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14 Mar 2011 07:00
Max Petroleum Plc
("Max Petroleum" or the "Company")
Issuance of Additional Options
14 March 2011
Max Petroleum, an oil and gas exploration and development company focused on Kazakhstan, today announces that additional options to subscribe for 41.4 million new ordinary shares of 0.01p each in the Company ("Ordinary Shares") were granted to the Directors, officers and certain employees of the Company on 10 March 2011 at an exercise price of 20p per share, of which one third are exercisable in equal amounts on the first, second and third anniversaries of the date of grant. The options have a term of seven years and any unexercised options will expire on 11 March 2018.
The additional share option grants were issued to incentivise and retain the Company's management and employees critical to enhancing the future market value of the Company. Subsequent to this grant, the total share options held by the Company's current Directors and employees represent approximately 7% of the Company's fully diluted share capital outstanding.
The additional grants made to Directors are as follows:
Director | Number of Ordinary Shares to which options relate |
Option exercise price |
Robert Holland (Executive Co-Chairman) | 5,000,000 | 20p |
James Jeffs (Executive Co-Chairman) | 5,000,000 | 20p |
Michael Young (President and CFO) | 5,000,000 | 20p |
Lee Kraus (Non-executive director) | 500,000 | 20p |
David Belding (Non-executive director) | 2,000,000 | 20p |
Maksut Narikbayev (Non-executive director) | 2,000,000 | 20p |
Following the implementation of the above option grants, the Directors will hold the following options over Ordinary Shares:
Director | Number of Ordinary Shares to which options relate | Option exercise price |
James Jeffs |
17,281,271 |
4.75p - 20p |
Robert Holland | 11,000,000 | 4.75p - 20p |
Michael Young | 10,250,000 | 4.75p - 20p |
Lee Kraus | 3,625,000 | 4.75p - 20p |
David Belding | 4,500,000 | 4.75p - 20p |
Maksut Narikbayev | 5,125,000 | 4.75p - 20p |
In addition, the Company granted Richard Hook, Chief Operating Officer, options over 6,750,000 Ordinary Shares at an exercise price of 20p per share. Following this grant Mr. Hook holds options over 10,250,000 Ordinary Shares at exercise prices ranging between 4.75p and 20p per share.
Enquiries:
Max Petroleum Plc
| Michael Young President and Chief Financial Officer | Tel: +44 (0)20 7355 9590
|
Peter Moss Vice President Investor Relations and Business Development
| ||
Merlin PR
| Tom Randell / Anca Spiridon | Tel: +44 (0)20 7726 8400 |
WH Ireland Ltd
| Daniel Bate / Katy Mitchell | Tel: +44 (0)161 832 2174 |
Macquarie Capital Advisers | Paul Connolly / Ben Oakley | Tel: +44 (0)203 037 2000 |
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