Issuance of LTIPs
Arc Minerals awards RSUs and share options to board and senior management, representing 5.5% of issued share capital.
- RSUs and Options as % of issued share capital 5.5%
- RSUs as % of issued share capital (directors) 3%
- RSUs awarded to Nicholas von Schirnding 21,856,494
- Share Options exercise price 2.5p
- RSU vesting share price targets 2.5p, 4p, and 6p
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Arc Minerals (LSE: ARCM), announces the award of long term incentives to the board and senior management.
Long Term Incentives
Following a 5-year period during which the Company did not issue any options or share awards to management, the Board has deemed it appropriate to approve equity incentives to ensure that management is aligned with shareholders' long-term interests. The Board has approved the issuance of a combination of restricted stock units and share options, equating to 5.5% of the issued share capital (being 3% of the issued share capital in respect of LTIPs issued to directors).
The Restricted Stock Units ("RSUs") granted to the executive director and senior management are performance-based, will have a five-year term, and will vest in three equal tranches subject to the achievement of share price targets of 2.5p, 4p, and 6p over a three-year period, with the following additional performance-based acceleration milestones:
- in relation to the Anglo JV, Anglo exercising their option to accelerate Phase 1; or
- a Zambia Discovery, defined as a new resource where at least three holes drilled each assayed more than 50m% CuEq. (100m @ 0.5% Cu; 25m @ 2% Cu); or
- a Botswana Discovery, defined as a new resource where at least three holes drilled each assayed more than 25m% CuEq. (10m @ 2.5% Cu).
In addition, share options over ordinary shares in the Company ("Options") will be issued to directors and senior management as set out below. The Options will have an exercise price of 2.5p, will vest equally over three years and will be exercisable at any time after vesting and during the term of five years.
The RSUs and Options have been awarded as follows:
| Restricted Stock Units | Share Options | ||
| Nicholas von Schirnding | Executive Chairman | 21,856,494 | 14,570,996 |
| Vassilios Carellas | Chief Operating Officer | 10,928,247 | 7,285,498 |
| Ian Lynch | Chief Financial Officer | 10,928,247 | 7,285,498 |
| Rémy Welschinger | Non-Executive Director | n/a | 3,642,748 |
| Valentine Chitalu | Non-Executive Director | n/a | 3,642,748 |
| a) | Name | 1. Nicholas von Schirnding 2. Vassilios Carellas 3. Ian Lynch 4. Rémy Welschinger 5. Valentine Chitalu | |
| 2 | Reason for the notification | ||
| a) | Position/status | Director/PDMR | |
| b) | Initial notification /Amendment | Initial Notification | |
| a) | Name | Arc Minerals Limited | |
| b) | LEI | 213800XHFJVCC9GP2G75 | |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.1p each VGG045791016 | |
| b) | Nature of the transaction | Issue of RSUs and Share Options | |
| c) | Price(s) and volume(s) | Price Volume (a) Nicholas von Schirnding RSU 1. 2.5p 2. 4p 3. 6p Share Options 2.5p 1. 7,285,498 2. 7,285,498 3. 7,285,498 14,570,996 (b) Vassilios Carellas RSU 1. 2.5p 2. 4p 3. 6p Share Options 2.5p 1. 3,642,749 2. 3,642,749 3. 3,642,749 7,285,498 (c) Ian Lynch RSU 1. 2.5p 2. 4p 3. 6p Share Options 2.5p 1. 3,642,749 2. 3,642,749 3. 3,642,749 7,285,498 (d) Rémy Welschinger 2.5p 3, 642,748 (e) Valentine Chitalu Share Options 2.5p 3,642,748 | |
| d) | Aggregated information | Price Volume (a) 3.5p 36,427,490 (b) 3.5p 18,213,745 (c) 3.5p 18,213,745 (d) 2.5p 3, 642,748 (e) 2.5p 3,642,748 | |
| e) | Date of the transaction | 7 April 2025 | |
| f) | Place of the transaction | Off market |
Background on the Joint Venture with a subsidiary of Anglo American
Arc Minerals has entered into a Joint Venture Agreement with a subsidiary of Anglo American on its Zambian Copper Project (ZPC) comprising a number of licenses covering circa 870km2 ha in the North Western Province, in the Domes region of the Zambian Copperbelt near world-class mines such as First Quantum Minerals' Sentinel and Kansanshi copper mines and Barrick's Lumwana mine.
- Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration expenditures (total $38.5M) within three years and 180 days of the signing of the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP.
- Phase 2 - Anglo may elect to increase its interest in the ZCP to 60% by investing a further $20M (total $58.5M) within two years of the completion of Phase 1.
- Phase 3 - Anglo may elect to increase its interest in the ZCP to 70% by investing a further $30M (total $88.5M) within two years of the completion of Phase 2.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.