Key points
- Neptune issued 200,000 convertible performance shares as part of its staff executive incentive plan, bringing the total number on issue to 2,011,250.
- The newly issued shares carry the same conversion conditions as those previously on issue and have no voting rights prior to conversion.
- One quarter of the shares vests upon satisfaction of each of four Performance Conditions, including a Share Price Performance Condition requiring the share price to stay above 0.75 per share for more than 60 consecutive days.
- The three milestone conditions require establishing the geological model set out in the Admission Document, an independent technical study confirming mining and lifting ore to the sea surface is achievable, and an independent feasibility study confirming technical and commercial viability.
Neptune (AIM: NPM), a leading explorer and developer of precious- and base-metal seafloor massive sulphide (SMS) deposits in off-shore New Zealand, Papua New Guinea, the Federated States of Micronesia and Vanuatu, announces that it has issued 200,000 convertible performance shares in the Company as part of the Company’s staff executive incentive plan. The total number of convertible performance shares on issue following this award is 2,011,250.
The recently issued convertible performance shares have the same conversion conditions attached to them as those previously on issue and have no voting rights prior to conversion occurring. One quarter of the convertible performance shares will be capable of vesting as each of the following separate Performance Conditions is satisfied:
A Share Price Performance Condition that will be satisfied when the Company’s share price remains above 0.75 per share over a period of more than sixty (60) consecutive days;
A Phase One Milestone Performance Condition will be satisfied when the Company’s exploration activities of SMS targets, verifies, to the satisfaction of the board, that the geological model as set out in the Admission Document has been established;
A Phase Two Milestone Performance Condition will be satisfied upon completion of an independent technical study, commissioned by the Company, demonstrating to the satisfaction of the Board, that the mining and lifting the ore to the sea surface can be achieved;
A Phase Three Milestone Performance will be satisfied upon completion of an independent feasibility study, commissioned by the Company, demonstrating to the satisfaction of the Board, both the technical and commercial viability of mining SMS deposits.
The share price performance condition is separate from the three milestone conditions. The three milestone conditions must be satisfied consecutively unless the Board decides otherwise.
