The Company announces that the Phase Two Milestone has been reached in terms of the Performance Shares issued to management in accordance with the Executive Incentive Plan.
The Phase Two Milestone Performance Condition is satisfied upon completion of an independent technical study (Scoping Study Result was announced on 1 May 2008), commissioned by the Company, demonstrating to the satisfaction of the Board, that the mining and lifting of ore to the sea surface can be achieved.
As a result of the achievement of the Phase Two Milestone, a total of 653,750 performance shares for Directors, Simon McDonald and John Feenan and for Exploration Manager, Justin Baulch (individually 201,250 performance shares each) and Chandra Wijeratne (50,000 performance shares) have been converted to ordinary shares.
Following receipt of conversion notices on 24 July 2008, the Company has on 30 July 2008 issued and allotted 653,750 ordinary shares of 0.5p to the aforementioned recipients. Following the issue of these shares, the Company will have 66,767,863 ordinary shares in issue.
Application has been made for these new Ordinary Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective on 7 August 2008.
Following the conversion of the above performance shares, Simon McDonald and John Feenan will have the following interests in the Company:
Director
Ordinary Shares
% of share capital
Performance Shares
Options
Simon McDonald
8,310,000 Ordinary Shares (Held by Ismacate Pty Ltd) and 402,500 held directly.
13.05%
402,500 convertible performance shares
700,000 Options are exercisable at 35 pence with a first exercise date of 17 October 2008 and an expiry date of 17 October 2012
John Feenan
4,362,751 Ordinary Shares (Held by JPF Energy Pty Limited) and 402,500 held directly.
7.14%
402,500 convertible performance shares
609,000 Options are exercisable at 35 pence with a first exercise date of 17 October 2008 and an expiry date of 17 October 2012
