2953f3b1-99f7-4491-a1d9-19bd6fca43ef.pdf
ASX Announcement
1 July 2016
Performance Rights Plan Update
Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) wishes to advise an amendment to the Company's long term incentive arrangements provided through its Performance Rights Plan (the Plan) with effect from 30 June 2016 and a consequential change to the remuneration arrangements of the Company's Managing Director, Mr Russell Clark, pursuant to ASX Listing Rule 3.16.4.
Under the Performance Rights Plan, senior managers including the Managing Director are provided with performance rights for Wolf ordinary shares. Vesting of the performance rights over defined multi year periods is subject to the attainment of the vesting assessment criteria which are as follows:
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50% calculated on Wolf's relative performance to a peer group of companies, being the AIM Basic Resources Index; and
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50% based on Wolf achieving absolute Total Shareholder Return targets.
Upon recommendation from the Remuneration Committee, the Board has approved an extension to the vesting period of the Plan's performance rights for an additional two years to a maximum of five years. Vesting assessments will be conducted by the Remuneration Committee at predetermined intervals during the additional two year period and, subject to the outcome of the review, performance rights may vest prior to their new expiry date. Approval for the requisite elements of the extension arrangements will be sought from shareholders at the Company's 2016 Annual General Meeting. The table below details the Company's performance rights currently on issue and the amended vesting period. There has been no change to the vesting assessment criteria.
Remuneration period covered
|
Tranche
|
Number of Performance Rights as at business close 30 June 2016
|
Original Expiry Date
|
New Expiry Date
|
2012 (Note 1)
|
366,945
|
21 November 2016
|
21 November 2016
|
13 Oct 2013 to 30 June 2014
|
Tranche 1
|
898,150
|
30 June 2016
|
30 June 2018
|
1 July 2014 to 30 June 2015
|
Tranche 2
|
1,491,989
|
30 June 2017
|
30 June 2019
|
1 July 2015 to 30 June 2016
|
Tranche 3
|
1,982,545
|
30 June 2018
|
30 June 2020
|
TOTAL
|
4,739,629
|
Note 1: The 2012 performance rights were issued prior to the existing Plan and are subject to separate vesting conditions relating to project completion. Therefore, no extension has been provided for these performance rights
ENDS
Wolf Minerals Limited
Level 3, 22 Railway Road, Subiaco WA 6008
Ph: +61 (0) 8 6143 2070
ABN: 11 121 831 472
www.wolfminerals.com.au
Russell Clark Managing Director
Ph: +61 (0) 8 6143 2070
E: [email protected]
Media and Investor Relations
Australia
James Moses, Mandate Corporate Ph: +61 (0) 420 991 574
E: [email protected]
UK
Helena Bogle, Newgate Ph: +44 (0) 20 7653 9850
E: [email protected]
About Wolf Minerals
Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty metals producer. With global demand for tungsten rising and future global production expected to be constrained, Wolf Minerals has recently completed the development of a large tungsten resource at its Drakelands Mine, located at Hemerdon, in southwest England.
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