BISICHI MINING PLC ANNUAL REPORT 2017

Governance Annual remuneration report
Summary of directors’ terms
Date of contract
Unexpired
term
Notice period
Executive directors
Sir Michael Heller November 1972 Continuous 6 months
A R Heller January 1994 Continuous 3 months
G J Casey June 2010 Continuous 3 months
R J Grobler April 2008 Continuous 3 months
Non-executive directors
C A Joll February 2001 Continuous 3 months
J A Sibbald October 1988 Continuous 3 months
Pension schemes and incentives
Three (2016: Three) directors have benefits under money purchase pension schemes. Contributions in 2017 were £61,000 (2016: £58,000), see table
above.
Scheme interests awarded during the year
No scheme interests were awarded in the year ended 31 December 2017. Subsequent to year end the company granted options over ordinary
shares in the Company of 10 pence (the “Options”) to the following directors of the Company, under the Company’s Unapproved Executive Share
Option Scheme 2012 (“the Scheme”), as set out below:
• Andrew Heller: 150,000 options granted on 6 February 2018 at an exercise price of £0.7350 per share
• Garrett Casey: 230,000 options granted on 6 February 2018 at an exercise price of £0.7350 per share
The above Options are subject to the terms and conditions set out in the rules of the Scheme, and subject to the memorandum and articles of
association of the Company. These Options are exercisable at any time during the next 10 years from the dates of grant stated above. No
consideration has been paid for the granting of these Options.
Share option schemes
The company currently has one “Unapproved” Share Option Schemes which is not subject to HM Revenue and Customs (HMRC) approval. The
“2010 Scheme” was approved by shareholders on 7 June 2011. The “2012 Scheme” was approved by the remuneration committee of the company
on 28 September 2012.
Number of share options
Option
price*
1 January
2017
Options
lapsed
in
2017
31
December
2017
Exercisable
from
Exercisable
to
The 2010 Scheme
G J Casey 202.05p 80,000 - 80,000 31/08/2013 30/08/2020
The 2012 Scheme
A R Heller 87.01p 150,000 - 150,000 18/09/2015 17/09/2025
G J Casey 87.01p 150,000 - 150,000 18/09/2015 17/09/2025
*Middle market price at date of grant
No consideration is payable for the grant of options under the 2012 Unapproved Share Option Scheme. There are no performance conditions
attached to the 2012 Unapproved Share Option scheme.
On the 5 February 2018 the company entered into an agreement with Garrett Casey to surrender the 80,000 Options which were granted on 31
August 2010 under the 2010 Scheme. The aggregate consideration paid by the Company to effect the cancellation was £1.
Bisichi Mining PLC
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