Long Term Incentive Programme
Blencowe Resources Plc has granted 30,000,000 long term incentive programme shares to directors and senior managers, representing approximately 6.3% of its issued share capital, with an allocation price of £0.09 per share. These shares are subject to a three-year performance review period, with 50% vesting upon receipt of P1 Funding for the Orom-Cross project, and the remainder determined by the remuneration committee. In the event of a change of control, all LTIP shares will vest immediately.
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Blencowe Resources Plc (LSE: BRES) announces that it has granted long term incentive programme shares ("LTIP Shares") over an aggregate 30,000,000 ordinary shares to directors and senior managers of Blencowe, which represents approximately 6.3% of the Company's existing issued share capital. For the purposes of the LTIP Shares allocation, a share price of £0.09 per ordinary share was used, being the date of this announcement.
Performance and Vesting Conditions
The LTIP Shares are subject to the satisfaction of certain performance conditions to be interpreted at the discretion of the Blencowe remuneration committee and Board over a three-year review period. Upon vesting, no consideration is payable. Subject to vesting and such performance conditions being met, the new LTIP Shares will be allocated to the participants as fully paid ordinary shares, subject to any regulatory restrictions.
The remuneration committee have recommended that 50% of the LTIP Shares vest upon receipt of P1 Funding for the Orom-Cross project. The remaining 50% to vest will be determined in due course by the remuneration committee and the Board. In the event of any change of control of the Company, its subsidiaries or its project, the LTIP Shares will vest immediately.
The following LTIP Share Awards have been granted to Directors and senior group managers:
| Director / Management | Position | LTIP Shares Awarded | Vesting Period |
|---|---|---|---|
| Cameron Pearce | Chairman | 7,000,000 | 3 years |
| Mike Ralston | CEO | 7,000,000 | 3 years |
| Iain Wearing | COO | 7,000,000 | 3 years |
| Sam Quinn | NED | 5,250,000 | 3 years |
| Alex Passmore | NED | 1,750,000 | 3 years |
| Nabil Alam | Country Manager | 2,000,000 | 3 years |
| a) | Name | 1. Cameron Pearce 2. Mike Ralston 3. Iain Wearing 4. Lionshead Consultants (S Quinn) 5. Alexander Passmore 6. Nabil Alam | |
| 2 | Reason for the notification | ||
| a) | Position/status | 1. Director 2. Manager 3. Manager 4. Director 5. Director 6. Country Manager | |
| b) | Initial notification /Amendment | Initial Notification | |
| a) | Name | Blencowe Resources PLC | |
| b) | LEI | 213800UXIHBIRK36GG11 | |
| b) | Nature of the transaction | Grant of LTIP Share Awards | |
| c) | Price(s) and volume(s) | Price Volume 1. 0.005 2. 0.005 3. 0.005 4. 0.005 5. 0.005 6. 0.005 1. 7,000,000 2. 7,000,000 3. 7,000,000 4. 5,250,000 5. 1,750,000 6. 2,000,000 | |
| d) | Aggregated information - Aggregated volume - Price | N/A £0.005 | |
| e) | Date of Transaction | 20 February 2026 | |
| f) | Place of transaction | London Stock Exchange |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.