Paul Venter appointed CEO at Ncondezi Coal

AIM-listed Mozambique-focused mining company Ncondezi Coal Company has appointed Paul Venter as Chief Executive Officer and Executive Director with immediate effect.

AIM-listed Mozambique-focused mining company Ncondezi Coal Company has appointed Paul Venter as Chief Executive Officer and Executive Director with immediate effect.

Venter joined Ncondezi as Chief Operating Officer in June 2012 and has been responsible for the company's power strategy since then.

Restructure of share-incentive schemeFollowing its change in focus to power generation and the signing of a power framework agreement with the government of Mozambique, the company added that it had approved a restructuring of its existing share incentive scheme for directors, senior management and contracted personnel.

The company stated: "The scheme has been aligned with the power project milestones that will deliver the Ncondezi 300 Megawatt (MW) power project into commercial operation, as well as recognise the delivery of the key technical aspects of the project to date, such as the power and mine definitive feasibility studies."

Under the terms of the scheme, 4.3m share options, with an exercise price of 17.25p and exercisable within three years of vesting, have been granted to senior management and contracted personnel, of which 500,000 options vest as at the date of grant, 1.88m options are subject to milestone-based vesting conditions and 1.93m options are subject to time-based vesting conditions.

The company added that, simultaneously it had been agreed to cancel and/or lapse prior unexercised share awards in respect of 2.76m ordinary shares, with varying exercise prices between 59p and 143p.

Ncondezi Coal Company's share price was down 4.35% to 16.50p at 09:11 on Friday.

MF

Recommended

Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021
What the best-performing investment trusts of the past 20 years can teach us
Investment trusts

What the best-performing investment trusts of the past 20 years can teach us

Forty-two trusts have risen more than tenfold over the last two decades. What made the winners stand out? And how can we identify future outperformers…
12 Oct 2021
Activision Blizzard: a cheap play on videogames
Share tips

Activision Blizzard: a cheap play on videogames

Videogame maker Activision Blizzard has been in the news for the wrong reasons lately. But it has a bright future, says Stephen Connolly.
11 Oct 2021

Most Popular

How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Inflation is still one of the biggest threats to your personal finances
Investment strategy

Inflation is still one of the biggest threats to your personal finances

Central bankers and economists insist inflation will be gone by next year. We're not so sure, says Merryn Somerset Webb. So if you haven’t started to …
1 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021