31 Mar 2014 13:53
31 March 2014
Altona Energy plc
("Altona Energy" or the "Company")
Grant of Options
Altona Energy, the AIM listed company, announces that the Remuneration Committee has determined the grant of options over a total of 54,000,000 Ordinary Shares in the Company to Directors, other management and advisers and have been granted to align the interests of Directors, management and advisers with those of shareholders and encourage staff retention.
These options vest in two tranches and, subject to certain performance conditions, are exercisable at prices of 1.5p and 3.0p, compared to the mid-market price per Ordinary Share on AIM at the close of business on 28 March 2014 of 1.0p:
Tranche A | Tranche B | |||
Grantee | 1.5p | 3p | Total | Expiry |
Michael Zheng | 7,500,000 | 7,500,000 | 15,000,000 | 31-03-2019 |
Chris Lambert | 7,500,000 | 7,500,000 | 15,000,000 | 31-03-2019 |
Qinfu Zhang | 1,750,000 | 1,750,000 | 3,500,000 | 31-03-2019 |
Peter Fagiano | 5,000,000 | 5,000,000 | 10,000,000 | 31-03-2019 |
Phil Sutherland | 1,500,000 | 1,500,000 | 3,000,000 | 31-03-2019 |
Other Management / advisers | 3,750,000 | 3,750,000 | 7,500,000 | 31-03-2019 |
TOTAL | 27,000,000 | 27,000,000 | 54,000,000 |
Tranche A vests on the condition that the Company has entered into a binding agreement with a third party to fund the Arckaringa Coal to Methanol BFS ("performance condition A") and the option holder is in employment of the Company at the time that performance condition A is met.
Tranche B vests on the condition that the Company has completed the test drilling program as part of the Arckaringa Coal to Methanol BFS ("performance condition B") and the option holder is in employment of the Company at the time that performance condition B is met.
For further information, please visit www.altonaenergy.comor contact:
Altona Energy Plc Christopher Lambert, Chief Executive Peter Fagiano, Executive Director
| +44 (0) 20 7024 8391
|
WH Ireland Ltd Adrian Hadden James Bavister | +44 (0) 20 7220 1666 |
Old Park Lane Capital Plc Michael Parnes
| +44 (0) 20 7493 8188 |
Tavistock Communications Mike Bartlett Simon Hudson | +44 (0) 20 7920 3150 |
About Altona Energy
Altona Energy is listed on the London Stock Exchange's AIM market. Its focus is firmly on the evaluation and development of the Company's flagship coal-to-liquids Arckaringa Project to exploit the huge coal resources contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The Project is designed to include a modern, combined-cycle power station adding 560Mw to the national grid and to produce clean burning fuel for Australia and the world from a resource equivalent to 7.8 billion barrels.
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