Last checked at 13 Jun 2017 10:00
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas
13 June 2017
Empyrean Energy PLC ('Empyrean' or 'the Company')
Option Amendment
Empyrean confirms that, on 12 June 2017, the Board approved the amendments to the terms of the outstanding options (the "Options") in respect of 45,000,000 ordinary shares of 0.2p each in the Company ("Ordinary Shares") in accordance with the terms of the agreement entered into between the Company and Macquarie Bank Limited, the original option holder, in respect of the Options on 30 May 2012 (the "Option Agreement"). The Option Agreement provides for adjustments to the option price in the event of a pro rata issue of shares (other than a bonus issue). Accordingly, as a result of the open offer originally announced 4 April 2017, the amended terms of the Options are set out below:
Number of Options | Original Exercise Price | Exercise Price | Expiry Date |
15,000,000 | 2.1 pence | 2.0 pence | 19 July 2017 |
15,000,000 | 4.1 pence | 4.0 pence | 25 March 2018 |
15,000,000 | 2.1 pence | 2.0 pence | 26 July 2019 |
As announced on 13 March 2017, the Options are currently owned by Apnea Holdings Pty Ltd ("Apnea"), a company which is wholly-owned by Tom Kelly, CEO of Empyrean.
**ENDS**
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