Baobab Resources plc Stock Market Press Releases and Company Profile

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Exercise of Options By Directors
Exercise of Options By Directors

London, Jan 27, 2012 AEST (ABN Newswire) - Baobab Resources plc (googlechartLON:BAO) advises that all directors have exercised options which were due to expire on 1 February 2012. The aggregate number of options was 1,125,000 and aggregate proceeds amounted to GBP116,150. Jeremy Dowler will sell 300,000 shares of his current holding in order to fund his exercise of 375,000 options and relevant tax liability.

Following this issue the directors' interests in the Company are as follows:

Ben James holds 864,500 ordinary shares in the Company, representing 0.45% of the issued share capital. In addition, Mr. James is interested in 5,200,000 options over ordinary shares in the Company as follows:
--------------------------------------Stock Options Option Exercise  Expiry Held          Price            Date--------------------------------------1,000,000     GBP0.0615  16 April 20121,200,000     GBP0.10     30 June 20133,000,000     GBP0.40  31 January 2013 
Jeremy Dowler holds 8,165,169 ordinary shares in the Company, representing 4.29% of the issued share capital. In addition, Mr. Dowler is interested in 2,700,000 options over ordinary shares in the Company as follows:
--------------------------------------Stock Options Option Exercise  Expiry Held          Price            Date--------------------------------------1,200,000     GBP0.10     30 June 20131,500,000     GBP0.40  31 January 2013 
Jon Crowe holds 8,940,001 ordinary shares in the Company, representing 4.70% of the issued share capital. Mr. Crowe holds 2,300,001 directly, has an interest in 6,500,000 Ordinary Shares held indirectly by R J Broadhurst (Mr. Crowe's wife) and himself as trustee for the R & J Superannuation Fund and 140,000 Ordinary Shares held indirectly through Millridge Holdings Pty Limited of which Mr. Crowe is a shareholder. In addition, Mr. Crowe is interested in 1,400,000 options over ordinary shares in the Company as follows:
--------------------------------------Stock Options Option Exercise  Expiry Held          Price            Date--------------------------------------800,000       GBP0.10     30 June 2013600,000       GBP0.40  31 January 2013
Jonathan Beardsworth holds 250,000 ordinary shares in the Company, representing 0.13% of the issued share capital. Mr. Beardsworth is interested in 1,400,000 options over ordinary shares in the Company as follows:
--------------------------------------Stock Options Option Exercise  Expiry Held          Price            Date--------------------------------------800,000       GBP0.10     30 June 2013600,000       GBP0.40  31 January 2013
Following the exercise of options by directors, the Company has 190.137,900 of ordinary shares in issue. Application has been made for the new ordinary shares to be admitted to AIM and admission is expected on 27 January 2012.

In addition, the Board has offered certain key employees and contractors of the Company the opportunity to relinquish their rights to options with a strike price of 40p expiring in January 2013 and April 2013 and to receive the equivalent number of options at a strike price of 20p with identical terms attached. 3,800,000 options with a strike price of 40p were issued on 9 March 2011 and 1,500,000 options with a strike price of 40p were issued on 4 July 2011.

The directors have waived their rights to receive options at a strike price of 20p in exchange for relinquishing their rights to options with a strike price of 40p.

Download of this announcement is available from the Baobab website at: http://www.baobabresources.com


About Baobab Resources plc

Baobab Resources plc (LON:BAO)Baobab Resources plc (LON:BAO) is a Mozambican-focused explorer with a large landholding in the central north of the country. The company's flagship project is the Tete iron ore deposit.

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Contact

Baobab Resources PLC
Ben James: Managing Director
Tel: +61 8 9430 7151
Jeremy Dowler: Chairman
Tel: +44 1372 450529

Grant Thornton Corporate Finance
Gerry Beaney / David Hignell
Tel: +44 20 7383 5100

Shore Capital Group
Jerry Keen / Toby Gibbs
Tel: +44 20 7468 7964

Fortbridge Consulting
Matt Beale
Tel: +44 7966 389 196


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