share capital. Of this total, 2,400,000 LTIP Awards have been granted to each of Mark Summers and Michelle Lawrence. The LTIP Awards will vest on various dates from 30 June 2022 to 31 December 2024, subject to the terms of the LTIP Plan Rules (as set out in the Company's Admission Document), including financial and non-financial performance conditions.
Following the grant of the new proposed LTIP Awards, together with the existing 4,827,746 awards currently under option under the ESOP plan ("ESOP Awards"), and the existing 6,700,000 LTIP awards issued in 2020, the ESOP Awards and LTIP Awards represent 2.3 per cent. of the Company's issued share capital.
Following the grant, Mark Summers and Michelle Lawrence will hold the following number of ordinary shares and ESOP and LTIP Awards:
| Ordinary Shares | ESOP and LTIP Awards | |
No. | % |
| |
Mark Summers | 414,889 | 0.00 | 8,112,609 |
Michelle Lawrence | - | - | 6,215,137 |
For further information visit www.kropz.com or contact:
Kropz Plc |
|
Mark Summers (CEO) | +27 (0) 79 744 8708 |
|
|
Grant Thornton UK LLP | Nominated Adviser |
Samantha Harrison Harrison Clarke George Grainger | +44 (0) 20 7383 5100 |
|
|
Hannam & Partners | Joint Broker |
Andrew Chubb Ernest Bell | +44 (0)20 7907 8500 |
| |
Tavistock | Financial PR & IR (UK) |
Oliver Lamb Jos Simson Nick Elwes | +44 (0) 207 920 3150 kropz@tavistock.co.uk |
| |
R&A Strategic Communications | PR (South Africa) |
James Duncan | +27 (0)11 880 3924 james@rasc.co.za |
About Kropz Plc
Kropz is an emerging African phosphate explorer and developer, with an advanced stage phosphate mining project in South Africa and a phosphate project in the Republic of Congo. The vision of the Group is to become a leading independent phosphate rock producer and to develop into an integrated, mine-to-market plant nutrient company focusing on sub-Saharan Africa.
END
PDMR Notification made in accordance with the requirements of the EU Market Abuse Regulation.
1
| Details of the person discharging managerial responsibilities/person closely associated
| ||||
a)
| Name
| Mark Summers | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Director | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Kropz plc | |||
b)
| LEI
| 2138005Y467BCQ3QOT77 | |||
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 | |||
Identification code | GB00BZ1HLP69 | ||||
| |||||
b)
| Nature of the transaction
| Grant of nil cost options | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| nil | 2,400,000 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | |||||
e)
| Date of the transaction
| 2 July 2021 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities/person closely associated
| ||||
a)
| Name
| Michelle Lawrence | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Kropz plc | |||
b)
| LEI
| 2138005Y467BCQ3QOT77 | |||
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 | |||
Identification code | GB00BZ1HLP69 | ||||
| |||||
b)
| Nature of the transaction
| Grant of nil cost options | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| nil | 2,400,000 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | |||||
e)
| Date of the transaction
| 2 July 2021 | |||
f)
| Place of the transaction
| Outside a trading venue | |||