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Pin to quick picksEcho Energy Regulatory News (ECHO)

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Grant of options

14 Oct 2014 12:31

RNS Number : 2592U
Independent Resources PLC
14 October 2014
 

14 October 2014

 

Independent Resources plc

 

Grant of options

 

Following the appointment of a new senior management team of Independent Resources plc ("IRG" or "the Company"), under the direction of Greg Coleman, Chief Executive Officer, the Company announces that the board has resolved to grant new share options over 5,257,166 new ordinary shares, (being 5 per cent. of the share capital in issue) in order to retain and incentivise key personnel. 

 

As set out below, options over 4,205,735 new ordinary shares have been granted to members of the senior management team and options over 1,051,431 new ordinary shares have been reserved for grant at the discretion of the Chief Executive Officer.

 

Each option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 3p per share (being the price at which the Company completed a fundraising in June 2014 and representing a premium of approximately 41 per cent. to the most recent closing price of 2.125p on 13 October 2014, being the last practicable business day prior to the release of this announcement).

 

One third of the options granted to the optionholder will vest on the first anniversary of grant, another third will vest on the second anniversary and the finalthird will vest on the third anniversary of grant.

 

Once vested, options will be capable of being exercised up to the tenth anniversary of the date of grant.

 

Any unvested options will cease to be capable of vesting if the option holder resigns or ceases to be involved in the provision of services to the Company or leaves the Company for cause prior to the vesting event taking place.  Unexercised options which have vested will need to be exercised within six months of the date of departure.

 

The options have been allocated as follows:

 

Name

Options over number new ordinary shares in the Company

Greg Coleman (Chief Executive Officer)

2,628,582

Owain Franks (Commercial Director)

525,717

Rocky Mountain Limited1

525,717

Feilim McCole (Finance Director) 2

525,717

To be awarded by the Remuneration Committee2

1,051,433

Total

5,257,166

1 Company controlled by Brian Hepp, Chief Operations Officer of Independent Resources

2  To be awarded at the discretion of the Remuneration Committee based on the recommendation of the Chief Executive Officer

 

 

For further information, please visit www.ir-plc.com or contact:

 

 

 

Greg Coleman

Independent Resources plc

020 3367 1134

 

 

 

Phil Davies

Charles Stanley Securities

(Nominated Adviser)

020 7149 6942

 

 

 

Simon Hudson

Tavistock Communications

020 7920 3150

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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