Last checked at 20 Nov 2017 07:00
20 November 2017
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Notice of Annual General Meeting and Share Option Scheme
Mosman Oil and Gas Limited (AIM: MSMN), the oil exploration, development and production company, is pleased to advise that the Notice of Annual General Meeting has been dispatched to shareholders today. At the Annual General Meeting, the Company will be seeking shareholder approval to establish a Company Share Option Plan and grant options to certain Directors, key employees and consultants of Mosman. These new share options are expected to be issued at an exercise price being the higher of 2p or a 35% premium to the 5 day VWAP prior to the AGM ("New Share Options").
The options proposed under the grant are as follows:
Name | Position | Number of New Share Options to be granted | New Share Options as a % of total existing shares in issue |
Mr John Barr | Executive Chairman | 3,000,000 | 1.00% |
Mr Andrew Carroll | Technical Director | 3,000,000 | 1.00% |
Mr John Young | Non-Executive Director | 1,500,000 | 0.50% |
Mr Jarrod White | Chief Financial Officer | 1,000,000 | 0.33% |
Mr Howard McLaughlin | US Operations Manager | 750,000 | 0.25% |
The Annual General Meeting will be held at 11.00am on 18 December 2017 at Suite 305, Level 3, 35 Lime Street, Sydney NSW 2000 Australia (EDST).
As Directors of the Company John Barr, Andrew Carroll and John Yong are classified as related parties under the AIM Rules and therefore the grant of New Share Options to each of them is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Given that no Directors are deemed to be independent of the grant of the New Share Options, the Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
The Explanatory Memorandum and Proxy Forms are available on the Company's website: www.mosmanoilandgas.com
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com
| NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Soltan Tagiev +44 (0) 20 3470 0470
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Gable Communications Limited John Bick / Justine James +44 (0) 20 7193 7463 mosman@gablecommunications.com
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Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com