GCM Resources Regulatory News (GCM)

29 Nov 2006 16:38

Asia Energy PLC29 November 2006 Press Release Following the difficult circumstances of the last few months, the RemunerationCommittee have considered how best to incentivise the Company's seniormanagement team to ensure that once the Bangladeshi Government has granted theapproval of the Scheme of Development, we are in a position to progress to thenext stage of the Phulbari Coal Project and to develop further opportunities forthe Company. The Board has decided, acting on the recommendation of the RemunerationCommittee, to cancel the unexercised options issued in 2006 to the Company'sexecutive Directors, as well as the Chairman, and to grant new options. In total 1,640,000 options have been cancelled. The new share options in theCompany will be granted with an exercise price of 135p with a term of 5 yearsfrom the date of this announcement. The new share options will be granted to MrG Holden (120,000), Mr S Bywater (1,000,000), Mr G Lye (120,000) and Mr GTaggart (500,000). The Company will also be proposing to shareholders at the Annual General Meetinga name change to Global Coal Management plc. The subsidiary companies names, inparticular Asia Energy Corporation (Bangladesh) Pty LIMITED and Asia EnergyCorporation Pty LIMITED, the entities that hold the contract and licences todevelop Phulbari will remain unchanged. For further information: Stephen Bywater, Chief Executive Justine Howarth, Cathy Malinssteve.bywater@asia-energy.com Parkgreen CommunicationsGraham Taggart, Finance Director Tel: +44 (0) 20 7493 3713graham.taggart@asia-energy.com Justine.howarth@parkgreenmedia.com cathy.malins@parkgreenmedia.comASIA ENERGY PLCTel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631info@asia-energy.com; www.asia-energy.com This information is provided by RNS The company news service from the London Stock Exchange