Director / PDMR Shareholding
Serabi announces that on
The awards are subject to a three-year performance period during which time certain performance criteria stipulated by the Board must be attained. The underlying shares to be issued pursuant to each of the Conditional Share Awards will only be issued and the rights transferred to the employees after the completion of the performance period and only in such amount (if any) as is required based on the achievement of the performance criteria.
The performance criteria and minimum thresholds to be achieved can be summarised as follows:
- 40% of the award is subject to Total Shareholder Return, (where there will be 0% vesting if Serabi TSR is in line with the BMO junior gold index increasing in a linear manner up to 100% vesting under this KPI if Serabi hits 1.2x the index over same period.)
- 30% of the award is subject to Return on Capital Employed (where ROCE premium over Weighted Average Cost of Capital (“WACC”) must be in excess of 1.05 times. If this hurdle is met vesting will occur in a linear manner such that 100% vesting of this portion is achieved at 1.2x WACC), and
- 30% of the award is subject to Return on Sales (where ROS must exceed average annual budget by 10 per cent or more).
A total of 657,201 Conditional Share Awards have been granted by the Board, as recommended by the Remuneration Committee, to directors of the Company as follows:
Director | Award Year | Number of Conditional Shares awarded |
2024 | 385,993 | |
2024 | 271,208 |
The remaining 230,818 Conditional Share Awards have been made to other employees of the Company. The number of Conditional Shares awarded was calculated by reference to the 30 day VWAP average of the Company's shares of on
The Company also advises that in respect of the 459,800 Conditional Share Awards granted for the calendar year 2021 for which the three year performance period concluded on
Following these latest awards there are 2,503,619 Conditional Share Awards in issue representing 3.31% of the issued share capital of the Company.
Enquiries
Chief Executive m +44 (0)7799 473621
Finance Director m +44 (0)7710 151692
VP Investor Relations & Business Development
e contact@serabigold.com
Nominated Adviser & Financial Adviser
Joint
Ross Allister t +44 (0)20 7418 9000
Joint
CAMARCO
Financial PR -
HARBOR ACCESS
Financial PR –
Jonathan Paterson t +1 475 477 9401
Copies of this announcement are available from the Company's website at www.serabigold.com.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by
Neither the
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