22nd Sep 2016 09:00
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
22 September 2016
Prospex Oil and Gas Plc ('Prospex' or the 'Company')Grant of Options
Following the successful completion of the Company's initial investment strategy, substantial progress with its major investment in Hutton Poland Limited, and the raising of two tranches of new capital, Prospex Oil and Gas Plc, the AIM quoted investment company, announces that it has today awarded a total of 19,292,349 options to members of the Board and other staff over new Ordinary Shares in the Company (the 'Options').
The Options awarded in three separate schemes, and represent a key component of the Company's long-term incentive plan. A portion of the Options are exercisable immediately and the remainder are only exercisable following the closing price of the ordinary shares being at 5p or higher for 5 consecutive trading days. Subject to this condition, all Options can be exercised at any time in the next three years.
The options issued to the directors and PDMR's of the Company, are set out below:
Options Awarded | Exercise price of 1p per share with immediate unconditional vesting | Exercise price of 1p per share vesting once the shares have closed at 5p or higher for 5 consecutive trading days | Exercise price of 1.1p per share vesting once the shares have closed at 5p or higher for 5 consecutive trading days | Total options now held | |
Ed Dawson | 6,701,663 | 971,663 | 4,438,000 | 1,292,000 | 7,381,875 |
Richard Mays | 3,783,614* | 20,196 | 2,327,418 | 1,436,000 | 4,325,340 |
William Smith | 3,783,614 | 20,196 | 2,327,418 | 1,436,000 | 4,325,340 |
Other personnel | 5,023,458 | 422,154 | 4,601,500 | 6,918,910 | |
Total | 19,272,349 | 1,434,209 | 13,694,336 | 4,184,000 | 22,951,465 |
\* The options awarded to Richard Mays will be held in the name of Sallork Limited, a company he owns and controls.
* * ENDS * *
For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson | Prospex Oil and Gas Plc | Tel: +44 (0) 207 887 1461 |
Katy MitchellNick ProwtingJay Ashfield | WH Ireland Limited WH Ireland Limited WH Ireland Limited | Tel: 0113 394 6600Tel: +44 (0) 207 220 1658 |
Jon Belliss | Beaufort Securities Limited | Tel: +44 (0) 207 382 8300 |
Lucy Williams Charles Goodfellow Eran Zucker | Peterhouse Corporate FinancePeterhouse Corporate Finance Peterhouse Corporate Finance | Tel: +44 (0) 207 469 0932 |
Charlotte Page Frank Buhagiar | St Brides Partners Ltd St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Related Shares:
PXOG.L