22 December 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Award & Concurrent Cancellation of Options
Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company, with development projects in the Kyrgyz Republic, is pleased to announce the introduction of a rationalised share option package for the Board and the concurrent cancellation of certain historic options.
The Board recognises the importance of share options to appropriately incentivise and retain talent as well as to ensure their interests are aligned with that of the Company and its shareholders. Following a review, the Remuneration Committee of the Board recommended that, given the operational and corporate changes during 2023, the directors' share options package was no longer appropriate and that it should be replaced to re-align the option scheme with the current strategic focus of the Company (as a development company, rather than a current producer). The Board of Directors approved this recommendation and is issuing a new set of options.
Accordingly, the Company has cancelled, with mutual agreement and immediate effect, 20,449,894 options over Ordinary Shares (the "Historic Options").
On 20 December 2023 (the "Grant Date"), the Company granted a total of 22,500,000 options over Ordinary Shares (the "New Options"), a portion of which are to replace the Historic Options alongside the grant of options to a new holder - as detailed below.
| PDMR | Number of New Options Granted | Exercise Price of New Options Granted | Number of Historic Options cancelled | Total number of options held following the grant and cancellation of options |
| Martin Andersson | 15,000,000 | £0.20 | 16,300,639 | 15,000,000 |
| Robert Benbow | 1,500,000 | £0.20 | 1,778,252 | 1,500,000 |
| Gordon Wylie | 1,500,000 | £0.20 | 1,185,501 | 1,500,000 |
| Robert Edwards | 1,500,000 | £0.20 | 592,751 | 1,500,000 |
| Hussein Barma | 1,500,000 | £0.20 | 592,751 | 1,500,000 |
| Sandy Stash | 1,500,000 | £0.20 | - | 1,500,000 |
| Total | 22,500,000 | N/A | 20,449,894 | 22,500,000 |
The New Options granted vest in two equal tranches on the first and second anniversaries of the Grant Date and expire five years from the Grant Date.
Following the cancellation of the Historic Options and grant of the New Options, the Company now has 37,852,880 options outstanding over a total of 728,056,182 existing Ordinary Shares.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
| For further information visit www.chaarat.com or please contact: | |
| | |
| Chaarat Gold Holdings Limited | +44 (0)20 7499 2612 |
| David Mackenzie (Chief Financial Officer) | |
| | |
| Strand Hanson Limited (Nominated Adviser) | +44 (0)20 7409 3494 |
| Ritchie Balmer / James Spinney / Robert Collins | |
| | |
| Axis Capital Markets Limited (Joint Broker) | +44 (0)20 3026 0449 |
| Ben Tadd / Lewis Jones | |
| | |
| Panmure Gordon (UK) Limited (Joint Broker) | +44 (0)20 7886 2500 |
| John Prior / Hugh Rich | |
| | |
About Chaarat
Chaarat is an exploration and development company which owns the Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company through organic growth and selective M&A.
Chaarat aims to create value for its shareholders, employees and communities from its high-quality gold and mineral deposits by building relationships based on trust and operating to the best environmental, social and employment standards.
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||||||
| a) | Name | i) Martin Andersson | Executive Chairman | ||||||||||||||||||
| ii) Robert Benbow | Non-Executive Director | ||||||||||||||||||||
| iii) Gordon Wylie | Senior Independent Director | ||||||||||||||||||||
| iv) Robert Edwards | Independent Non-Executive Director | ||||||||||||||||||||
| v) Hussein Barma | Independent Non-Executive Director | ||||||||||||||||||||
| | | ||||||||||||||||||||
2. | Reason for the notification | ||||||||||||||||||||
| a) | Position / status | See 1(a) above | |||||||||||||||||||
| b) | Initial notification / amendment | Initial notification | |||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||||||
| a) | Name | Chaarat Gold Holdings Limited | |||||||||||||||||||
| b) | Legal entity identifier | 213800T2A5CV84VTFJ70 | |||||||||||||||||||
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$0.01 each | |||||||||||||||||||
| | Identification code | VGG203461055 | |||||||||||||||||||
| b) | Nature of the transaction | Cancellation of Options | |||||||||||||||||||
| c) | Currency | GBP | |||||||||||||||||||
| d) | Price(s) and volume(s) |
| |||||||||||||||||||
| e) | Aggregated information · Aggregated volume · Aggregated price
|
20,449,894 N/A | |||||||||||||||||||
| f) | Date of the transaction | 20 December 2023 | |||||||||||||||||||
| g) | Place of the transaction | XLON | |||||||||||||||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||||||
| a) | Name | i) Martin Andersson | Executive Chairman | |||||||||||||||||||||
| ii) Robert Benbow | Non-Executive Director | |||||||||||||||||||||||
| iii) Gordon Wylie | Senior Independent Director | |||||||||||||||||||||||
| iv) Robert Edwards | Independent Non-Executive Director | |||||||||||||||||||||||
| v) Hussein Barma | Independent Non-Executive Director | |||||||||||||||||||||||
| vi) Sandy Stash | Independent Non-Executive Director | |||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||
| a) | Position / status | See 1(a) above | ||||||||||||||||||||||
| b) | Initial notification / amendment | Initial notification | ||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||
| a) | Name | Chaarat Gold Holdings Limited | ||||||||||||||||||||||
| b) | Legal entity identifier | 213800T2A5CV84VTFJ70 | ||||||||||||||||||||||
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$0.01 each | ||||||||||||||||||||||
| | Identification code | VGG203461055 | ||||||||||||||||||||||
| b) | Nature of the transaction | Grant of Options | ||||||||||||||||||||||
| c) | Currency | GBP | ||||||||||||||||||||||
| d) | Price(s) and volume(s) |
| ||||||||||||||||||||||
| e) | Aggregated information · Aggregated volume · Aggregated price
|
22,500,000 N/A
| ||||||||||||||||||||||
| f) | Date of the transaction | 20 December 2023 | ||||||||||||||||||||||
| g) | Place of the transaction | XLON | ||||||||||||||||||||||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.