9 April 2021
Kore Potash Plc
("Kore Potash" or the "Company")
Issue of Equity and Cancellation of Certain Performance Rights and Options
Kore Potash plc advises that a total of 1,103,296 ordinary shares of US$0.001 each in the Company ("New Ordinary Shares") have today been issued to certain Non-Executive Directors of the Company in lieu of cash fees for the quarter ended 31 March 2021, as approved at the General Meeting of the Company held on 18 September 2020 ("Remuneration Shares").
Additionally, the Company also confirms the issue of 1,250,000 ordinary shares due under the third and final tranche of the Company's performance rights plan (the "Performance Rights") for Non-Executive Directors.
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 March 2021 was calculated as follows:
|
| Annual fee | Quarterly fee | Percentage of Remuneration | GBP/USD | 7 day VWAP | Number of shares |
| David Hathorn | US$100,000.00 | US$8,333.33* | 55% | 1.3779 | 1.5994 | 207,973 |
| David Netherway | US$80,500.00 | US$20,125.00 | 55% | 1.3779 | 1.5994 | 502,254 |
| Jonathan Trollip | US$63,000.00 | US$15,750.00 | 55% | 1.3779 | 1.5994 | 393,069 |
| Total |
|
|
|
|
| 1,103,296 |
* As part of the Company's on-going cost saving exercise David Hathorn waived his remuneration for the months of February and March 2021.
Performance rights
The Company also confirms it has issued 1,250,000 ordinary shares to satisfy the unconditional vesting of the third and final tranche of the Performance Rights issued to certain Non-Executive Directors on 29 March 2021, being the third anniversary of admission to trading on AIM. The previous two tranches were announced on 15 April 2019 and 7 April 2020.
Consistent with the previous two tranches, the following is the breakdown of the ordinary shares issued under the Performance Rights:
| | Number of Shares | Amount to be paid |
| David Hathorn | 500,000 | US$500.00 |
| David Netherway | 250,000 | US$250.00 |
| Jonathan Trollip | 250,000 | US$250.00 |
| Timothy Keating | 250,000 | US$250.00 |
| Total | 1,250,000 | US$1,250.00 |
Accordingly, a total of 2,353,296 ordinary shares of US$0.001 each (being 1,103,296 ordinary shares in respect of Directors Remuneration Shares and 1,250,000 ordinary shares in respect of Performance Rights as detailed above) have today been issued. Application has been made for the admission of 2,353,296 ordinary shares of US$0.001 each on AIM, the Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take place on Wednesday 14 April 2021.
For ASX's purposes, and having previously obtained shareholder approvals for the issues, the shares are issued under ASX Listing Rule 10.11 (Remuneration Shares) and 10.14 (Performance Rights) respectively.
Following this issue, the Company's issued share capital consists of 2,454,121,469 ordinary shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 2,454,121,469.
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.
Cancellation of certain Performance Rights and Options
Following the determination by the Company that the applicable vesting conditions within each category would not be achieved, a total of 7,500,000 Performance Rights and Unlisted Options previously issued have been cancelled as follows:
| | Number of Securities |
| Performance Rights expiring 1 March 2021 (Directors) (KP2AC) | 4,500,000 |
| Unlisted Options exercisable at £0.022 each, expiring on 1 January 2024 (KP2AB) | 3,000,000 |
| Total | 7,500,000 |
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 |
| Questco Corporate Advisory - JSE Sponsor Mandy Ramsden | | Tel: +27 (11) 011 9208 |
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR") in relation to issue of Renumeration Shares. For the avoidance of doubt the ordinary shares being issued under the Performance Rights was reported on 15 April 2019.
| 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 shares |
| c) | Price(s) and volume(s)
| Price: 1.5994p Volume: 207,973 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 9 April 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 shares |
| c) | Price(s) and volume(s)
| Price: 1.5994p Volume: 502,254 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 9 April 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 shares |
| c) | Price(s) and volume(s)
| Price:1.5994p Volume: 393,069 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 9 April 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 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 | B00BYP2QJ94 |
| b) | Nature of the transaction | Conversion of Performance Rights |
| c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 500,000 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 9 April 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 | Conversion of Performance Rights |
| c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 250,000 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 9 April 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 | Conversion of Performance Rights |
| c) | Price(s) and volume(s)
| Price: US$0.001 Volume: 250,000 |
| d) | Aggregated information
| Aggregated volume: N/A Price: N/A |
| e) | Date of the transaction | 9 April 2021 |
| f) | Place of the transaction | Outside a trading venue |
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