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9 Jan 2009 16:49
For immediate release 9 January 2009
LENI GAS & OIL PLC
("The Company")
Amendment to Options previously issued
Following the difficult circumstances of the last few months, 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 new options to Directors, staff and consultants, that the exercise price relating to all of these options has been amended from 10p per share to 5p per share. This represents a premium of 90 per cent to the middle market price per Ordinary Share of 2.625p at the close of business on Thursday 8 January 2009. All other terms relating to these options remains the same being:
the options will vest on the first and second anniversaries of the date of grant, also subject to each
person continuing to act at least in their existing capacity within the Group;
the options have a term of 5 years to 9 June 2013
The options include options granted to the following Directors: Jeremy Edelman (2 million), Donald Strang (6 million) and Fraser Pritchard (2 million). The amendment in the terms of these options is a Related Party transaction under the AIM Rules and accordingly, David Lenigas who is independent for these purposes considers, having consulted the Company's Nominated Adviser, that the terms of the amendment are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Leni Gas & Oil Plc
David Lenigas Tel: +44 (0)20 7016 5103
Beaumont Cornish
Roland Cornish Tel: +44 (0)20 7628 3396
Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396
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