Andalas Energy and Power Plc Issue of options
October 02 2018 - 2:08AM
UK Regulatory
TIDMADL
2 October 2018
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Award of Share Options
Andalas Energy and Power Plc, the AIM listed oil and gas company (AIM: ADL),
announces the award of a total of 36 million options over ordinary shares in
the Company ("Options") to its Executive Directors and key consultants.
The Options are all exercisable at 2 pence per share, representing a premium of
83.5% over the closing share price on 1 October 2018, and vest, over a two-year
period as set out below:
* Tranche 1 vests immediately;
* Tranche 2 vests on 1 October 2019; and
* Tranche 3 vests on 1 October 2020.
Beneficiary Tranche 1 Tranche 2 Tranche 3 Exercise Expiry
price
Simon Gorringe 4,000,000 4,500,000 4,500,000 2 pence 1 October 2023
Ross Warner 3,000,000 3,000,000 3,000,000 2 pence 1 October 2023
Daniel Jorgensen 3,000,000 2,500,000 2,500,000 2 pence 1 October 2023
Consultants 2,000,000 2,000,000 2,000,000 2 pence 1 October 2023
Total 12,000,000 12,000,000 12,000,000
Vesting of the options is subject to the option holder providing continuous
service during the vesting period and there are no other performance conditions
attached to the options.
The independent Directors of the Company, Dr Robert Arnott and Graham
Smith, consider, having consulted with the Company's nominated adviser,
Beaumont Cornish Limited, that the terms of the grant of Options are fair and
reasonable insofar as shareholders are concerned.
Chairman of the remuneration committee, Dr Robert Arnott said: "Simon and the
team have worked tirelessly over the past 11 months to secure funding and new
opportunities that together position Andalas to deliver on multiple fronts over
the next few months. The options have been struck at a significant premium to
ensure that the Companies management team is only rewarded when it has
delivered value to its shareholders."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is now
considered to be in the public domain.
For further information, please contact:
Simon Andalas Energy and Power Plc Tel: +62 21 2965 5800
Gorringe
Roland Beaumont Cornish Limited Tel: +44 20 7628 3396
Cornish/ (Nominated Adviser)
James
Biddle
Colin Novum Securities Limited Tel: +44 207 399 9427
Rowbury (Joint Broker)
Christian Optiva Securities Limited Tel: +44 20 3411 1881
Dennis (Joint Broker)
Stefania Cassiopeia Services Stefania@cassiopeia-ltd.com
Barbaglio Limited
(Public Relations)
END
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