Nostra Terra Oil & Gas Company PLC Award of Share Options (7842L)
July 21 2017 - 7:35AM
UK Regulatory
TIDMNTOG
RNS Number : 7842L
Nostra Terra Oil & Gas Company PLC
21 July 2017
21 July 2017
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Award of Share Options
Nostra Terra (AIM:NTOG), the oil and gas exploration and
production company, is pleased to announce that a total of
8,000,000 options over ordinary shares of 0.1 pence each ("Ordinary
Shares") has been issued to its Chief Executive Officer, Matthew
Lofgran, and Non-Executive Chairman, Ewen Ainsworth, (the "Director
Options"). The award of the Director Options has been designed
explicitly to reward improved share price performance over the
short and long term.
Director Options
Nostra Terra is committed to aligning the interests of the
Company's Directors with those of shareholders. The award of the
Director Options further incentivises the Directors to deliver
significant value for shareholders in the longer term, while
maintaining a focus on nearer term delivery.
Key terms of the Director Options include:
-- The Director Options only vest if Nostra Terra's share price
trades above 3 pence for 10 consecutive trading days, within 12
calendar months from the date of this announcement (the "Vesting
Condition").
o This represents a 94% premium to the mid-market closing price
of the Company's Ordinary Shares on 20 July 2017.
-- The Director Options will expire 5 years from the date the Vesting Condition is met.
Details of the Directors Options are set out below:
Director Number of Director Exercise Price
Options awarded (p)
----------------- ------------------- ---------------
Matthew Lofgran 2,000,000 3.0
----------------- ------------------- ---------------
2,000,000 4.5
----------------- ------------------- ---------------
2,000,000 6.0
----------------- ------------------- ---------------
Ewen Ainsworth 666,666 3.0
----------------- ------------------- ---------------
666,667 4.5
----------------- ------------------- ---------------
666,667 6.0
----------------- ------------------- ---------------
Following the issue of the Director Options, Matthew Lofgran and
Ewen Ainsworth are interested in 6,800,000 options and 2,000,000
options over Ordinary Shares respectively. In addition, as
previously disclosed, Mr Ainsworth is interested in 1,000,000
warrants exercisable at 8.77 pence per share (as adjusted for the
2016 share consolidation). Of these warrants 333,333 are held
directly and 666,667 are held by Discovery Energy Limited, a
company controlled by Mr Ainsworth.
Matthew Lofgran and Ewen Ainsworth have interests in the Company
of 5,975,976 Ordinary Shares and 2,502,063 Ordinary Shares (729,476
of which are held by Mr Ainsworth directly and 1,772,587 by
Discovery Energy Limited) respectively, equating to 4.90% and 2.05%
of the Company's issued share capital respectively (as enlarged by
the Admission of the Fee Shares issued to Ewen Ainsworth as
announced on 19 July 2017).
Matt Lofgran, Chief Executive of Nostra Terra, commented:
"In the last twelve months we've made significant progress in
restructuring Nostra Terra. We've repositioned the business and are
growing production and reserves in the current low oil price
environment. We've made shrewd and ambitious acquisitions, as well
as selected disposals, which we believe have the potential to
deliver substantial fundamental value to the Company over the
coming years.
This award further aligns the directors' interests with those of
shareholders. The options only vest if Nostra Terra's share price
increases significantly from this point. Based on the performance
of our current portfolio of assets in the USA and Egypt, our plans
for development and our pipeline of additional opportunities we are
more than confident of achieving this."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas
Company plc
Matt Lofgran, CEO +1 480 993 8933
Strand Hanson Limited
(Nominated Adviser and Joint +44 (0) 20 7409
Broker) 3494
Rory Murphy / Ritchie Balmer
/ Jack Botros
Smaller Company Capital +44 (0) 20 3651
Limited (Joint Broker) 2910
Rupert Williams / Jeremy Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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