TIDMIPL
RNS Number : 1617V
Indago Petroleum Limited
06 July 2009
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INDAGO PETROLEUM LIMITED
("Indago" or "the Company")
Directors' dealings
As part of the arrangements for the proposed liquidation of the Company, Mr
Martin Groak, an executive director, and Mr Erdinc Nick Zana, a non-executive
director, have concluded individual termination arrangements with the Company
which include the waiving of options over Indago shares as described below.
These options were exercisable at a price below the expected liquidation value
per share.
Options over 342,857 Ordinary shares exercisable by Mr Groak at a price of 5p
per share have been waived. The amount payable in compensation to Mr Groak as
part of his overall termination settlement is GBP77,860.
Options over 233,333 Ordinary shares exercisable by Mr Zana at a price of 5p per
share have been waived. The amount payable in compensation to Mr Zana is
GBP72,333.
The above arrangements are referred to in the circular to Indago shareholders
dated 18 June 2009 containing the notice of the general meeting to be held on 10
July 2009. No other director has options exercisable at below the expected
liquidation value per share.
6 July 2009
-Ends-
Enquiries:
+--+--------------------------------+----------------------------------+
| Indago Petroleum Limited | |
+-----------------------------------+----------------------------------+
| | Tim Eggar, Chairman | +44 (0) 7771 597 499 |
| | Martin Groak, CFO | + 44 (0) 20 7096 3461 |
+--+--------------------------------+----------------------------------+
| | |
+-----------------------------------+----------------------------------+
| Ambrian Partners Limited | +44 (0) 20 7634 4856 |
| (Nomad and Broker) | |
+-----------------------------------+----------------------------------+
| | Richard Swindells | |
+--+--------------------------------+----------------------------------+
| | |
+-----------------------------------+----------------------------------+
| College Hill Associates | + 44 (0) 20 7457 2020 |
+-----------------------------------+----------------------------------+
| | Paddy Blewer | |
| | Nick Elwes | |
+--+--------------------------------+----------------------------------+
| | | |
+--+--------------------------------+----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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