Director/PDMR Shareholding
Serabi Gold plc has awarded an aggregate of 458,114 Conditional Share Awards to employees, including directors, under its 2020 Restricted Share Plan, with vesting contingent on a three-year performance period tied to total shareholder return, return on capital employed, cumulative free cash flow, and ESG targets. Directors Michael Hodgson and Colm Howlin received 181,269 and 106,162 awards respectively, and will be subject to new shareholding requirements. These awards, calculated based on the 30-day VWAP on May 12, 2026, bring the total conditional share awards in issue to 2,202,948, representing 2.91% of the issued share capital.
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Serabi announces that on 12 May 2026 the Board of Directors agreed to award in aggregate 458,114 Conditional Share Awards (“CSA’s”) to employees (including directors) of the Company. The awards are part of the Company's normal annual compensation review and the issuance is made under the Serabi 2020 Restricted Share Plan (the “2020 Plan”) which was approved by shareholders on 16 June 2020 and adopted by the Board on 10 November 2020.
The awards are subject to a three-year performance period during which time certain performance criteria stipulated by the Board must be attained. The underlying shares to be issued pursuant to each of the Conditional Share Awards will only be issued and the rights transferred to the employees after the completion of the performance period and only in such amount (if any) as is required based on the achievement of the performance criteria.
The performance criteria and targets for the 2026 Awards are summarised below:
Performance measure
| Performance level | Threshold Vesting | Performance level | Maximum Vesting | |
|---|---|---|---|---|
| Total shareholder return relative to the BMO junior gold index (30%) | Equals the index | At index% | 120% of the index | 100% |
| Return on Capital Employed (30%) | 13% | 0% | 20% | 100% |
| Cumulative Free Cash Flow (25%) | Achieve Budget | 0% | 15% above budget | 100% |
| ESG (15%) | Qualitative assessment based on progress towards ESG activities including water recycling and installation of a tailings filtration system |
A total of 289,178 Conditional Share Awards have been granted by the Board, as recommended by the Remuneration Committee, to directors of the Company as follows:
| Director | Award Year | Number of CSA’s |
|---|---|---|
| Michael Hodgson | 2026 | 181,269 |
| Colm Howlin | 2026 | 106,162 |
The remaining 170,683 Conditional Share Awards have been made to other employees of the Company. The number of Conditional Shares awarded was calculated by reference to the 30 day VWAP of the Company's shares on 12 May 2026.
From 2026, a shareholding requirement will be introduced requiring Mike Hodgson and Colm Howlin to build a shareholding of 150% and 135% of salary respectively within five years. Until the shareholding is achieved, the Executive Directors will be required to retain 50% of the net of tax vested shares from all future share awards
Following these latest awards there are 2,202,948 Conditional Share Awards in issue representing 2.91% of the issued share capital of the Company (excluding 573,209 new Ordinary shares to be issued pursuant to the settlement of Conditional Share Awards as announced on 13 May 2026).
Notice
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.