Grant of Share Options
Altona Rare Earths PLC has announced the grant of share options over 29,186,430 ordinary shares to its executive and non-executive directors to incentivize long-term shareholder value. The Chief Executive Officer, Cedric Simonet, received 13,133,893 options, the Chief Financial Officer, Louise Adrian, received 7,296,608 options, the Non-Executive Chairman, Harvey Sinclair, received 5,837,286 options, and Non-Executive Director, Kristopher Andersson, received 2,918,643 options. These nil-cost options have a three-year vesting period, with tranches vesting if the share price reaches 3p, 5p, and 7p respectively for 20 consecutive days, or on a time-based schedule for non-executive directors at the Board's discretion.
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Altona Rare Earths PLC (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, announces that the Board has today approved the award of share options ("Options") over a total of 29,186,430 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares"), with 13,133,893 Options awarded to Cedric Simonet, the CEO, 7,296,608 Options awarded to Louise Adrian, the CFO, 5,837,286 Options awarded to Harvey Sinclair, the Non-Executive Chairman and 2,918,643 Options awarded to Kristopher Andersson, the Non-Executive Director.
The Options award has been made to incentivise, retain and align the wider management team of the business to help drive shareholder value over the longer term.
The awards of Options to the Board are as follows:
| Name of awardee | Role | New Options | Total shares under option | Total options as % of issued share capital |
|---|---|---|---|---|
| Cédric Simonet | Chief Executive Officer | 13,133,893 | 13,133,893 | 4.5% |
| Louise Adrian | Chief Financial Officer | 7,296,608 | 7,296,608 | 2.5% |
| Harvey Sinclair | Non-Executive Chairman | 5,837,286 | 5,837,286 | 2.0% |
| Kristopher Andersson | Non-Executive Director | 2,918,643 | 2,918,643 | 1.0% |
Vesting Terms
The Options are exercisable at nil-cost, have a three year vesting period and will vest in three equal tranches, subject to the price per Ordinary Share trading above the targets outlined below for a period of 20 consecutive days during the vesting period.
- Tranche 1: Price per Ordinary Share trading at or above 3p
- Tranche 2: Price per Ordinary Share trading at or above 5p
- Tranche 3: Price per Ordinary Share trading at or above 7p
For the Company's Non-Executive Directors, the Board has the discretion to award the Options based on a time-based basis at 18, 24 and 36 months post-grant, subject to unanimous Board approval.
Additional Terms
- The Options are nil-cost options and can be exercised without payment.
- At the Company's discretion, Ordinary Shares may be issued in place of the Options if it is more tax efficient to do so.
- Vested Options remain valid following termination, subject to the Scheme.
- Vested Options remain exercisable within three years of vesting.
- The Board can, at its discretion, permit vesting after a participant's departure where their contribution was material to a hurdle being met post-termination.
- Options may vest early upon certain corporate events, including a sale or merger, subject to unanimous Board approval.
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Altona Rare Earths Plc
Cédric Simonet, CEO +44 (0) 7778 866 108
Louise Adrian, CFO +44 (0) 7721 492 922
Strand Hanson Limited (Financial Adviser) +44 (0) 20 7409 3494
Christopher Raggett
Imogen Ellis
Zeus Capital (Corporate Broker) +44 (0) 20 3829 5000
Simon Johnson
James Hornigold
About Altona Rare Earths Plc
The multi-commodity Monte Muambe Project in northwest Mozambique is a highly prospective tenement hosting rare earths, fluorspar, and gallium mineralisation. Since acquiring the project in June 2021, Altona has drilled over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of 13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December 2024), and published a Competent Person Report and scoping study for the rare earths component of the project (October 2023). The Company is actively engaging with the US Government, through USTDA, as a possible strategic partner to advance the rare earths project through the prefeasibility stage.
In parallel, Altona is progressing plans to fast-track the development of high-grade fluorspar veins identified along the western and southern margins of Monte Muambe, with a targeted production of 50,000 tonnes per annum of acid-grade fluorspar over a minimum 12-year mine life. Acid-grade fluorspar is a key input in a wide range of applications, including hydrofluoric acid, lithium battery electrolyte production, and nuclear fuel refining, placing Altona in a strong position to supply this critical material.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.