17 Jan 2012 07:00
For immediate release 17 January 2012
Desire Petroleum plc
(the "Company")
Grant of SARs
Desire Petroleum Plc, (AIM:DES) the exploration company wholly focused on the North Falkland Basin is pleased to announce that, on 16 January 2012, it granted share appreciation rights ('SARs') over ordinary shares in the Company ('Shares') representing 0.117% of the current issued ordinary share capital to Ken Black, the Company's Exploration Director.
The base price of the SARs will be 22.5 pence per share (being the closing middle market price of a Share on 13 January 2012, the dealing day immediately preceding the date of the grant). The SARs granted to Mr Black will become exercisable on 16th January 2015.
SARs are designed to deliver a net gain equal to the increase in the price of a Share between grant and exercise. The number of Shares actually issued following exercise will therefore be less than the percentage of the current issued share capital to which the grant relates.
Upon exercise of the SARs, the awardee will be issued with Shares with a market value at the date of exercise equivalent to the notional gain that the awardee would have made, being the amount by which the aggregate market value of the number of Shares in respect of which the SAR is exercised exceeds the aggregate base price of that number of Shares.
For further information please contact:
Desire Petroleum plc | 020 7436 0423 |
Stephen Phipps, Chairman | |
Dr Ian Duncan, Chief Executive Officer | |
Seymour Pierce Limited | 020 7107 8000 |
Jonathan Wright/Stewart Dickson, Corporate Finance Richard Redmayne / Paul Jewell, Corporate Broking | |
Buchanan | 020 7466 5000 |
Ben Romney Tim Thompson
|