Issue of Shares to Directors under Incentive Plan
First tranche of 583,332 RSU shares vested to three directors under Long Term Incentive Plan.
- RSU shares vesting on 30 June 2025 583,332
- Atul Bali vesting tranche 1 166,666
- J Peter Pham vesting tranche 1 166,666
- Shawn McCormick vesting tranche 1 250,000
- Total ordinary shares in issue following admission 644,271,482
- Shawn McCormick interest post-admission 1.51%
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On 3 September 2024, Rainbow announced that its Long Term Incentive Plan had been amended in August 2024 to incorporate Restricted Share Units ("RSU") for the benefit of US resident individuals in order to comply with US tax requirements. Accordingly, the first tranche of RSUs vested on 30 June 2025, as per the vesting schedule below.
| 30/6/25 | 30/6/26 | 30/6/27 | |
|---|---|---|---|
| Atul Bali | 166,666 | 166,667 | 83,334 |
| J Peter Pham | 166,666 | 166,667 | 83,334 |
| Shawn McCormick | 250,000 | 250,000 | 83,334 |
| Total | 583,332 | 583,334 | 250,002 |
An application will be made for the 583,332 Ordinary Shares to be admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange Plc's Main Market for listed securities ("Admission"). It is expected that Admission will become effective and that dealing in the Ordinary Shares will commence on or around 9 July 2025. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Following Admission, the Company will have 644,271,482 Ordinary Shares in issue. This figure may be used by shareholders 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 Company under the FCA's Disclosure, Guidance and Transparency Rules.
Following the admission of the new Ordinary Shares, the beneficial ownership of the Company by persons discharging managerial responsibility ("PDMR") are as follows:
| Name | No. of Ordinary Shares held prior to the Award | % interest in Ordinary Shares held prior to the Award | No. of Ordinary Shares held immediately following Admission | % interest in Ordinary Shares immediately following Admission |
| Atul Bali | 4,504,325 | 0.70% | 4,670,991 | 0.73% |
| J Peter Pham | 714,833 | 0.11% | 881,499 | 0.14% |
| Shawn McCormick | 9,483,237 | 1.47% | 9,733,237 | 1.51% |
| Appendix | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name | Atul Bali | ||
| 2 | Reason for the notification | |||
| a) | Position/status | Director | ||
| b) | Initial notification/ Amendment | Initial Notification | ||
| a) | Name | Rainbow Rare Earths Limited | ||
| b) | LEI | 213800HONYSAXTG6KS11 | ||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of no par value GG00BD59ZW98 | ||
| b) | Nature of the transaction | Issue of incentive award shares | ||
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 166,666 | ||
| d) | Aggregated information Aggregated volume - Price | 166,666 Nil | ||
| e) | Date of the transaction | 9 July 2025 Note: the Company is not considered in a close period at the time of this transaction. | ||
| f) | Place of the transaction | Outside a trading venue | ||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name | J Peter Pham | ||
| 2 | Reason for the notification | |||
| a) | Position/status | Director | ||
| b) | Initial notification/ Amendment | Initial Notification | ||
| a) | Name | Rainbow Rare Earths Limited | ||
| b) | LEI | 213800HONYSAXTG6KS11 | ||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of no par value GG00BD59ZW98 | ||
| b) | Nature of the transaction | Issue of incentive award shares | ||
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 166,666 | ||
| d) | Aggregated information Aggregated volume - Price | 166,666 Nil | ||
| e) | Date of the transaction | 9 July 2025 Note: the Company is not considered in a close period at the time of this transaction. | ||
| f) | Place of the transaction | Outside a trading venue | ||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name | Shawn McCormick | ||
| 2 | Reason for the notification | |||
| a) | Position/status | Director | ||
| b) | Initial notification/ Amendment | Initial Notification | ||
| a) | Name | Rainbow Rare Earths Limited | ||
| b) | LEI | 213800HONYSAXTG6KS11 | ||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of no par value GG00BD59ZW98 | ||
| b) | Nature of the transaction | Issue of incentive award shares | ||
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 250,000 | ||
| d) | Aggregated information Aggregated volume - Price | 250,000 Nil | ||
| e) | Date of the transaction | 9 July 2025 Note: the Company is not considered in a close period at the time of this transaction. | ||
| 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.