TIDMCERP
RNS Number : 1634T
Columbus Energy Resources PLC
02 July 2018
2 July 2018
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Directors Share Options and Update on Remuneration Fee
Arrangements
Columbus, the oil and gas producer and explorer focused on
onshore Trinidad with the ambition to grow in South America,
confirms the award of share options to the Company's directors and
certain senior management, reflecting remuneration arrangements
designed to continue to align the Executive Directors, Executive
Management and the Senior Independent Non-Executive Director to the
growth of the Company.
As previously announced, each of the Executive Directors and
Executive Management members agreed to receive 50% of their fees
for the first year of their employment in Company's shares ("First
Year Remuneration"). The Company is now pleased to confirm as
referred to in the recent Report and Accounts that this arrangement
will continue, for the foreseeable future, into the second year of
employment for each of those individuals with the number of shares
to be issued being calculated at a price of 5.1 pence per share
("Second Year Remuneration").
Executive Salaries:
First Year Remuneration:
As referred to in the recently released Annual Report, the
Executive Directors, being Leo Koot and Gordon Stein, and the
Executive Management members, being Stewart Ahmed and Tony Hawkins,
agreed to receive 50% of their fees for the first year of their
employment in Company's shares (the "Remuneration Shares"). This
was to align Director and management interests with shareholders
and conserve cash resources. It was agreed that the Remuneration
Shares would be issued following the first anniversary of their
appointment and the number of shares to be issued would be
calculated at a price of 2.2 pence per share being the price at the
time of the last share placing in March 2017 and broadly equivalent
to the price immediately prior to Mr Koot's appointment. The number
of Remuneration Shares to be issued to Tony Hawkins' would be
calculated at a price of 5.0 pence per share, which was the price
immediately prior to his appointment in January 2018.
The Company and the relevant employees have agreed that the
Remuneration Shares will take the form of share options, which
provided the Company with more flexibility but does not change the
number of shares to be issued in any way or provide any additional
value to the Executive Directors or Executive Management
members.
At the end of Mr Koot's first year of employment on 9 May 2018,
he has an option over 6,818,182 shares. These share options may be
exercised by Mr Koot, at zero cost to Mr Koot, for a period of up
to 7 years and are subject to normal director restrictions on
dealing in shares.
Gordon Stein and Stewart Ahmed completed their first year of
employment on 15 and 16 June 2018 respectively and each has share
options over 4,318,182 shares. These share options are subject to
the same terms as Mr Koot for a period of up to 7 years.
Tony Hawkins will receive nil cost share options at the end of
his first year of employment on 31 December 2018 in the same manner
as Messrs Koot, Stein and Ahmed.
Second Year Remuneration:
At the end of Mr Koot's first year of employment, the Company
agreed with him that he would continue to receive 50% of his fees
in share options but the number of options to be issued would be
calculated at a share price of 5.1 pence per share. It is Mr Koot's
intention to continue with these remuneration conditions for the
foreseeable future, in particular throughout 2018. In addition, the
other Executive Director and Executive Management members, referred
to above, have agreed to adopt the equivalent remuneration
conditions as Leo Koot in their second year of employment, although
all Executive Directors and Executive Management members have the
right under their service agreements, in their second year of
employment and beyond, to take a higher proportion of their fees in
cash by giving the Company one month's prior notice. Any such
decision is personal to the Executive.
At the intended issue price of 5.1p, these arrangements would
result in the issue of 8,529,411 new shares in aggregate for all
Directors, representing 1.3% of the Company's issued share
capital.
In taking this action, the Executive Directors and Executive
Management members wish to continue to align themselves with the
Company's shareholders and also reduce the Company's cash burn,
thereby enabling these funds to be invested in other value-adding
business opportunities.
Non-Executive Director
Due to an increasing workload over the past year, the Company
has awarded an additional 3,000,000 share options to Michael
Douglas who has been a Non-Executive Director of the Company since
August 2014 as follows.
-- 600,000 shares strike at 5.0p, vesting at 8.0p (for a
consecutive period of at least five days)
-- 600,000 shares strike at 6.0p vesting at 12.0p (for a
consecutive period of at least five days)
-- 600,000 shares strike at 8.0p vesting at 16.0p (for a
consecutive period of at least five days)
-- 600,000 shares strike at 10.0p vesting at 20.0p (for a
consecutive period of at least five days)
-- 600,000 shares strike at 12p vesting at 24.0p (for a
consecutive period of at least five days)
These options are valid until June 2023 and represent 0.46% of
the Company's issued share capital.
Mr Koot, the Executive Chairman of the Company, said "The
Executive Management are confident in the future of the Company and
are happy to continue to take 50% of our salaries in shares. We
hope that our shareholders recognise our wish to continue to align
ourselves with them going forward. I would also like to place on
record my thanks to Mike Douglas for his support as a
fellow-director over the past year. Mike's contribution has been
invaluable as we have re-shaped the Company's strategy and
direction and the new share options recognise his contribution
towards the development of Columbus."
Contact Information
Columbus Energy Resources plc
Leo Koot / Gordon Stein +44 (0)20 3794 9230
VSA Capital Limited
Financial Adviser and Broker
Andrew Monk / Andrew Raca / Justin McKeegan +44 (0)20 3005 5000
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish / Rosalind Hill Abrahams +44 (0)20 7628 3396
Camarco
Public and Investor Relations
Georgia Edmonds / James Crothers +44 (0)20 3757 4983
Notes to Editors:
Columbus Energy Resources Plc is an oil and gas producer and
explorer focused on onshore Trinidad with the ambition to grow in
South America. Initially focussed on maximising production from its
core Goudron field asset, Columbus is cashflow positive from
operations and aims to create transformational growth by developing
its exploration targets across its portfolio in the South West
Peninsula ("SWP"), which lies in the extreme southwest of Trinidad
and consists of stacked shallow and deep prospects, in a capital
efficient and disciplined manner.
Columbus is guided by the following core values; safe and
sustainable, stronger together, creative excellence, positive
energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management
team with supportive shareholders and intends on leveraging its
expertise and experience to build an attractive and diversified
portfolio of assets across South America in order to build an oil
production led South American exploration business.
To find out more, visit www.columbus-erp.com or follow us on
Twitter @Columbus_ERP.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFKDDQCBKDCOK
(END) Dow Jones Newswires
July 02, 2018 02:03 ET (06:03 GMT)
Columbus Energy Resources (LSE:CERP)
Historical Stock Chart
From Apr 2024 to May 2024
Columbus Energy Resources (LSE:CERP)
Historical Stock Chart
From May 2023 to May 2024