11th Oct 2005 09:32
Cardinal Resources plc11 October 2005 CARDINAL RESOURCES PLC GRANTS SHARE OPTIONS LONDON - Tuesday, 11th October 2005 Cardinal Resources plc (AIM:CDL), an independent oil and gas exploration andproduction company, today announces that its Board of Directors has grantedshare options to Directors and employees in recognition of the progress Cardinalhas made on executing its strategy to increase the Company's asset base inUkraine, as set out at the time of its admission to AIM. Directors and employees will have the right to purchase up to an aggregate of2,330,000 ordinary shares at an exercise price of 32p per ordinary share,exercisable until 11th October 2010. The average closing price of Cardinal'sshares for the previous three business days was 30p. The options vest as to 1/3on 11th October 2006, 2007 and 2008. The options have been granted in accordancewith the terms and conditions of the existing Share Option Scheme approved byshareholders on 9th March 2005. The number of options granted to Cardinal's Directors is detailed below. Theremaining options have been granted to seven additional employees. Cardinal willcontinue to issue options to motivate employees and ensure that they participatein the value enhancement of the Company along with its shareholders. Director Number of Options Robert J. BenshChairman and Chief Executive Officer 600,000 Charles C. GreenVice-Chairman and Chief Financial Officer 400,000 Jonathan C.R. Morley-KirkNon-Executive Director 30,000 David F. PhillipsNon-Executive Director 30,000 Marcus J.G. StantonNon-Executive Director 30,000 Before the current grants, a total of 8,325,000 options were held by Directorsand employees under the existing scheme. Cardinal Resources plc Cardinal Resources plc is an independent oil and gas exploration and productioncompany with assets in Ukraine. Cardinal is an experienced operator withnear-term opportunity to significantly expand existing operations throughfarm-ins or acquisitions of additional oil and gas assets accretive to reservesand production. Contact:Kate SpiroDirector, Investor [email protected]+44 (0) 20 7936 5258 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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