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Caledonia Mining Corporation Plc.: Issue of Long-Term Incentive Awards


St Helier, April 11, 2023:  Caledonia Mining Corporation Plc (NYSE American: CMCL; AIM: CMCL; VFEX: CMCL) (the "Company" or "Caledonia" - https://www.commodity-tv.com/ondemand/companies/profil/caledonia-mining-corporation-plc/) announces that it has granted new long term incentive plan awards under the Company's 2015 Omnibus Equity Incentive Compensation Plan (the "Plan").  Awards that have been made to "Persons Discharging Managerial Responsibility" ("PDMRs") within the meaning of the Market Abuse Regulation (EU) No. 596/2014 are as follows:

 

Name of PDMR

Position

Value

Mark Learmonth

Director and Chief Executive Officer

US$ 465,750.00

Dana Roets

Director and Chief Operating Officer

US$ 207,352.40

Victor Gapare

Executive Director

US$ 194,579.97

Chester Goodburn

Chief Financial Officer

US$ 184,164.50

 

The awards are in the form of Performance Units ("PUs") as defined in the Plan. The vesting date for the PUs shall be the first business day in April 2026, in order to align with market practice of awarding and vesting dates being after publication of annual financial results (previously these dates were in January).

 

The Plan also extends to other group employees as well as senior management at the mines; the Plan currently has 113 participants in Jersey, the UK, South Africa and Zimbabwe.

 

The number of PUs awarded is equal to the monetary value of the award divided by the "Fair Market Value" (as defined in the Plan) of the Company's shares, being, in this case, the greater of (i) the closing price of Caledonia's shares on the NYSE American on the trading day preceding the date of the award or (ii) the volume-weighted average closing price of Caledonia's shares on the NYSE American for the five days preceding the date of the award, which resulted in a price of US$16.91.

 

The final number of PUs which vest on maturity of the awards will be adjusted to reflect the actual performance of the Company in terms of various operating metrics based on gold production and cost, subject to certain minimum and maximum thresholds.

 

Each PU that vests entitles the PDMR to receive one Caledonia common share (or a security representing a share) on the maturity of the award.  Shares that are issued to PDMRs pursuant to vesting PUs are subject to a minimum holding period of one year in case vested awards become subject to forfeiture, reduction or cancellation.

 

Enquiries:

Caledonia Mining Corporation Plc

Mark Learmonth

Camilla Horsfall

 

Tel: +44 1534 679 800

Tel: +44 7817 841 793

Cenkos Securities plc (Nomad and Joint Broker)

Adrian Hadden

Neil McDonald

Pearl Kellie

 

Tel: +44 207 397 1965

Tel: +44 131 220 9771

Tel: +44 131 220 9775

Liberum Capital Limited (Joint Broker)

Scott Mathieson/Kane Collings

 

Tel: +44 20 3100 2000

BlytheRay Financial PR (UK)

Tim Blythe/Megan Ray

 

Tel: +44 207 138 3204

 

3PPB (Financial PR, North America)

Patrick Chidley

Paul Durham

Tel: +1 917 991 7701

Tel: +1 203 940 2538

Curate Public Relations (Zimbabwe)

Debra Tatenda

Tel: +263 77802131

IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)

Lloyd Mlotshwa

 

In Europe:

Swiss Resource Capital AG

Jochen Staiger Marc Ollinger

[email protected]

www.resource-capital.ch

 

Tel: +263 (242) 745 119/33/39

 

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

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