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27 Jul 2010 15:44
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For immediate release 27 July 2010
LENI GAS & OIL PLC
("The Company")
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Additional Listing/Directors' shareholdings
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Further to the announcement on 9 June 2008, the Company advises that it has allotted the remaining 12,666,667 Ordinary shares and 16.3 million options required to be issued under the previous advised share and options plan.
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The new Ordinary Shares will when issued rank pari passu with the existing ordinary shares of 0.05p each of the Company ("Ordinary Shares"). Application will be made for admission to AIM for these new Ordinary Shares. Accordingly, a total of 12,666,667 Ordinary Shares have been issued today and it is expected that admission will become effective and that dealings in the New Ordinary Shares will commence on Monday 2 August 2010.
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Following the issue of these shares, the Company's issued share capital will consist of 695,921,632 Ordinary shares with voting rights.
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In addition, the Board has decided, acting on the recommendation of the Remuneration Committee, to consider how best to incentivise the Company's senior management and staff. The Company advises that further to the announcement made on 9 June 2008 in relation to the issue of 16.3 million options to Directors, staff and consultants, that the exercise price relating to all of these options has been amended from 5p per share to 2.5p per share. This represents a premium of approximately 22 per cent to the middle market price per Ordinary Share of 2.05p at the close of business on Monday 26 July 2010. All other terms relating to these options remains the same being that the options have a term of 5 years to 9 June 2013. These options include options granted to the following Directors: Jeremy Edelman (2 million), Donald Strang (6 million) and Fraser Pritchard (2 million).
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The resulting shareholdings of the directors are as follows:
|
Director |
Number of shares held |
% shareholding |
Number of options held |
|
Jeremy Edelman |
42 million |
6.03 |
6 million |
|
Donald Strang |
19 million |
2.73 |
10 million |
|
Fraser Pritchard |
1 million |
0.14 |
2 million |
|
David Lenigas |
132 million |
18.96 |
8 million |
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Enquiries:
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Leni Gas & Oil Plc
David Lenigas Tel: +44 (0)20 7016 5100
Beaumont Cornish
Roland Cornish Tel: +44 (0)20 7628 3396
Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396
ENDS
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