1 May 2014 07:00
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources
1 May 2014
Cluff Natural Resources plc ('CNR' or 'the Company')
Grant of share options to Executive Directors
Cluff Natural Resources Plc announces that it has today granted options to its two Executive Directors over a total of 8,200,000 ordinary shares of 0.5 pence each in the Company ("Ordinary Shares") under its Share Option Plan ("Options"), as follows:
Executive Director | Position | Number of Options granted | Number of Ordinary Shares held under option after grant
|
Algy Cluff | Chairman & Chief Executive | 6,000,000 | 8,000,000 |
Graham Swindells | Finance Director | 2,200,000 | 5,200,000 |
Total | 8,200,000 | 13,200,000 |
The Options have an exercise price of 3.75 pence each, being the closing mid-market price per Ordinary Share on 29 April 2014.
The Options will vest in two equal tranches over two years, subject to meeting certain share price performance criteria and are exercisable, to the extent vested, until 10 years from the date of grant. The first tranche of 50% of the Options may vest after one year, subject to the Company's share price increasing by at least 25% over the exercise price and remaining at or above that level for at least 30 consecutive days. All of the share options may vest after two years, subject to the Company's share price increasing by at least 50% over the exercise price and remaining at or above above that level for at least 30 consecutive days. .
At the same time, the Long Term Incentive Agreement between Algy Cluff and the Company will be cancelled. Further details of the Share Option Plan and Long Term Incentive Agreement are disclosed in the Company's AIM Admission Document.
The Options awarded today are equivalent to 5.29% of the Company's current issued share capital.
The total number of Ordinary Shares currently in issue is 155,000,000
**ENDS**
For further information please visit www.cluffnaturalresources.com or contact the following:
Cluff Natural Resources Plc | Tel: +44 (0) 20 7887 2630 |
Algy Cluff / Graham Swindells | |
Panmure Gordon (UK) Limited | Tel: +44 (0) 20 7886 2500 |
Callum Stewart / Adam James (Corporate Finance) | |
Tom Salvesen (Corporate Broking) | |
St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Felicity Edwards / Lottie Brocklehurst |
Notes to Editors
Cluff Natural Resources Plc is an AIM-listed resource company formed in 2012 to invest in natural resources opportunities both in the UK and globally. The Company currently has 100% working interests in five Deep Underground Coal Gasification ("Deep UCG") Licences in the UK and is aiming to unlock the energy potential in the UK via the Deep UCG process which involves converting stranded coal in-situ into gas.