Update on EBT and Director Dealings
80 Mile PLC announced that performance hurdles have been met, triggering the transfer of 380,000,000 ordinary shares from the Employee Benefit Trust to certain Directors. Additionally, the company has granted 240,000,000 options over new ordinary shares to Directors and key personnel, exercisable at prices ranging from £0.02 to £0.08 over four years, to align management interests. Following the share transfer, the total number of ordinary shares in issue will be 5,006,562,696, with 4,803,005,678 carrying voting rights.
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80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed exploration and development company, is pleased to announced that the milestones as announced on 26 August 2025, have now been met and as such 380,000,000 ordinary shares of the Company ("Shares") are to be transferred from the Employee Benefit Trust ("EBT") to certain Directors of the Company. This follows announcements made on 28 July 2025, 4 August 2025 and 26 August 2025.
The EBT Performance Hurdles of:
- Market Cap > £15m,
- Market Cap > £20m,
- Market Cap > £25m, and
- Market Cap > £40m
have all been met, and subsequently the transfer of Shares from the EBT to the Directors of the Company has occurred.
Prior to the above transfers, the EBT had a total of 393,557,018 ordinary shares of the Company held on trust.
Certain of the Directors will receive 190,000,000 Shares immediately and 190,000,000 Shares on 11 September 2026, and 14 January 2027 accordingly, being 12 months and 1 day from the date on which the Performance Hurdles were achieved.
Options
In addition, the Company has granted 4 tranches of 60,000,000 options over new Ordinary Shares of the Company, exercisable at £0.02, £0.04, £0.06 and £0.08 per share for a period of four years from the date of vesting ("Options"). 185,000,000 of the Options have been granted to Directors and 55,000,000 Options have been granted to key personnel of the Company. Thes options have been issued to align management interests and objectives with those of all shareholders. There still remains a signific ant amount of work to be completed prior to drilling and these options ensure that the current management team stays focussed and fully incentivised during this time.
Further details concerning dealings by person discharging managerial responsibilities are set out below.
Total Voting Rights
Following the transfer of 190,000,000 Shares from the EBT, and for the purposes of the Disclosure Guidance and Transparency Rules, the Company will have 5,006,562,696 ordinary shares of 0.01p par value in issue of which 4,803,005,678 have voting rights. Shareholders may use this figure 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 issued share capital of the Company. The remaining 203,557,018 shares have no voting rights and are held in treasury via the Company's Employee Benefit Trust.
| a | Name: | Roderick McIllree |
| 2 | Reason for the notification | |
| a | Position/status: | Executive Director |
| b | Initial notification/Amendment: | Initial notification |
| a | Name: | 80 Mile Plc |
| b | LEI: | 213800E9AEFEHFLOVJ19 |
| a | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.01 each GB00BFD3VF20 |
| b | Nature of the transaction: | 1. Grant of Options 2. Transfer of Shares 3. Conditional Transfer of Shares |
| c | Price(s) and volume(s): | 1. Grant of Options Price(s) Volume(s) 1 £0.020 10,000,000 2 £0.040 25,000,000 3 £0.060 25,000,000 4 £0.080 25,000,000 2. Transfer of Shares Price(s) Volume(s) 1 £0 90,000,000 3. Conditional Transfer of Shares Price(s) Volume(s) 1 £0 90,000,000 |
| d | Aggregated information: Aggregated volume: Price: | Single transactions as in 4 c) above 1. Grant of Options Price(s) Volume(s) 1 £0.020 10,000,000 2 £0.040 25,000,000 3 £0.060 25,000,000 4 £0.080 25,000,000 2. Transfer of Shares Price(s) Volume(s) 1 £0 90,000,000 3. Conditional Transfer of Shares Price(s) Volume(s) 1 £0 90,000,000 |
| e | Date of the transaction: | 2026-02-02 16:00 hrs UTC |
| f | Place of the transaction: | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a | Name: | Eric Sondergaard |
| 2 | Reason for the notification | |
| a | Position/status: | Managing Director |
| b | Initial notification/Amendment: | Initial notification |
| a | Name: | 80 Mile Plc |
| b | LEI: | 213800E9AEFEHFLOVJ19 |
| a | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.01 each GB00BFD3VF20 |
| b | Nature of the transaction: | 1. Transfer of Shares 2. Conditional Transfer of Shares |
| c | Price(s) and volume(s): | Price(s) Volume(s) 1 £0 80,000,000 3. Conditional Transfer of Shares Price(s) Volume(s) 1 £0 80,000,000 |
| d | Aggregated information: Aggregated volume: Price: | Single transactions as in 4 c) above 1. Transfer of Shares Price(s) Volume(s) 1 £0 80,000,000 2. Conditional Transfer of Shares Price(s) Volume(s) 1 £0 80,000,000 |
| e | Date of the transaction: | 2026-02-02 16:00 hrs UTC |
| f | Place of the transaction: | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a | Name: | Troy Whittaker |
| 2 | Reason for the notification | |
| a | Position/status: | Executive Director |
| b | Initial notification/Amendment: | Initial notification |
| a | Name: | 80 Mile Plc |
| b | LEI: | 213800E9AEFEHFLOVJ19 |
| a | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.01 each GB00BFD3VF20 |
| b | Nature of the transaction: | 1. Grant of Options 2. Issue of Shares 3. Conditional Transfer of Shares |
| c | Price(s) and volume(s): | 1. Grant of Options Price(s) Volume(s) 1 £0.020 25,000,000 2 £0.040 25,000,000 3 £0.060 25,000,000 4 £0.080 25,000,000 2. Transfer of Shares Price(s) Volume(s) 1 £0 20,000,000 3. Conditional Transfer of Shares Price(s) Volume(s) 1 £0 20,000,000 |
| d | Aggregated information: Aggregated volume: Price: | Single transactions as in 4 c) above 1. Grant of Options Price(s) Volume(s) 1 £0.020 25,000,000 2 £0.040 25,000,000 3 £0.060 25,000,000 4 £0.080 25,000,000 2. Transfer of Shares Price(s) Volume(s) 1 £0 20,000,000 3. Conditional Transfer of Shares Price(s) Volume(s) 1 £0 20,000,000 |
| e | Date of the transaction: | 2026-02-02 16:00 hrs UTC |
| f | Place of the transaction: | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a | Name: | Olga Solovieva |
| 2 | Reason for the notification | |
| a | Position/status: | Chief Operating Officer |
| b | Initial notification/Amendment: | Initial notification |
| a | Name: | 80 Mile Plc |
| b | LEI: | 213800E9AEFEHFLOVJ19 |
| a | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.01 each GB00BFD3VF20 |
| b | Nature of the transaction: | 1. Grant of Options |
| c | Price(s) and volume(s): | 1. Grant of Options Price(s) Volume(s) 1 £0.020 10,000,000 2 £0.040 10,000,000 3 £0.060 10,000,000 4 £0.080 10,000,000 |
| d | Aggregated information: Aggregated volume: Price: | Single transactions as in 4 c) above 1. Grant of Options Price(s) Volume(s) 1 £0.020 10,000,000 2 £0.040 10,000,000 3 £0.060 10,000,000 4 £0.080 10,000,000 |
| e | Date of the transaction: | 2026-02-02 16:00 hrs UTC |
| f | Place of the transaction: | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.