13 Jul 2012 07:00
WESSEX EXPLORATION PLC
(AIM: WSX)
Directorate Change & Grant of Options
Wessex Exploration PLC ("Wessex" or "the Company") announces that Andy Yeo (previously a Non-Executive Director) has assumed the responsibilities of Chief Financial Officer, and will serve as an executive member of the Board with immediate effect.
Malcolm Butler, Non Executive Chairman, commented:
"I am pleased to confirm that Andy will now act in an executive capacity as Chief Financial Officer. Andy was instrumental in the AIM flotation of Wessex and the subsequent fundraising. I am delighted that he has agreed to increase his responsibilities."
The Company also announces that further to recent Board changes it has granted share options to certain directors for the issue of up to 10,000,000 new ordinary shares of 0.1p each ("Ordinary Shares") representing approximately 1.38 per cent. of total Ordinary Shares in issue ("the New Options").
The New Options may be exercised at 7 pence per Ordinary Share. In general, the New Options may be exercised as to one third of the New Options on or after each of the anniversaries of the date of grant commencing 13 July 2013 (being the first anniversary of the date of the Option). Entitlements to the New Options will lapse to the extent they are not exercised on or before 13 July 2022.
The following Directors have been granted Option shares under the Share Option Plan:
New Options | Revised Total Options Holding | % of Ordinary Shares in issue | |
Malcolm Butler | 5,000,000 | 5,000,000 | 0.69% |
Andrew Yeo | 5,000,000 | 15,000,000 | 2.07% |
Contacts | |
Wessex Exploration PLC | www.wessexexploration.com |
Frederik Dekker - Managing Director | +44 (0) 1225 428139 |
WH Ireland Limited | www.wh-ireland.co.uk |
John Wakefield / Marc Davies (Corporate Finance) | +44 (0) 117 945 3470 |
Ruari McGirr / Sebastian Wykeham (Institutional Sales) | +44 (0) 207 220 1691 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto | dominic@yellowjerseypr.com |