Reabold Resources PLC Issue of Options (7551H)
March 14 2018 - 12:24PM
UK Regulatory
TIDMRBD
RNS Number : 7551H
Reabold Resources PLC
14 March 2018
For immediate release 14 March 2018
Reabold Resources plc
("Reabold" or the "Company")
Issue of Options
Reabold, the AIM-listed strategic investor in pre-cash flow
upstream oil and gas projects, is pleased to announce that, further
to the successful placing announced on 28 February 2017 to raise
approximately GBP7.83m ("the Placing") at a price of 0.6 pence
("the Placing Price"), the Company advises that it has granted
options to directors over a total of 125 million common shares
("the Options").
The granting of the Options is subject to approval of the
Placing at a meeting of shareholders to be held on 19 March 2018
and would represent 4.39% of the issued share capital of the
Company following completion of the Placing. The Options will have
a four-year term, expiring on 19 March 2022.
Executive Position New Options Exercise Vesting Period Expiry
Issued Price
----------- ----------- ------------ --------- --------------- -----------
Sachin CEO 20,000,000 0.60p Immediately 19-Mar-22
Oza
20,000,000 0.90p 12 months 19-Mar-22
from grant
20,000,000 1.20p 18 months 19-Mar-22
from grant
----------- ----------- ------------ --------- --------------- -----------
Stephen CEO 20,000,000 0.60p Immediately 19-Mar-22
Williams
20,000,000 0.90p 12 months 19-Mar-22
from grant
20,000,000 1.20p 18 months 19-Mar-22
from grant
----------- ----------- ------------ --------- --------------- -----------
Anthony Finance
Samaha Director 5,000,000 0.60p Immediately 19-Mar-22
----------- ----------- ------------ --------- --------------- -----------
Of the 125m Options: 45 million have an exercise price of 0.60p
and vest immediately and are in line with both the Placing Price as
set out above; 40 million have an exercise price of 0.90p,
representing a premium of 50% to the Placing Price and vest 12
months from grant; and 40 million have a exercise price of 1.2p,
representing a premium of 100% to the Placing Price, and vest 18
months from grant. Should any Option holder leave the Board prior
to the vesting of their Options, such Options will be
forfeited.
The issue of the Options as set out above ("the Transaction")
are a related party transaction under the AIM Rules. Jeremy
Edelman, the Director independent of the Transaction, considers,
having consulted with the Company's Nominated Adviser, that the
terms of the Transaction are fair and reasonable so far as
shareholders of the Company are concerned.
Jeremy Edelman, Executive Chairman, commented:
"I am delighted to see the completion of the successful
fundraising led by Sachin and Stephen, with strong institutional
support for the implementation of their unique business strategy
aimed at catalysing near term activity and delivering long-term
growth and substantial returns for shareholders. Following
discussions with key stakeholders, it was clear that now is the
right time to enhance appropriate incentives for the management
team, to further align their interests with those of
shareholders."
"We look forward to further benefiting from their considerable
technical and commercial acumen and to the high-impact drilling
opportunities which Sachin and Stephen have made possible for the
Company in 2018."
Currentmanagement incentive options include those granted on 19
October 2017 which are shown in the table below, and which, when
aggregated with the Options subject to approval of the Placing,
represent options over a total of 315,000,000 ordinary shares in
the Company, representing 11.07% of the issued share capital of the
Company following completion of the Placing.
Executive Position Options Exercise Vesting Period Expiry
Issued Price
----------- ----------- ------------ --------- ---------------- -----------
Sachin CEO 30,000,000 0.50p From 19 October 19-Oct-21
Oza 2017
30,000,000 0.75p 12 months 19-Oct-21
from grant
30,000,000 1.00p 18 months 19-Oct-21
from grant
----------- ----------- ------------ --------- ---------------- -----------
Stephen CEO 30,000,000 0.50p From 19 October 19-Oct-21
Williams 2017
30,000,000 0.75p 12 months 19-Oct-21
from grant
30,000,000 1.00p 18 months 19-Oct-21
from grant
----------- ----------- ------------ --------- ---------------- -----------
Anthony Finance From 19 October
Samaha Director 10,000,000 0.5p 2017 19-Oct-21
----------- ----------- ------------ --------- ---------------- -----------
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
Enquiries:
Reabold Resources Sachin Oza C/o Camarco
plc Stephen Williams Tel: 020 3757 4980
Beaumont Cornish Roland Cornish Tel: 020 7628 3396
Limited Felicity Geidt
Whitman Howard Nick Lovering Tel: 020 7659 1234
Limited Grant Barker
Turner Pope Investments Andy Thacker Tel: 020 3621 4120
(TPI) Ltd - Joint
Broker
Camarco Billy Clegg Tel: 020 3757 4980
James Crothers
Oliver Head
This information is provided by RNS
The company news service from the London Stock Exchange
END
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