23 Nov 2017 07:30
Altona Energy Plc - Board Changes and Grant of OptionsAltona Energy Plc - Board Changes and Grant of Options
PR Newswire
London, November 22
Embargoed until 7.30am 23 November 2017
Altona Energy plc
(“Altona” or the “Company")
Board Changes and Grant of Options
Altona (AIM:ANR) is pleased to announce that it has appointed current directors Nick Lyth and Phil Sutherland to the roles of Chief Executive and Operations Director (Australia) respectively. Mr Lyth and Mr Sutherland will, at present, receive no additional remuneration for these executive roles but have been granted new option packages to reflect their increased responsibility.
The following share options have been granted to directors under the Company’s existing share option scheme, created on 1 April 2016. The options to subscribe for ordinary shares will be granted under two performance criteria detailed below. All existing share options granted to directors or employees of the Company will be cancelled or will have lapsed unexercised.
Share Price Performance
| Director | Number of options |
| Qinfu Zhang | 30 million |
| Phillip Sutherland | 45 million |
| Nicholas Lyth | 90 million |
| Ma Chi | 15 million |
These options vest in three equal tranches, with the first tranche vesting on the grant of the options, the second tranche on the first anniversary after the date of grant and the balance vesting on the second anniversary of the date of grant. The exercise price is 0.5p per share and the options are exercisable when the share price reaches a price of 2.5 pence per share for a consecutive 14 day period. The exercise period is five years from the date of grant.
Operational Performance
| Director | Number of options |
| Qinfu Zhang | 17.5 million |
| Phillip Sutherland | 45 million |
| Nicholas Lyth | 22.5 million |
| Ma Chi | 5 million |
These options vest in two equal tranches, with the first tranche vesting on the announcement of the start of a drilling programme at the Company’s Arckaringa project, and the second on the completion of a pre-feasibility study at Arckaringa. The exercise price is 0.5p. The exercise period is five years from the date of grant.
The options, if all are exercised, represent 14.8 per cent. of the enlarged share capital following the placing announced earlier today.
Related Party Transaction
The grant of the share options to the above directors constitutes a related party transaction under AIM Rule 13. The independent director, being Henry Kloepper, having consulted with Northland Capital Partners Limited, the Company's nominated adviser, considers that the grant of the options are fair and reasonable in so far as the Company's shareholders are concerned.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Nick Lyth | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Altona Energy Plc | |
| b) | Legal Entity Identifier | 2138002A5GU9BFS2I491 | |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a) | Description of the financial instrument, type of instrument Identification code | Options over ordinary shares of 0.01 pence each GB00B06GJT32 | |
| b) | Nature of the transaction | Grant of options | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | Price(s) | Volume(s) |
| Exercise price is 0.5p | 112,500,000 | ||
| e) | Aggregated information - Aggregated volume - Price - Aggregated total | ||
| f) | Date of the transaction | 23 November 2017 | |
| g) | Place of the transaction | London Stock Exchange, AIM | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Phil Sutherland | |
| 2 | Reason for the notification | ||
| a) | Position/status | Operations Director (Australia) | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Altona Energy Plc | |
| b) | Legal Entity Identifier | 2138002A5GU9BFS2I491 | |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a) | Description of the financial instrument, type of instrument Identification code | Options over ordinary shares of 0.01 pence each GB00B06GJT32 | |
| b) | Nature of the transaction | Grant of options | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | Price(s) | Volume(s) |
| Exercise price is 0.5p | 90,000,000 | ||
| e) | Aggregated information - Aggregated volume - Price - Aggregated total | ||
| f) | Date of the transaction | 23 November 2017 | |
| g) | Place of the transaction | London Stock Exchange, AIM | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Qinfu Zhang | |
| 2 | Reason for the notification | ||
| a) | Position/status | Executive Chairman | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Altona Energy Plc | |
| b) | Legal Entity Identifier | 2138002A5GU9BFS2I491 | |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a) | Description of the financial instrument, type of instrument Identification code | Options over ordinary shares of 0.01 pence each GB00B06GJT32 | |
| b) | Nature of the transaction | Grant of options | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | Price(s) | Volume(s) |
| Exercise price is 0.5p | 47,500,000 | ||
| e) | Aggregated information - Aggregated volume - Price - Aggregated total | ||
| f) | Date of the transaction | 23 November 2017 | |
| g) | Place of the transaction | London Stock Exchange, AIM | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Ma Chi | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Director | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Altona Energy Plc | |
| b) | Legal Entity Identifier | 2138002A5GU9BFS2I491 | |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a) | Description of the financial instrument, type of instrument Identification code | Options over ordinary shares of 0.01 pence each GB00B06GJT32 | |
| b) | Nature of the transaction | Grant of options | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | Price(s) | Volume(s) |
| Exercise price is 0.5p | 20,000,000 | ||
| e) | Aggregated information - Aggregated volume - Price - Aggregated total | ||
| f) | Date of the transaction | 23 November 2017 | |
| g) | Place of the transaction | London Stock Exchange, AIM | |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
-ends-
For further information, please visit www.altonaenergy.com or contact:
Enquiries
| Altona Energy plc Nick Lyth, CEO | +44 (0)7769 906 686 |
| Leander (Financial PR) Christian Taylor- Wilkinson | +44 (0)7795 168 157 |
| Northland Capital Partners Ltd (Nomad and Broker) Matthew Johnson / Gerry Beaney (Corporate Finance) John Howes (Corporate Broking) | +44 (0)20 3861 6625 |