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Options granted by Griffin Mining Limited ("the Company") in March 2011 exercisable into 10,000,000 new ordinary shares in the Company at an exercise price of 45 pence expire on 28th February 2015 ("the 45p options"). As the expiry date for the 45p options approaches, the Board has resolved to adopt a new share option scheme over a total of 20,000,000 new ordinary shares in the Company in order to retain and incentivise the Company's directors and management.
Each new option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per new ordinary share on or before 31st December 2020. The new options will vest with each option holder in installments triggered by the following events:
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i. One third of each holder's options will vest immediately upon being granted;
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ii. A further third of each holder's options will vest on 31st December 2016; and
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iii. A further third of each holder's options will vest on the granting of a new mining licence over Zone II at the Caijiaying mine.
The new options will not vest if an employee or a director resigns or leaves the Company for cause prior to the vesting event taking place.
All the new options will vest immediately upon a takeover offer being made; or a substantial change in the business of the Company or its subsidiaries; or the sale of a substantial asset of the Company or by its subsidiaries; or a change in substantial control of the Company taking place prior to the options expiring.
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Griffin Mining Ltd
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CODE : GFM.L |
ISIN : BMG319201049 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Griffin is based in United kingdom. Griffin is listed in United Kingdom. Its market capitalisation is GBX 23.8 billions as of today (US$ 27.7 billions, € 26.0 billions). Its stock quote reached its lowest recent point on May 02, 2003 at GBX 10.07, and its highest recent level on April 23, 2024 at GBX 140.00. Griffin has 169 993 727 shares outstanding. |