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21 May 2013 07:00
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Ithaca Energy Inc.
Increase in Director Shareholding
21 May 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces that on May 20, 2013 Jack C. Lee (Non-Executive Chairman) increased his beneficial shareholding in the Company to 1,000,000 Common Shares through the exercise of 200,000 share options.
Mr Lee exercised 100,000 options at C$0.25 per Common Share and 100,000 at C$0.87 per Common Share. A further 260,001 options have also been exercised by employees of the Company.
As a result of the option exercises reported above, the Company has applied for a total of 460,001 Common Shares ("New Common Shares") to be admitted to trading on AIM. Each New Common Share will rank pari passu with the existing Common Shares.
Following admission to trading of the New Common Shares the Company will have 317,365,658 Common Shares outstanding with one voting right per Common Share. Mr Lee's beneficial holding in the Company will represent 0.32% of the issued share capital.
There are no Common Shares held by Ithaca in treasury. The total number of voting shares in the Company is therefore 317,365,658. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure and Transparency Rules.
It is expected that dealings in the New Common Shares will commence on May 24, 2013.
Enquiries:
Ithaca Energy: | ||
Iain McKendrick, CEO | imckendrick@ithacaenergy.com | +44 (0) 1224 650 261 |
Graham Forbes, CFO | gforbes@ithacaenergy.com | +44 (0) 1224 652 151 |
FTI Consulting: | ||
Billy Clegg | billy.clegg@fticonsulting.com | +44 (0) 207 269 7157 |
Edward Westropp | edward.westropp@fticonsulting.com | +44 (0) 207 269 7230 |
Georgia Mann | georgia.mann@fticonsulting.com | +44 (0) 207 269 7212 |
Cenkos Securities plc: | ||
Jon Fitzpatrick | jfitzpatrick@cenkos.com | +44 (0) 207 397 8900 |
Neil McDonald | nmcdonald@cenkos.com | +44 (0) 131 220 6939 |
RBC Capital Markets: | ||
Tim Chapman | tim.chapman@rbccm.com | +44 (0) 207 653 4641 |
Matthew Coakes | matthew.coakes@rbccm.com | +44 (0) 207 653 4871 |
About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is an oil and gas operator focused on North Sea production, appraisal and development activities. The Company's strategy is centred on building a highly profitable North Sea oil and gas company by maximising production and cashflow from its existing assets, the appraisal and development of existing discoveries on properties held by the Company and the delivery of additional growth via acquisitions and licence round participation.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
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