14th Jan 2009 08:44
14 January 2009
VOLGA GAS PLC
("Volga Gas" or the "Company")
SURRENDER AND GRANT OF MANAGEMENT EXECUTIVE SHARE OPTIONS
Volga Gas plc today announces that Mr Stobie, the Company's outgoing Chief Financial Officer, has surrendered his existing share options granted under the Volga Executive Share Option Plan 2008, as amended (the "Plan"). Such options gave him the right to acquire a total of 568,732 ordinary shares in the Company.
The Company also announces that Mr Tony Alves, upon taking up his post on 12 January 2009 as the new Chief Financial Officer, has been granted options to acquire 568,732 ordinary shares, representing 1.05% of the current issued share capital of the Company.
The new options will vest over a period of up to four years subject to the satisfaction of certain performance conditions. The vested options become exercisable on a straight line, cumulative basis at a rate of 12.5% of the total option grant every six months (starting from the date of grant) and will remain exercisable until eight years from the date of grant. The exercise price for each option is 100 pence, a premium to the current market price.
The option arrangements for Mr Ivanov, Chief Executive Officer, remain unchanged.
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Volga Gas is an independent gas exploration and production company, which currently holds four subsoil licenses in the Volga Region of European Russia
For additional information please contact:
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Financial Dynamics |
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Billy Clegg Edward Westropp Alex Beagley |
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+44 (0)20 7269 7157 +44 (0)20 7269 7230 +44 (0)20 7269 7207 |
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KBC Peel Hunt (Nominated Adviser) |
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+44 (0)20 7418 8900 |
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Jonathan Marren Matt Goode |
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Related Shares:
VGAS.L