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9 Apr 2009 14:45
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Petro Matad Limited - "Petro Matad"Β or the "Company"
Grant of New Share Options
The Board ofΒ Petro MatadΒ has, as a result of the impact of the global economic downturn on the Company's share price, been reviewing the effectiveness of the Company's share option plan which is used to incentive and retain employees. Having considered the current terms of theΒ 1,745,000Β existing and previously announced share optionsΒ (the "Existing Options")Β the Board, onΒ 8Β AprilΒ 2009, determined that theΒ Existing Options will not achieve their objective ofΒ incentivisingΒ and retaining staff.
At the Board's request, the Remuneration Committee has reviewed the situation and recommended, and the Board has approved theΒ issue ofΒ an aggregate ofΒ 1,915,000Β new optionsΒ at an exercise price ofΒ 11Β penceΒ per shareΒ (the "New Options"). The exercise price isΒ based on theΒ average of the middle market quotations of theΒ Company's sharesΒ on the three consecutive dealing days immediatelyΒ precedingΒ 8Β April 2009. The Existing Options have a strike price ofΒ 37.25Β penceΒ per shareΒ andΒ will remain in place.
TheΒ New Options includeΒ 1,350,000Β options issued to directors of the Company. The vesting terms of the directors' options are that 25 per cent. will vest on the first of anniversary of the date of grant, 50 per cent. on the second anniversary of the date of grant and 25 per cent. on the thirdΒ anniversary of grant. The number of New Options issued to each director is set out in the table below:
|
Name |
Number of shares subject to New Option |
|
Douglas McGay |
350,000 |
|
ClydeΒ Evans |
200,000 |
|
Gordon Toll |
250,000 |
|
Janchiv Oyungerel |
250,000 |
|
John Robertson |
150,000 |
|
Davaadorj Sarangua |
150,000 |
TheΒ New Options granted over shares in theΒ capital of the CompanyΒ represent 1.98Β per cent.Β of the total issued share capital of the Company.
|
Further information: |
|
|
Petro Matad Limited |
|
|
Douglas McGay- CEO |
+976 11 331099 |
|
Hanson Westhouse Limited |
|
|
Richard Baty/Christine Zhang |
+44 (0)20 7601 6100 |
|
Bankside Consultants |
|
|
Simon RothschildΒ / Oliver WintersΒ / Louise Mason |
+44 (0)20 7367 8888 |
Notes to editors:
Petro Matad is the parent company of a groupΒ focusedΒ on oil exploration, as well as futureΒ development and production inΒ Mongolia. The Group's principal asset is the 100 per cent. ownership of aΒ PSCΒ over Block XX, a petroleum block ofΒ 14,250km2Β in the far eastern part ofΒ Mongolia.
Petro Matad Limited is incorporated in theΒ Isle of ManΒ under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas,Β Isle of Man,Β IM1 1EQ.
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