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RNS Number : 1127A
Bahamas Petroleum Company PLC
18 December 2014
 



18 December 2014

 

Bahamas Petroleum Company plc

("Bahamas Petroleum", "BPC" or the "Company")

 

Grant of Share Options

Forgoing of Proportion of the Directors' Cash Fees and Salary

 

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, announces that, on 17 December 2014, the remuneration committee of the Company approved the grant of options over ordinary shares of 0.002 pence each in the share capital of the Company ("Ordinary Shares") to the Non-Executive Deputy Chairman of the Company (the "Options"), James Smith, as follows:

 

James Smith, a Non-Executive Chairman of the Company, has been awarded 1 million share options.  The Options expire on 16 December 2019 and will become exercisable once the share price of the Company reaches 18.75 pence.  The Options are exercisable at a price of 7.4 pence.

 

Following the grant of options on 17 December 2014, James is interested in 1,000,000 Share Options. There are now in total 64,500,000 options over Ordinary Shares outstanding, representing 5.2% per cent of the shares currently in issue.

 

Furthermore, on 17 December the Board of Directors executed a formal agreement for the forgoing of certain cash fees and salary to further align management and shareholder interests, the key components of which are as follows:

 

·      20% of all directors' fees and the CEO's salary are to be forgone until a farmout or other arrangement sufficient to finance the first exploration well is completed

·      The value of fees/salary forgone shall accrue at the end of each month as an entitlement to ordinary shares in the Company

·      The number of ordinary shares accruing shall be calculated as the value of fees/salary forgone divided by the volume weighted average closing price of the Company shares over each month

·      The "accrued shares" shall only be issued to the directors on completion of a farmout or other arrangement sufficient to finance the first exploration well

·      The agreement is effective for all parties from 1 October 2014

 

 

 

- Ends -

 

For further information, please contact:

 

Bahamas Petroleum Company plc

Simon Potter, Chief Executive Officer

Tel: +44 (0) 16 2464 7883

Strand Hanson Limited - Nomad

Rory Murphy / James Spinney

 

 

Tel: +44 (0) 20 7409 3494

 

Camarco

Billy Clegg

 

Tel: +44 (0) 20 3757 4983

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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