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Avocet Mining PLC  -  AVM   

Share Awards and Transactions by PDMRs

Released 07:00 14-Dec-2012

RNS Number : 5095T
Avocet Mining PLC
14 December 2012
 




Avocet Mining PLC  - share awards and transactions by PDMRs

Employee Share options awards

 

The Company announces the award of a total of 720,000 options over ordinary shares of 5 pence in the Company ('Options') to employees on 13 December 2012 ('the Grant Date').  These Options have an exercise price of 67.50 pence, and cannot normally be exercised prior to 13 December 2015, the third anniversary of the Grant Date. In addition to the normal scheme rules, these Options have the additional performance condition that the share price must have increased by at least 100% by 13 December 2015 in order for any Options to be exercisable, and by 125% in order for the full amount to be exercisable. 

 

These Options were made to various senior employees of the Company, including the following Executive Directors and senior managers denoted as persons discharging managerial responsibilities ('PDMR').  

 

Name

 No of options

Peter Flindell

 100,000

Richard Demblon

100,000

Jim Wynn

100,000

John McNair

 100,000

Other employees

 320,000

Total

 720,000

 

 

PDMR interests

 

As a result of the above transactions, interests in shares held by the following Directors and senior managers (primary insiders), either directly, through connected persons (eg family members), or within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be as follows:

 

 

Shares owned

Restricted

shares held in EBT/SIP

PSP shares

Share options

 

 

EBT

SIP

Total

 

 

D Cather

50,000

-

-

-

250,000

250,000

M Norris

515,516

10,179

1,951

12,130

210,000

1,355,000

R Edey

100,000

91,500

-

91,500

-

-

R Pilkington

222,763

-

-

-

-

-

M Donoghue

38,029

-

-

-

-

-

R Gray

521,109

115

-

115

130,000

365,000

P Flindell

561,928

223

-

223

130,000

865,000

J Wynn

548

31,346

2,367

33,713

-

300,000

J Lee

48,993

-

-

-

-

275,000

R Demblon

-

-

-

-

-

160,000

J McNair

-





100,000

A Parr

-

-

-

-

-

60,000

 

2,058,886

133,363

4,318

137,681

720,000

3,730,000

 

 

FOR FURTHER INFORMATION PLEASE CONTACT

 

Avocet Mining PLC

Pelham Bell Pottinger
Financial PR Consultants

J.P. Morgan Cazenove
Lead Broker

Arctic Securities
Financial Adviser & Market Maker

SEB Enskilda
Financial Adviser &
Market Maker

David Cather, CEO
Mike Norris, FD
Angela Parr, IR

Daniel Thöle

Michael Wentworth-Stanley

Arne Wenger
Petter Bakken

Fredrik Cappelen

+44  20 7766 7676

+44 20 7861 3232 

+44 20 7588 2828

+47 2101 3100

+47 2100 8500

 

 

NOTES TO EDITORS

 

Avocet Mining is a gold mining and exploration company listed on the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The Company's principal activities are gold mining and exploration in West Africa. 

In Burkina Faso the Company owns 90% of the Inata Gold Mine.  The deposit at Inata currently comprises a Mineral Resource of 3.99 million ounces and a Mineral Reserve of 1.85 million ounces.  The Inata Gold Mine poured its first gold in December 2009 and produced 167,000 ounces of gold in 2011 and is expected to produce 135,000 - 140,000 ounces of gold in 2012. 

Other assets in Burkina Faso include eight exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region.  The most advanced of these projects are Souma, some 20 kilometres from the Inata Gold Mine, and Filio, adjacent to the mine licence area,  where Mineral Resources of 0.56 million ounces and 0.14 million ounces respectively exist.

In Guinea, Avocet owns twelve exploration licences in the north east of the country.  Mineral Resource development has been ongoing since 2005 and the project at Tri-K is the most advanced.  Within the Tri-K project, Koulékoun has a Mineral Resource of 2.15 million ounces and Kodiéran of 0.87 million ounces.

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Share Awards and Transactions by PDMRs - RNS