TIDMBPC
RNS Number : 8295R
Bahamas Petroleum Company PLC
31 October 2019
31 October 2019
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Cancellation of Existing Options & Grant of Options
At the Annual General Meeting ("AGM") of Bahamas Petroleum
Company plc, held on 17(th) September 2019, shareholders of the
Company approved:
1. The cancellation of all existing options;
2. The initial grant of 150,000,000 New Options to the
Directors, staff and consultants of the Company (out of a total
approved pool of 200,000,000 New Options); and
3. The grant of 25,000,000 options pursuant to the Convertible
Note Subscription Agreement entered into on 9 October 2019 with
Bizzell Capital Partners Pty Ltd and MH Carnegie & Co Pty
Ltd.
The Company has thus, effective 31 October 2019, proceeded to
enact each of these items in accordance with the approvals provided
by the Company's shareholders. Full details of each of these items,
including the terms of conditions of each, were set out in the
Company's Notice of Annual General Meeting (the "Notice"), dated 21
August 2019, and are summarised for the ready information of
shareholders in the Appendix to this announcement.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs 408 4090
CAMARCO Tel: +44 (0) 20
Billy Clegg / James Crothers 3757 4983
www.bpcplc.com
Regulatory Statements
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
APPENDIX: DETAILS
1. Cancellation of Existing Options
By agreement with relevant option holders, the Company has,
effective 31 October 2019, cancelled all 68.85 million existing
options over ordinary shares in the Company, as approved by
shareholders at the AGM.
2. Grant of New Options to the Directors, staff and consultants of the Company
Effective 31 October 2019, New Options have been issued to the
Directors, staff and consultants of the Company in three tranches,
summarised as follows:
(i) Series A: 50,000,000 New Options, fully vested, immediately
exercisable, exercise price of 2.22p per New Option (consistent
with the exercise price of existing Options being cancelled);
(ii) Series B: 50,000,000 New Options, that will vest and become
exercisable at such point in time as the Board, having consulted
with the relevant advisers to the Company, determines that the cost
of an initial exploration well is fully funded on an unconditional
basis, exercise price of 2.4p per New Option;
(iii) Series C: 50,000,000 New Options, that will vest and
become exercisable at such point in time as the initial exploration
well commences, exercise price of 2.8p per New Option.
All New Options, if not exercised, will expire five years after
the date of issue. The New Options are not quoted or traded on AIM;
on exercise, the Company will make application for the new ordinary
shares arising to be admitted for trading on AIM.
The New Options have been allocated as follows:
OPTIONHOLDER SERIES A SERIES B SERIES C
William Schrader 1,500,000 750,000 750,000
---------------------- ---------------------- ----------------------
James Smith 750,000 375,000 375,000
---------------------- ---------------------- ----------------------
Eddie Shallcross* 750,000 375,000 375,000
---------------------- ---------------------- ----------------------
Ross McDonald 750,000 375,000 375,000
---------------------- ---------------------- ----------------------
Adrian Collins 750,000 375,000 375,000
---------------------- ---------------------- ----------------------
Simon Potter 20,000,000 15,000,000 25,000,000
---------------------- ---------------------- ----------------------
Other executives, employees
and consultants, in
aggregate 25,500,000 32,750,000 22,750,000
---------------------- ---------------------- ----------------------
Total: 50,000,000 50,000,000 50,000,000
---------------------- ---------------------- ----------------------
*Options granted to the estate of Edward Shallcross following
his passing away on 14 October 2019
3. Grant of options pursuant to the Convertible Note Subscription Agreement
Pursuant to the Convertible Note Subscription Agreement entered
into on 9 October 2019 with Bizzell Capital Partners Pty Ltd and MH
Carnegie & Co Pty Ltd, 25,000,000 options have been granted to
these parties with an exercise price of 2 pence per share
immediately exercisable for a period of 4 years. Of the total
options granted, 6,250,000 options have been granted to Bizzell
Capital Partners Pty Ltd and 18,750,000 options have been granted
to MH Carnegie & Co Pty Ltd.
END
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
MSCMBBBTMBIJBRL
(END) Dow Jones Newswires
October 31, 2019 07:51 ET (11:51 GMT)
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Apr 2023 to Apr 2024
