15 January 2021
Kore Potash Plc
("Kore Potash" or the "Company")
Issue of Equity
Kore Potash plc advises that a total of 2,909,389 ordinary shares of US$0.001 each in the Company have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 December 2020, as approved at the General Meeting of the Company held on 18 September 2020 ("Remuneration Shares").
In addition, the Company has also issued 3,071,251 ordinary shares to certain employees and ex-employees, following the vesting of Performance Rights awarded under the Company's Employee Performance Incentive Plans ("Performance Shares") (together with the Remuneration Shares the "New Ordinary Shares").
Non-Executive Director shares in lieu of cash fees
The number of New Ordinary Shares issued to each Non-Executive Director in lieu of remuneration for the quarter ended 31 December 2020 was calculated as follows:
|
| Annual fee | Quarterly fee | Percentage of Remuneration | GBP/USD | 7 day VWAP | Number of shares |
| David Hathorn | US$100,000 | US$25,000 | 55% | 1.37 | 0.84 | 1,194,821 |
| David Netherway | US$80,500 | US$20,125 | 55% | 1.37 | 0.84 | 961,831 |
| Jonathan Trollip | US$63,000 | US$15,750 | 55% | 1.37 | 0.84 | 752,737 |
| Total |
|
|
|
|
| 2,909,389 |
Total voting rights
A total of 5,980,640 New Ordinary Shares have today been issued. Application has been made for the admission of 5,980,640 New Ordinary Shares on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on 20 January 2021.
Following this issue, the Company's issued share capital consists of 2,451,768,173 ordinary shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 2,451,768,173.
The above 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For ASX's purposes, these securities are issued under Listing Rule 10.11 (Remuneration Shares) and exception 9 of ASX Listing Rule 7.2 (Performance Shares) respectively.
Cancellation of certain Performance Rights, Performance Shares and Options
Following the determination by the Company that the applicable vesting conditions within each category would not be achieved, a total of 9,297,751 Performance Rights, Performance Shares and Unlisted Options previously issued have been cancelled as follows:
| Performance Rights expiring 6 December 2020 (Employees) | 1,253,750 |
| Performance Shares under Short Term Incentive Scheme Plan | 1,015,001 |
| Performance Shares under Long Term Incentive Plan | 499,000 |
| Performance Shares vesting on 31 May 2019 | 530,000 |
| Unlisted Options exercisable at £0.022 each, expiring on 1 January 2024 | 6,000,000 |
This announcement has been approved for release by the Board.
ENDS
For further information, please visit www.korepotash.com or contact:
| Kore Potash Brad Sampson - CEO |
| Tel: +27 11 469 9140 |
| Tavistock Communications Jos Simson Edward Lee |
| Tel: +44 (0) 20 7920 3150 |
|
Canaccord Genuity - Nomad and Broker James Asensio Henry Fitzgerald-O'Connor |
| Tel: +44 (0) 20 7523 4600 |
| Shore Capital - Joint Broker Jerry Keen Toby Gibbs James Thomas |
| Tel: +44 (0) 20 7408 4050 |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of the Renumeration Shares.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | David Hathorn |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a) | Description of the financial instrument, type of instrument
| Ordinary Shares of US$0.001 each |
|
| Identification code | GB00BYP2QJ94 |
| b) | Nature of the transaction | Issue of new shares |
| c) | Price(s) and volume(s)
| Price: 0.84p Volume: 1,194,821 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 15 January 2021 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | David Netherway |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a) | Description of the financial instrument, type of instrument
| Ordinary Shares of US$0.001 each |
|
| Identification code | GB00BYP2QJ94 |
| b) | Nature of the transaction | Issue of new shares |
| c) | Price(s) and volume(s)
| Price: 0.84p Volume: 961,831 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 15 January 2021 |
| f) | Place of the transaction | Outside a trading venue |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Jonathan Trollip |
| 2 | Reason for the notification | |
| a) | Position/status | PDMR |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Kore Potash Plc |
| b) | LEI | 213800NWX7EHG4UVC107 |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a) | Description of the financial instrument, type of instrument
| Ordinary Shares of US$0.001 each |
|
| Identification code | GB00BYP2QJ94 |
| b) | Nature of the transaction | Issue of new shares |
| c) | Price(s) and volume(s)
| Price: 0.84p Volume: 752,737 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 15 January 2021 |
| f) | Place of the transaction | Outside a trading venue |
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