Greatland Gold plc has announced the grant of employee incentive share options under the company's employee share plan. These options are an important element in attracting and retaining individuals crucial to Greatland's growth and aligning their interests with shareholders. The majority of the incentives are in the form of Co-Investment Options, which have an exercise price at a significant premium to the current share price. If all Co-Investment Options held by directors and employees were exercised, Greatland would generate significant cash proceeds. The options are subject to continued service until 2025 or 2026, incentivizing the retention of key employees.
For the 2023 financial year, Greatland has granted performance rights to its senior team members. These rights are dependent on the achievement of performance targets, which will be assessed by the Board in 2025. The performance targets include total shareholder return, investor engagement, sustainability, native title and environment, Havieron feasibility study, funding, and resource base. The Board may determine that less than 100% of the shares should vest based on the company's performance. The performance rights must be exercised within ten years of the grant.
In addition to the performance rights, Greatland has granted retention rights to certain employees to incentivize their retention. These rights have an exercise price of £0.001 per share. The company believes that attracting and retaining talent is crucial to its ability to become a multi-asset precious and base metals producer.
The Board expects to make a further regular annual award before the end of 2023 in respect of performance rights for the 2024 financial year.