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

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022