TIDMWBI
RNS Number : 1056D
Woodbois Limited
01 March 2022
01 March 2022
Woodbois Limited
("Woodbois", the "Group" or the "Company")
Issue of LTIP's
Woodbois Limited (AIM: WBI), the African focused forestry,
timber trading, reforestation and carbon credit company, is pleased
to announce the grant of options under its Long Term Incentive Plan
over ordinary shares in the Company ("LTIP's") intended to
harmonise the financial objectives and rewards of key personnel
with those of shareholders.
Background
The Company considers the issuing of LTIP's an important
component of the remuneration of its leadership team and its key
employees. It has consulted with its two largest shareholders on
the terms of the Scheme and these awards.
The Company's Remuneration Committee sought to ensure that the
performance criteria were both achievable but also demanding. As
such, the vesting of the awards is substantially geared towards
material improvement in both operating results and share price
appreciation as set out in further detail below.
Quantum of LTIP's and options outstanding
A total of 68.0m LTIP's are being issued to the below detailed
directors and to other key personnel, being 2.74% of the total
issued share capital (voting and non-voting). Of these 30.0m LTIP's
had previously been announced as to be allocated to Federico
Tonetti, when he joined the Company as its CEO on 8 November
2021.
Taken together with existing options there will be a total of
182.0m shares outstanding under option representing 7.33% of the
current issued share capital (voting and non-voting). The Company
has undertaken that it will not have more than 10% of the issued
share capital under option at any time. There will be annual
reviews of remuneration including share incentives to ensure the
best talent is attracted and retained.
Details of the awards to Directors together with their current
beneficial holding of voting Ordinary Shares are presented in the
following table:
Director Number of LTIP's Total number Share Options Voting Ordinary Shares
granted at an of Shares under as a % of currently beneficially
exercise price option Issued Share held
of 1p per Share Capital
(1)
Paul Dolan
(Executive
Chair) 4,000,000 54,000,000 2.17% 75,400,032
----------------- ----------------- -------------- ------------------------
Federico Tonetti
(CEO) 30,000,000 30,000,000 1.21% -
----------------- ----------------- -------------- ------------------------
Carnel Geddes
(CFO) 4,000,000 26,500,000 1.06% -
----------------- ----------------- -------------- ------------------------
Hadi Ghossein
(Deputy Chair
& Head of
Gabon) 4,000,000 26,500,000 1.06% 21,075,686
----------------- ----------------- -------------- ------------------------
1. Issued Share Capital of approximately 2,482.1m shares
comprises approximately 1,857.1m voting shares and approximately
625.0m non-voting shares.
The remaining 26.0m LTIP's are being awarded to other key
personnel.
Details of the LTIP awards
The key terms of the LTIP's are as follows:
1. LTIP's are granted under the 2021 Long Term Incentive Plan.
They may not be exercised:
- by Directors before 30 days after the release of the Interim
Report for the six months period to 30 June 2025 and for a maximum
of 12 months thereafter or;
- by other LTIP holders before 30 days after the announcement of
the audited accounts for the year ended 31 December 2024 and for a
maximum of 18 months thereafter;
- in all cases exercise can only be made if the 30 day volume
weighted average price ("VWAP") share price preceding exercise is
6p or more.
2. An exercise price of 1p per share and a final vesting
determination date of 30 days after the announcement of the audited
accounts for the year ended 31 December 2024.
3. Vesting of up to 50% of the LTIP is determined by reference
to Total Shareholder Return. The performance criteria sets out that
there will be 10% vesting if the VWAP remains above each of 6p, 7p,
8p, 9p and 10p for a period of 30 consecutive days. In order to
achieve full vesting of this tranche of half of the Share Options
the management team will need to increase the share price by 150%
over the current share price.
4. Vesting of up to 50% of the LTIP is dependent on achieving
internal EBITDA targets in each of the financial years 2022-4. Of
this tranche 16.66% can vest on achieving each target and there is
also a cumulative provision whereby a shortfall (or excess) in one
or more years can be offset against other years for the purposes of
vesting. For all of these LTIP's to vest there has to be a
transformation of the Company's financial performance.
The Remuneration Committee and the Board are delighted to have
the support of its two largest shareholders for these stretching
but achievable criteria. The terms are simple to measure and
provide strong alignment between all the parties.
Woodbois Limited
Paul Dolan - Executive Chair + 44 (0)20 7099
Graeme Thomson Senior NED 1940
Canaccord Genuity, Nominated Advisor
Henry Fitzgerald-O'Connor
James Asensio + 44 (0)20 7523
Thomas Diehl 8000
Celicourt Communications (IR/PR) +44 (0)20 8434
Mark Antelme 2643
Jimmy Lea woodbois@celicourt.uk
Notification and public disclosure of transactions by persons
discharging managerial responsibilities/person closely
associated
The notifications below are made in accordance with the
requirements of the Market Abuse Regulations.
1 Details of the person discharging managerial responsibilities/person closely associated
-----------------------------------------------------------------------------------------------------------------
a) Name Federico Tonetti
----------------------------------------------- ----------------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status CEO
----------------------------------------------- ----------------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
----------------------------------------------- ----------------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
----------------------------------------------- ----------------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
----------------------------------------------- ----------------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type Ordinary Shares
of instrument WBI LN
Identification code ISIN GG00B4WJSD17
----------------------------------------------- ----------------------------------------------------------------
b) Nature of the transactions Award of 30,000,000 LTIP's with an exercise price of GBP0.01p
--- ----------------------------------------------- ----------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------------- ------------------------------- -------------------------------
GBP0.01p 30.000,000
----------------------------------------------------------------------------------- -------------------------------
d) Aggregated information 30,000,000
- Aggregated volume GBP300,000
- Price
----------------------------------------------- ----------------------------------------------------------------
e) Date of the transaction 28/2/2022
----------------------------------------------- ----------------------------------------------------------------
f) Place of the transaction London
----------------------------------------------- ----------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
-----------------------------------------------------------------------------------------------------------------
a) Name Paul Dolan
------------------------------------------------ ---------------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Executive Chair
------------------------------------------------ ---------------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
------------------------------------------------ ---------------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
------------------------------------------------ ---------------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
------------------------------------------------ ---------------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Shares
instrument WBI LN
Identification code ISIN GG00B4WJSD17
------------------------------------------------ ---------------------------------------------------------------
b) Nature of the transactions Award of 4,000,000 LTIP's with an exercise price of GBP0.01p
--- ------------------------------------------------ ---------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------------------ ------------------------------- ------------------------------
GBP0.01p 4.000,000
------------------------------------------------------------------------------------ ------------------------------
d) Aggregated information 4,000,000
- Aggregated volume GBP40,000
- Price
------------------------------------------------ ---------------------------------------------------------------
e) Date of the transaction 28/2/2022
------------------------------------------------ ---------------------------------------------------------------
f) Place of the transaction London
------------------------------------------------ ---------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
-----------------------------------------------------------------------------------------------------------------
a) Name Carnel Geddes
------------------------------------------------ ---------------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status CFO
------------------------------------------------ ---------------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
------------------------------------------------ ---------------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
------------------------------------------------ ---------------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
------------------------------------------------ ---------------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Shares
instrument WBI LN
Identification code ISIN GG00B4WJSD17
------------------------------------------------ ---------------------------------------------------------------
b) Nature of the transactions Award of 4,000,000 LTIP's with an exercise price of GBP0.01p
--- ------------------------------------------------ ---------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------------------ ------------------------------- ------------------------------
GBP0.01p 4.000,000
------------------------------------------------------------------------------------ ------------------------------
d) Aggregated information 4,000,000
- Aggregated volume GBP40,000
- Price
------------------------------------------------ ---------------------------------------------------------------
e) Date of the transaction 28/2/2022
------------------------------------------------ ---------------------------------------------------------------
f) Place of the transaction London
------------------------------------------------ ---------------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
-----------------------------------------------------------------------------------------------------------------
a) Name Hadi Ghossein
------------------------------------------------ ---------------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Deputy Chair
------------------------------------------------ ---------------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
------------------------------------------------ ---------------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
------------------------------------------------ ---------------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
------------------------------------------------ ---------------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Shares
instrument WBI LN
Identification code ISIN GG00B4WJSD17
------------------------------------------------ ---------------------------------------------------------------
b) Nature of the transactions Award of 4,000,000 LTIP's with an exercise price of GBP0.01p
--- ------------------------------------------------ ---------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------------------ ------------------------------- ------------------------------
GBP0.01p 4.000,000
------------------------------------------------------------------------------------ ------------------------------
d) Aggregated information 4,000,000
- Aggregated volume GBP40,000
- Price
------------------------------------------------ ---------------------------------------------------------------
e) Date of the transaction 28/2/2022
------------------------------------------------ ---------------------------------------------------------------
f) Place of the transaction London
------------------------------------------------ ---------------------------------------------------------------
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END
DSHUWUWRUAUUUAR
(END) Dow Jones Newswires
March 01, 2022 02:01 ET (07:01 GMT)
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