7 Jun 2012 16:30
7 June 2012
Andes Energia plc
("Andes" or the "Company")
Director dealings
The Board of Andes announces certain directors' transactions in the ordinary shares of the Company ("Ordinary Shares").
Investment of bonuses in new Ordinary Shares
Directors and other parties have elected to invest bonus awards totalling £882,000 in 2,205,000 new Ordinary Shares to be issued by the Company at a placing price of 40 pence per Ordinary Share.
Application will be made for the 2,205,000 new Ordinary Shares to be admitted to AIM. It is expected that admission of the new Ordinary Shares will become effective on 14 June 2012.
Directors have elected to invest as follows:
Ordinary Shares placed at 40p | |
Mr. Neil Bleasdale | 400,000 |
Mr. Luis Alvarez Poli | 300,000 |
Mr. Juan Carlos Esteban | 400,000 |
Mr. Nigel Duxbury | 150,000 |
Mr. Nicolás Mallo Huergo | 300,000 |
Mr. Marcelo Comba | 75,000 |
Following these transactions, the above Directors' beneficial interests in the Company are as follows:
Ordinary Shares held | % of enlarged share capital | |
Mr. Neil Bleasdale | 899,552 | 0.31 |
Mr. Luis Alvarez Poli | 579,248 | 0.20 |
Mr. Juan Carlos Esteban | 670,563 | 0.23 |
Mr Nigel Duxbury | 808,304 | 0.27 |
Mr. Nicolás Mallo Huergo | 543,506 | 0.18 |
Marcelo Comba | 221,125 | 0.08 |
The Company has also awarded long term incentives to directors and other parties and intends to issue to directors and management a further 2,205,000 ordinary shares in the Company following the proposed demerger of the utility business matching the elections to invest their bonuses as set out above and on satisfying certain pre-determined conditions.
The Company has also approved a warrant program under which directors and other parties have been granted 6,620,000 warrants to subscribe for ordinary shares in the Company. The exercise price is 54 pence and the exercise period is 7 years with 20% of the warrants vesting immediately at the date of grant and a further 20% on each anniversary of the date of grant.
No. of warrants granted | No. of warrants held after grant | |
Mr. Neil Bleasdale | 1,300,000 | 1,460,000 |
Mr. Luis Alvarez Poli | 900,000 | 1,300,000 |
Mr. Juan Carlos Esteban | 1,000,000 | 1,000,000 |
Mr Nigel Duxbury | 400,000 | 1,100,000 |
Mr. Nicolás Mallo Huergo | 900,000 | 1,250,000 |
Marcelo Comba | 200,000 | 450,000 |
The terms of the existing warrants have not changed from those previously disclosed.
Neil Bleasdale, Chairman of Andes, commented, "The Board of Andes believes that the bonus program recognises management's achievements and the granting of the warrants aligns managements compensation with the objectives of the Company."
Total Voting Rights
Following admission of the 2,205,000 Ordinary Shares and the admission of 117,062,222 new Ordinary Shares announced earlier this morning, the total number of issued Ordinary Shares will be 294,957,402 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. 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 to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
For further information please contact:
Andes Energia plc | Luis Alvarez Poli, CEO Nigel Duxbury, FD
| T: +442074955326 |
Westhouse Securities | Antonio Bossi Jonathan Haines
| T: +44206016100 |
Buchanan
| Tim Thompson Ben Romney | T: +442074665000 |
Note to Editors:
Andes is a Latin American energy group, with oil and gas, electricity distribution and hydro-electric power interests in Argentina. The Company's focus is on the Argentinean energy sector, which it believes offers premium assets at undervalued prices.