12th Oct 2012 07:00
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Ithaca Energy Inc.
Grant of Share Options, Exercise of Existing Options and Market Share Incentive Plan Purchases
12 October, 2012
Ithaca Energy Inc (TSX: IAE, LSE AIM: IAE) announces that in accordance with the Company's Stock Option Plan, the Board of Directors has approved the grant of 5,645,000 share options to Directors and employees at a price of C$1.99, which was the closing price on the TSX Exchange on Wednesday, 10th October, 2012. The options shall be granted effective 11th October, 2012 and may be exercised for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the effective date.
Of the recipients, a total of 2,900,000 share options were granted to Directors and Officers as follows:
Iain McKendrick Officer and Director 800,000
Graham Forbes Officer 600,000
Nicholas Muir Officer 300,000
Mike Travis Officer 300,000
John Woods Officer 300,000
Jack Lee Director and Chairman 100,000
Ron Brenneman Director 100,000
Brad Hurtubise Director 100,000
John Summers Director 100,000
Frank Wormsbecker Director 100,000
Jay Zammit Director 100,000
Options Exercises
On 11th October the following Directors and Officers exercised expiring options at a price of C$1.80 per Common Share:
Iain McKendrick Officer and Director 150,000
Nicholas Muir Officer 100,000
John Woods Officer 100,000
On the same day, those same Officers sold the following shares at a price of £1.22 per Common Share in order to cover the associated costs of the purchases reported above, including income taxes.
Iain McKendrick Officer and Director 142,800
Nicholas Muir Officer 95,200
John Woods Officer 95,200
The balance of shares acquired following completion of the transactions reported above has been retained by each of those Officers in order to increase their individual shareholdings.
A further 223,875 of options have also been exercised by other employees of the Company.
As a result of the option exercises reported above, the Company has applied for a total of 573,875 Common Shares to be admitted to trading on AIM. Each new Common Share will rank pari passu with the existing Common Shares.
Share purchase under the Market Share Incentive Plan by Officers
On 11th October the Company was informed that MM&K Share Plan Administration, the trustee of the Company's Market Share Incentive Plan ("SIP"), had on that same day made purchases of the Company's Common Shares under the terms of the SIP on behalf of employees and officers of the Company. As a result, the Officers of the Company increased their beneficial shareholdings in the Company by a total of 18,435 shares at a price of £1.22 per Common Share as follows:
Iain McKendrick Officer and Director 3,687
Graham Forbes Officer 3,687
Nicholas Muir Officer 3,687
John Woods Officer 3,687
Mike Travis Officer 3,687
Summary
Following completion of all the transactions noted above, the revised shareholdings of the Directors and Officers of the Company are as follows:
No. of shares held | % of voting rights represented by shares held | |
Iain McKendrick | 175,465 | 0.07% |
Graham Forbes | 49,645 | 0.02% |
Nicholas Muir | 16,445 | 0.01% |
John Woods | 111,445 | 0.04% |
Mike Travis | 53,687 | 0.02% |
Jack Lee | 700,000 | 0.27% |
Brad Hurtubise | 100,000 | 0.04% |
John Summers | 214,700 | 0.08% |
Frank Wormsbecker | 200,000 | 0.08% |
Jay Zammit | 448,332 | 0.17% |
Ron Brenneman | 60,000 | 0.02% |
The total number of shares under option is now 20,347,964 Common Shares, representing approximately 7.8% of total shares outstanding and under option.
The Company will have 259,920,003 Common Shares outstanding with one voting right per Common Share. There are no Common Shares held by Ithaca in treasury. The total number of voting shares in the Company is therefore 259,920,003. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Services Authority's Disclosure and Transparency Rules.
Fully diluted, the Company now has 280,267,967 Common Shares on issue.
Enquiries:
Ithaca Energy:
Iain McKendrick, CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261
Nick Muir, CTO nmuir@ithacaenergy.com +44 (0) 1224 650 267
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Ken Fleming kfleming@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an oil and gas operator focused on production, appraisal and development activities on the United Kingdom Continental Shelf. The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
-ENDS-
Related Shares:
IAE.L