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.
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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.
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