AIM and Media
Release
9
November 2023
Base Resources Limited
2023 LTIP cycle performance
rights
African mineral sands producer, Base
Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that
28,790,016 performance rights have been granted to eligible
employees under the Base Resources Long Term Incentive Plan
(LTIP) for the 2023 cycle. The performance
rights were granted off-market on 6 November
2023 for nil cash consideration and form the equity (and
long-term incentive) component of the at-risk remuneration of
relevant employees for the financial year ending 30 June
2024.
Vesting of the 2023 cycle performance rights is
subject to satisfaction of performance criteria tied to the
Company's total shareholder return performance, either in absolute
or relative terms, and certain gates to vesting, in each case over
a three-year performance period that commenced on 1 October 2023 and concludes on 30 September
2026.
The employees granted 2023 cycle performance rights
included senior management of the Company classified as
persons discharging managerial responsibilities. Their updated securityholdings in the Company
are set out below.
Name and
position |
New 2023 cycle performance
rights |
Vested 2020 cycle performance
rights |
Total unvested performance
rights* |
Holding of
shares (direct and
indirect) |
Kevin Balloch (Chief
Financial Officer) |
1,680,460 |
552,235 |
3,562,198 |
4,589,796 |
Andre Greyling (General
Manager, Growth) |
1,680,460 |
540,101 |
3,612,784 |
4,129,026 |
Stephen Hay (General
Manager, Marketing) |
1,673,501 |
580,471 |
3,597,622 |
2,527,761 |
Chadwick Poletti (Chief
Legal Officer and Company
Secretary) |
1,603,917 |
507,169 |
3,408,078 |
2,845,376 |
* Includes 2023
cycle performance
rights
The grant of 2023 cycle performance rights to
Managing Director, Tim Carstens,
will be considered by shareholders at Base Resources' upcoming 2023
Annual General Meeting to be held on Friday, 24 November
2023. For further details
about the terms of the 2023 cycle performance rights, refer to
the Company's Notice of 2023
Annual General Meeting released on 24
October 2023.
Further, since the Company's last LTIP
update:
-
356,557
performance rights for the 2022 cycle
were granted on a pro rata basis to employees who became eligible
to participate in the LTIP following the initial grant of
performance rights for that cycle in October
2022;
and
-
3,673,286 vested
2020 cycle performance rights were
exercised by participants, with the resultant entitlement to
ordinary shares satisfied by the allocation of shares previously
acquired on-market by the LTIP
trustee.
As a result of the above events, the Company has
the following securities on
issue:
-
1,178,011,850 fully paid
ordinary shares; and
-
72,473,738
performance rights issued under the
LTIP, comprising:
-
8,727,959 vested
performance rights, which remain subject to exercise1;
and
-
63,745,779 unvested performance rights subject to
performance testing in accordance with their terms of
issue.
[Note
(1): Vested performance rights have a nil exercise
price. Unless exercised beforehand, performance rights expire
five years after conclusion of the relevant performance
period.]
ENDS.
For further information
contact:
Australian Media
Relations |
UK Media
Relations |
Citadel
Magnus |
Tavistock
Communications |
Cameron Gilenko and
Michael Weir |
Jos Simson and Gareth
Tredway |
Tel: +61 8 6160
4900 |
Tel: +44 207 920
3150 |
About Base
Resources
Base Resources is an Australian based, African
focused, mineral sands producer and developer with a track record
of project delivery and operational performance. The Company
operates the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au.
PRINCIPAL & REGISTERED OFFICE &
LEI
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912
LEI Code:
2617005DDMEAZ8OBD979
NOMINATED ADVISER & JOINT
BROKER
Canaccord Genuity Limited
James Asensio / Raj Khatri /
George Grainger
Phone: +44 20 7523 8000
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800