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Polymetal vests shares after "exceptional year"
StockMarketWire.com
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Anglo-Russian mining firm Polymetal has announced that 2017 share awards under the firms Performance Share Plan ("PSP"), part of the company's Long-Term Incentive Plan, have vested.
During the four-year performance period ending 19 April 2021 for the PSP awards made in 2017, Polymetal achieved a positive absolute total shareholder return (TSR) of 105.0% and outperformed a median TSR of 25.4% of the FTSE Gold Mines Index constituents.
As a result, Polymetal ranked 6th by TSR out of 45 index participants. Accordingly, the 2017 performance share awards have vested with 103.0% of the total awards being granted, which includes 86.9% vesting percentage based on the TSR performance and additional share awards for the dividend equivalent paid during the 4-year performance period.
1,575,196 ordinary shares were issued and distributed to 259 participants of the PSP on 21 and 22 April 2021, representing 0.33% of the Company's increased share capital. The newly issued shares have a market value of US$34.7 million, based on the closing price as of 20 April 2021.
"2020 was an exceptional year with massive challenges requiring outstanding performance to stay on track. Polymetal is proud to reward 259 employees whose dedication and competence drove sector-leading shareholder returns", said Vitaly Nesis, Group CEO of Polymetal
Story provided by StockMarketWire.com
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