Grant of Options
GCM Resources plc has granted 25,100,000 options over new ordinary shares to directors and persons discharging managerial responsibilities, representing approximately 6.82% of the company's issued share capital. The Chief Executive Officer received 15,500,000 options, the Finance Director and a non-board Chief Operating Officer each received 4,500,000 options, and the Non-Executive Chairman received 600,000 options. These options have an exercise price of 5.4 pence and a five-year term, with 75% vesting immediately and the remaining 25% vesting after two years, contingent on continued employment.
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GCM Resources plc (AIM: GCM), the AIM traded resource exploration and development company, announces that it has granted options over new ordinary shares of 1 pence each ("Ordinary Shares") in the share capital of the Company under its unapproved share option scheme (the "Options").
A total of 25,100,000 Options, representing approximately 6.82 per cent. of the Company's issued share capital, have been issued to the directors and certain persons discharging managerial responsibilities ("PDMRs") as set out in the table below.
| Director/PDMR | Position | Number of Options granted | Total number of share options now held | Total number of share options held as a percentage of issued share capital |
|---|---|---|---|---|
| Michael Tang | Chief Executive Officer | 15,500,000 | 15,500,000 | 4.21% |
| Keith Fulton | Finance Director | 4,500,000 | 4,500,000 | 1.22% |
| Charlie Green | Non-Executive Chairman | 600,000 | 600,000 | 0.16% |
| Gary Lye | Non-board Chief Operating Officer | 4,500,000 | 4,500,000 | 1.22% |
As outlined in the Company's annual report and accounts for the year ended 30 June 2025, the policy of the board of directors of GCM (the "Board" or the "Directors") is to provide remuneration packages designed to attract, motivate and retain personnel of the calibre necessary to maintain the Company's position, and to reward them for enhancing shareholder value and return.
Due to the Company's corporate activity over the last several years, it has not been possible to grant the Options until now. Where applicable, the Options granted have been done so using existing share authorities granted to the Board at the Company's annual general meeting held on 17 December 2025.
The Options granted are under the condition that 75% of the Options granted to each director/PDMR will vest immediately from the date of grant. The remaining 25% of the Options will vest two years from date of grant provided that the recipient of the Option maintains continuous employment for a two-year period. The Options have an exercise price of 5.4 pence per Option, equating to the closing market price on 20 May 2026 and a 5 year term from the date of grant.
The specific vesting schedule, comprising 75% immediate vesting and 25% deferred vesting after two years, has been structured to reflect the unique requirements of the business at this juncture:
- 75% immediate vesting: Formally recognises the substantial, historic contributions and long-term service of the individuals, who have successfully navigated the Company through many years without equivalent historic equity recognition.
- 25% two-year deferred vesting: Ensures continued alignment with shareholders by incentivising the delivery of the Company's near-term strategic milestones and securing leadership stability over the next 24 months.
The Remuneration Committee believes that this balanced structure is a pragmatic, commercially focused solution that rewards proven loyalty while protecting future shareholder value.
The Company separately intends to grant options over new Ordinary Shares or alternatively another form of equity incentive or a bonus scheme to the Company's Employees in Bangladesh. The Company will make a further announcement in this regard following the assessment of the legal and regulatory implications relating to this.
Details of the Director/PDMR dealing are set out in the table at the end of this announcement, which has been provided in accordance with the requirements of the UK Market Abuse Regulation.
| 2 | Reason for the notification | |
| a) | Position/status | 1. Chief Executive Officer 2. Finance Director 3. Non-Executive Chairman 4. Non-Board Chief Operating Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | GCM Resources PLC |
| b) | LEI | 213800MXX5QHZNHCDU55 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of GBP 0.01 each GB00B00KV284 |
| b) | Nature of the transaction | Grant of O ptions |
| c) | Price(s) and volume(s) | Exercise Price(s) (pence) Volume(s) 1. 5.4p 2. 5.4p 3. 5.4p 4. 5.4p 1. 15,500,000 2. 4,500,000 3. 600,000 4. 4,500,000 |
| d) | Aggregated information -Aggregated volume - Price | Not Applicable |
| e) | Date of the transaction | 20 May 2026 |
| f) | Place of the transaction | Outside a trading business |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.