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 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 price | Expiry |
| 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 Gorringe | Andalas Energy and Power Plc | Tel: +62 21 2965 5800 |
| Roland Cornish/ James Biddle | Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 20 7628 3396 |
| Colin Rowbury | Novum Securities Limited (Joint Broker) |
Tel: +44 207 399 9427 |
| Christian Dennis | Optiva Securities Limited (Joint Broker) |
Tel: +44 20 3411 1881 |
| Stefania Barbaglio | Cassiopeia Services Limited (Public Relations) | Stefania@cassiopeia-ltd.com |