LONDON (Alliance News) - Ruspetro PLC Friday said it has agreed to amend the terms of its share option agreement with Sberbank Capital LLC, deferring the exercise period and raising the option price.
The option agreement was initially signed on December 2 2011, prior to Ruspetro's initial public offering. The remaining put option gives Sberbank Capital the right to sell to Ruspetro the right to 10.4 million shares at a fixed exercise price. Ruspetro's call option on the shares expired unexercised on April 24, 2013.
The oil and gas development and production company said the put option is now exercisable between 30 April, 2015 and 29 April, 2016, inclusive, having previously been exercisable between January 24, 2014 and January 24, 2015.
The put exercise price has been amended to 121.94 pence a share, which is the IPO offer price of 134 pence less 9%, from 107.2p previously.
Ruspetro shares were trading at 20.87 pence per share Friday morning, down 0.6%.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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