2009-07-27 08:42:03 -
London, July , 27, 2009
MARIANA RESOURCES LIMITED
AIM & PLUS: MARL
Date: 27 July 2009.
Restructure of Employee Options
Following a recommendation from the Company's remuneration committee,
the Board of Directors has restructured the options under the
Company's Employee Option Plan held by employees who remain in the
group. The restructure halves the number of options held, in
exchange for a reduction of the exercise price to 6 pence, except for
those options expiring 31 August 2012 which are not included in the
restructuring.. Other rights or conditions pertaining to the options
are not affected. Certain former employees of the Group were
permitted to retain their options as part of their redundancy
package, but these options are not included in the restructure.
To provide further incentive for Group employees the Board has
decided to issue 865,000 more options pursuant to the Employee Option
Plan. The options will expire on 30 June 2013 and are exercisable at
6 pence per share after 30 June 2010. The exercise price is a 33%
premium over the market price on 30 June 2009.
The net effect of the above changes is to increase the number of
employee options by 435,000 to 2,795,000. This represents
approximately 2.7% of issued capital.
Issue of options to directors
The directors have decided to similarly restructure options
exercisable at 24p, 28p and 30p expiring 31 May 2012, held by
directors John Horsburgh and John Sutcliffe. They have also decided
to issue a total of 600,000 more options exercisable at 6 pence per
share to directors. The options may only be exercised after 30 June
2010 and the options will expire on 30 June 2013. The net effect of
the changes is to increase the number of options in which directors
have an interest by 100,000 to 3,550,000, which represents
approximately 3.4% of issued capital.
Issues of options to Nominated Adviser and Broker
In exchange for a reduction of annual fees, the Company has agreed to
issue to its Nominated Adviser, RFC Corporate Finance Ltd 1,000,000
options exercisable at 5 pence per share expiring 6 July 2012 and to
its broker, JM Finn Capital Markets Ltd 1,000,000 options exercisable
at 5 pence per share, of which 333,333 expire on 6 March 2010,
333,333 expire on 6 November 2010 and 333,334 expire on 6 July 2011.
For more information:
Mariana Resources Limited
John Horsburgh (Chairman) +61 2 9437 4588
John Sutcliffe (MD) +59 32 298 6464
RFC Corporate Finance Limited (Nomad)
Rob Adamson +61 2 9250 0041
Will Souter +61 2 9250 0050
FinnCap (Broker)
Joe Lunn (Analyst) +44 20 7600 1658
Matthew Robinson +44 20 7600 1658
Or visit website at www.marianaresources.com
Options on issue
As a consequence of the restructure and issues referred to above, the
Company has the following options on issue.
+-------------------------------------------------------------------+
| Exercise price | Expiry date | Number of options |
|--------------------+--------------------------+-------------------|
| | | |
|--------------------+--------------------------+-------------------|
| Employee options | | |
|--------------------+--------------------------+-------------------|
| 24p | 31 January 2012 | 21,000 |
|--------------------+--------------------------+-------------------|
| 28p | 31 January 2012 | 20,000 |
|--------------------+--------------------------+-------------------|
| 30p | 31 January 2012 | 19,000 |
|--------------------+--------------------------+-------------------|
| 15p | 31 October 2012 | 25,000 |
|--------------------+--------------------------+-------------------|
| 20p | 31 October 2012 | 25,000 |
|--------------------+--------------------------+-------------------|
| 25p | 31 October 2012 | 20,000 |
|--------------------+--------------------------+-------------------|
| 10p | 31 August 2012 | 476,000 |
|--------------------+--------------------------+-------------------|
| 15p | 31 August 2012 | 450,000 |
|--------------------+--------------------------+-------------------|
| 20p | 31 August 2012 | 444,000 |
|--------------------+--------------------------+-------------------|
| 6p | 31 May 2011 | 20,000 |
|--------------------+--------------------------+-------------------|
| 6p | 31 January 2012 | 100,000 |
|--------------------+--------------------------+-------------------|
| 6p | 31 October 2012 | 310,000 |
|--------------------+--------------------------+-------------------|
| 6p | 30 June 2013 | 865,000 |
| | | |
|--------------------+--------------------------+-------------------|
| | Total employee options | 2,795,000 |
|--------------------+--------------------------+-------------------|
| Directors' options | | |
|--------------------+--------------------------+-------------------|
| 8p | 15 June 2010 | 400,000 |
|--------------------+--------------------------+-------------------|
| 15p | 1 July 2010 | 150,000 |
|--------------------+--------------------------+-------------------|
| 6p | 31 May 2012 | 500,000 |
|--------------------+--------------------------+-------------------|
| 10p | 31 May 2012 | 400,000 |
|--------------------+--------------------------+-------------------|
| 15p | 31 May 2012 | 300,000 |
|--------------------+--------------------------+-------------------|
| 20p | 31 May 2012 | 300,000 |
|--------------------+--------------------------+-------------------|
| 10p | 31 May 2013 | 300,000 |
|--------------------+--------------------------+-------------------|
| 15p | 31 May 2013 | 300,000 |
|--------------------+--------------------------+-------------------|
| 20p | 31 May 2013 | 300,000 |
|--------------------+--------------------------+-------------------|
| 6p | 30 June 2013 | 600,000 |
| | | |
|--------------------+--------------------------+-------------------|
| | Total directors' options | 3,550,000 |
|--------------------+--------------------------+-------------------|
| Other options | | |
|--------------------+--------------------------+-------------------|
| 8p | 14 October 2009 | 140,000 |
|--------------------+--------------------------+-------------------|
| 8p | 28 October 2009 | 200,000 |
|--------------------+--------------------------+-------------------|
| 8p | 6 February 2010 | 300,000 |
|--------------------+--------------------------+-------------------|
| 25p | 18 May 2010 | 353,548 |
|--------------------+--------------------------+-------------------|
| 20p | 1 August 2010 | 164,124 |
|--------------------+--------------------------+-------------------|
| 15p | 1 July 2010 | 4,221,676 |
|--------------------+--------------------------+-------------------|
| 5p | 6 March 2010 | 333,333 |
|--------------------+--------------------------+-------------------|
| 5p | 6 November 2010 | 333,333 |
|--------------------+--------------------------+-------------------|
| 5p | 6 July 2011 | 333,334 |
|--------------------+--------------------------+-------------------|
| 5p | 6 July 2012 | 1,000,000 |
|--------------------+--------------------------+-------------------|
| | | |
|--------------------+--------------------------+-------------------|
| | Total other options | 7,379,348 |
+-------------------------------------------------------------------+
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
