News Archive

20 January 2010

Grant of Options

ATH Resources has today granted options over ordinary shares in the Company ("Options") under the terms of its Long Term Incentive Plan ("LTIP") and its Unapproved Share Option Plan ("Unapproved Plan"). A total of up to 1,071,778 Options have been granted pursuant to the terms of the LTIP and up to 636,616 Options have been granted pursuant to the terms of the Unapproved Plan.

The Options granted pursuant to the LTIP and under the Unapproved Plan will only be capable of exercise if certain performance criteria have been achieved measured by reference to pre-tax EPS achieved each year and the Options will be not exercisable for a period of 3 years and will lapse on the expiry of the 5th anniversary of grant.  

Pursuant to the terms of the LTIP the Options will be exercisable at 1p per share. Options issued under the Unapproved Plan will be exercisable at 81.25p per share being the mid-market closing price of the ATH Resources ordinary shares on 19 January 2010, the day immediately prior to the grant of the Options.  

The Directors set out below have been granted the following maximum number of Options under each plan which will only be exercisable if the performance criteria have been achieved and if the Director is in employment at the time the options are exercised and is not under notice of dismissal:

For further information:

Notes to Editors

ATH Resources was listed on the AIM market of the London Stock Exchange in June 2004 and operates five surface coal mines in Scotland; Skares Road, Grievehill and Laigh Glenmuir in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife. The Group is currently the third largest producer of coal in the UK producing approximately 2 million tonnes per annum. Coal is used to generate around a third of the UK's electricity and the Group now holds coal supply contracts with four of the UK's main electricity generating companies.

In June 2005, having raised £18 million by way of an Open Offer, the Group acquired two new opencast sites, Grievehill and Glenmuckloch in Scotland. The acquisition increased the Group's reserve base by 160%. 

In May 2006, the Group acquired ATH Regeneration a successful coal recovery, land remediation and regeneration business with a particular focus on colliery spoil heap reclamation projects. The acquisition, which was earnings enhancing, allowed ATH Resources to build on its skills as a regenerator of land, whilst developing strong relationships with key English planning authorities. The company has been successfully integrated into the Group. The operational diversification that the acquisition brings to the Group will be a significant driver of ATH's organic growth going forward both in the UK and overseas and the business is actively pursuing a number of projects in Australia.

For the 53 week period ended 4 October 2009, the Group achieved turnover of £77.5 million and generated an operating profit of £8.6 million.

Further information on ATH Resources can be found at www.ath.co.uk