NEWS & MEDIA
European Metals Holdings Limited – Release from Escrow12 February 2019
European Metals Holdings Limited (“European Metals” or “the Company“) advises in accordance with ASX Listing Rule 3.10A, that 1,500,000 CDIs will be released from escrow on 26 February 2019.
The CDIs were issued on 6 June 2018 under the Company’s Employee Securities Incentive Plan (“Plan“) as approved by shareholders at the Company’s Annual General Meeting held on 30 November 2017 at an issue price of 48.48 cents per CDI (“Plan CDIs“). Of these securities, 350,000 CDIs were to be held in escrow until 26 February 2019 and the balance of 1,150,000 CDI still remain subject to satisfaction of performance-based vesting conditions.
Pursuant to the terms of the Plan, the Company made a limited-recourse interest-free loan to the participants of the Plan CDIs at the time of issue of the Plan CDIs to fund the issue price. Therefore, no cash consideration was paid by the participants to the Company at the time of subscription for the Plan CDIs. The loan made to each participant is repayable in accordance with the offer documents and the Plan. In the event that a participant sells their respective Plan CDIs, the proceeds from such sale must be applied first to settle any outstanding balance of the loan.