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Kavango Resources #KAV – Grant of Share Options
The Remuneration Committee has recommended, and the Board has approved, the grant of 6,000,000 Share Options to recent additions by the Company to its senior team in Botswana. The Management Options will be subject to a vesting period of two years, with half the Options vesting after one year and the remainder vesting after two years, save in certain limited circumstances. The Management Options are exercisable at a price of 5.00 pence per Ordinary Share, are exercisable only once the Company’s share price has closed at not less than 7.5 pence on five trading days (not necessarily consecutive), and are otherwise on the same terms as those granted to other senior staff.
The Remuneration Committee has further recommended, and the Board has approved, the grant of 4,500,000 and 1,000,000 Share Options to Ben Turney and Hillary Gumbo, respectively. The Director Options will be subject to a vesting period of two years, with half the Options vesting after one year and the remainder vesting after two years, save in certain limited circumstances. The Director Options are exercisable at a price of 7.50 pence per Ordinary Share, are exercisable only once the Company’s share price has closed at not less than 15 pence on five trading days (not necessarily consecutive), and are otherwise on the same terms as those granted to other directors.
The Company has also agreed with Michael Moles, a non-executive director, to settle his directors’ fees (net of statutory deductions) in shares. With effect from 1 July 2021 Mr Moles has been entitled to receive director’s fees of £2,000 per month and the Company has now agreed with him that following the end of each calendar quarter, he will be issued with shares, credited as fully paid at an issue price equal to the average of the closing mid-price of the Company’s shares over that quarter, to an amount equal to the net fees due to him for that period. The first allotment will take place in October 2021, in respect of Mr Moles’ net fees for the three months commencing 1 July.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – Result of Annual General Meeting
The Board of Kavango Resources plc is pleased to announce that all resolutions proposed at the Company’s AGM held on 24 June 2021 were duly passed.
In particular, shareholders resolved to approve the appointment of Hillary Gumbo to the Board of Directors (see announcement of 28 May 2021). Hillary holds 16,520,137 shares in the Company.
No information is required to be disclosed pursuant to Listing Rule 9.6.13 R in relation to Hillary Gumbo’s appointment.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
Kavango Resources plc
Michael Foster
First Equity Limited (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – Notice of 2021 AGM & Non-Executive Director appointment
A copy of the notice of the annual general meeting of the Company (the “2021 AGM Notice”) to be held at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS at 11 a.m. on 24 June 2021 (the “AGM”), has been published today on the Company’s website at www.kavangoresources.com .
The health and safety of the Company’s shareholders, customers and staff are of paramount importance. Although our preference had been to welcome shareholders to our AGM, due to the ongoing Covid-19 pandemic and the UK Government’s current restrictions as at the date of the 2021 AGM Notice on public gatherings, the format of the AGM will be the same as last year to protect the health and safety of our shareholders, directors and people. To comply with these requirements, and with current best practice regarding the holding of company meetings, shareholders will not be permitted to attend this year’s AGM. Attendance will be limited to essential Company personnel only, ensuring that social distance requirements are met while ensuring also that a quorum is present so that the business of the meeting can be conducted. All other shareholders will be excluded from the AGM on the grounds of public safety. Shareholders should monitor the Company’s website and regulatory announcements for any updates regarding the AGM and are encouraged to ensure that their votes on the resolutions to be proposed at the meeting are counted. Details of how to do so are set out in the 2021 AGM Notice.
At the meeting, the Board of Directors are delighted to be proposing the appointment of Hillary Nyakunengwa Gumbo as a non-executive Director. Hillary, who was one of the founders of Kavango Minerals (Pty) Limited, the Company’s operating subsidiary in Botswana, has been an important member of the Company’s executive team for some years, and the Directors feel that the Board would be strengthened by his appointment as an additional director.
In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority (“FCA”), a copy of the 2021 AGM Notice and a form of proxy for the AGM will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Michael Foster
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson