10 Mar 2022 07:00
10 March 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Grant of Options
Egdon Resources plc (AIM:EDR) announces that as part of a periodic incentive review and also to compensate salary reductions taken between March 2020 and December 2022, it has granted options to the following Directors and cancelled all existing options awards.
Director | Number of Options granted | Exercise Price (pence)
| Vesting Date | Exercisable Until |
Mark Abbott | 4,444,444 | 2.25p | 8 March 2023 | 7 March 2033 |
Martin Durham | 3,555,556 | 2.25p | 8 March 2023 | 7 March 2033 |
The options were set at an exercise price of 2.25p being the average closing mid-price on 7 March 2022
Following the grant of the options on 8 March 2022, the interests of the Directors in the share capital of the Company are as follows:
Director | Total number of Options held over Ordinary Shares | Total number of Warrants held over Ordinary Shares | Number of Ordinary Shares held |
Mark Abbott | 4,444,444 | 800,000 | 9,689,387 |
Martin Durham | 3,555,556 | 100,000 | 200,000 |
In addition, the Company has granted options to employees on the same basis as Directors. The total number of options granted to Directors and employees of the Company is 17,500,000 (Representing 3.39 % of the Company's issued share capital).
The total number of options granted to Directors and employees of the Company that were cancelled was 9,675,122 (Representing 1.87 % of the Company's issued share capital).
The information set out below is in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Mark Abbott | |
2. | Reason for the notification | ||
a) | Position / status | Managing Director | |
b) | Initial notification / amendment | Initial Notification | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Egdon Resources plc |
|
b) | LEI | 213800WWGH4S9GYSPL77 |
|
4. | Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Ordinary Shares of 1 pence per share value | |
| Identification code | GB00B28YML29 | |
b) | Nature of the transaction | Grant of Options | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
2.25 pence | 4,444,444 | ||
d) | Aggregated information |
| |
- Aggregated volume | 4,444,444 Ordinary Shares of 1 pence per share value | ||
- Price11 | 2.25 pence per share | ||
e) | Date of the transaction | 8 March 2022 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Martin Durham | |
2. | Reason for the notification | ||
a) | Position / status | Technical Director | |
b) | Initial notification / amendment | Initial Notification | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Egdon Resources plc |
|
b) | LEI | 213800WWGH4S9GYSPL77 |
|
4. | Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Ordinary Shares of 1 pence per share value | |
| Identification code | GB00B28YML29 | |
b) | Nature of the transaction | Grant of Options | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
2.25 pence | 3,555,556 | ||
d) | Aggregated information |
| |
- Aggregated volume | 3,555,556 Ordinary Shares of 1 pence per share value | ||
- Price11 | 2.25 pence per share | ||
e) | Date of the transaction | 8 March 2022 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Mark Abbott | |
2. | Reason for the notification | ||
a) | Position / status | Managing Director | |
b) | Initial notification / amendment | Cancellation of options | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Egdon Resources plc |
|
b) | LEI | 213800WWGH4S9GYSPL77 |
|
4. | Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Ordinary Shares of 1 pence per share value | |
| Identification code | GB00B28YML29 | |
b) | Nature of the transaction | Cancellation of options | |
c) Price(s) and volume(s) | Price(s) | Volume(s) | |
10.00 pence | 600,000 | ||
20.62 pence | 363,725 | ||
9.70 pence | 979,381 | ||
7.85 pence | 1,210,191 | ||
d) | Aggregated information |
| |
- Aggregated volume | 3,153,297 Ordinary Shares of 1 pence per share value | ||
- Price11 | 10.31 pence per share | ||
e) | Date of the transaction | 8 March 2022 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Martin Durham | |
2. | Reason for the notification | ||
a) | Position / status | Technical Director | |
b) | Initial notification / amendment | Cancellation of options | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Egdon Resources plc |
|
b) | LEI | 213800WWGH4S9GYSPL77 |
|
4. | Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Ordinary Shares of 1 pence per share value | |
| Identification code | GB00B28YML29 | |
b) | Nature of the transaction | Cancellation of options | |
c) Price(s) and volume(s) | Price(s) | Volume(s) | |
22.75 pence | 659,341 | ||
9.70 pence | 773,196 | ||
7.85 pence | 955,414 | ||
d) | Aggregated information |
| |
- Aggregated volume | 2,387,951 Ordinary Shares of 1 pence per share value | ||
- Price11 | 12.56 pence per share | ||
e) | Date of the transaction | 8 March 2022 | |
f) | Place of the transaction | Outside a trading venue | |
For further information please contact:
Egdon Resources plc
Mark Abbott, Martin Durham 01256 702 292
Buchanan
Ben Romney, Jon Krinks 020 7466 5000
Nominated Adviser & Joint Broker - WH Ireland Limited
Chris Hardie, Megan Liddell 020 7220 1666
Joint Broker & Financial Advisors - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK.
Egdon holds interests in 39 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain