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28 May 2010 11:30
28 May 2010
Empyrean Energy PLC
("Empyrean" or the "Company"; Ticker: (EME))
Grant of Options
Empyrean today announces that it has resolved to grant options over 9,075,000 ordinary shares of 0.2p each in the Company to its management. The options will be granted with an exercise price of £0.06 per share. All options will expire 3 years from the date of the grant.
The options have been granted as part of an overall strategy to retain and incentivize directors and management. The criteria for eligibility include workload, operational input and the disparity between actual salary and market equivalent rates.
It has been resolved that 4,400,000 options over ordinary shares of 0.2p each will be granted to Mr Thomas Kelly (Commercial Director), 2,450,000 options over ordinary shares of 0.2p each will be granted to Mr Frank Brophy (Technical Director) and 500,000 options over ordinary shares of 0.2p each will be granted to both Dr Patrick Cross (Chairman) and Mr John Laycock (Finance Director). An additional 1,225,000 options will be granted to employees of the Company.
Following the grant of options to Directors, each director will have the following interest in the Company:
|
Director |
Number of ordinary shares |
Number of options over ordinary shares |
Exercise price of options |
|
Patrick Cross |
540,000 |
900,000 |
200k@50p expiring 28/06/10; 200k @25p expiring 27/02/11; 500k@6p expiring 28/5/13 |
|
Thomas Kelly |
8,500,000 |
8,200,000 |
1,000k@50p expiring 28/06/10; 1,000k @25p expiring 27/02/11; 1,800k@4p expiring 31/3/12; 4,400k@6p expiring 28/5/13 |
|
Frank Brophy |
1,166,666 |
5,450,000 |
1,000k@50p expiring 28/06/10; 1,000k @25p expiring 27/02/11; 1,000k@4p expiring 31/3/12; 2,450k@6p expiring 28/5/13 |
|
John Laycock |
200,000 |
500,000 |
500k@6p expiring 28/5/13 |
Contact:
Tom Kelly Empyrean Energy Plc Tel: +618 93216988
Nominated Adviser and Broker:
Jerry Keen Astaire Securities Plc Tel: +44 (0) 20 7448 4400
Shane Gallwey Astaire Securities Plc Tel: +44 (0) 20 7448 4400
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