Last checked at 17 Feb 2022 12:38
17 February 2022
Reabold Resources Plc
("Reabold" or the "Company")
Amendment of Existing Option Terms
Reabold, the AIM investing Company focused on upstream oil and gas projects, announces amendments to the terms of certain existing options currently held by the Executive Directors (the "Existing Options").
In common with many businesses, the COVID-19 pandemic has significantly constrained the Company's activities, delaying management's ability to continue the successful implementation of its medium-term strategy. Therefore, in order to further incentivise the executive management of the Company and further align their interests with shareholders, Reabold's Remuneration Committee has amended the following Existing Options such that their expiry dates are extended by 12 months, to 19 March 2023, and additional extended vesting terms are applicable, as outlined below. The exercise prices of the Existing Options remain unchanged.
Executive | Position | Existing Options Held | Exercise Price | Current Expiry | Amended Expiry | Current Vesting Status | Amended Vesting Dates |
|
Sachin Oza | Co-CEO | 20,000,000 20,000,000 20,000,000 | 0.60p 0.90p 1.20p | 19-Mar-22 19-Mar-22 19-Mar-22 | 19-Mar-23 19-Mar-23 19-Mar-23 | Vested Vested Vested | 30-Sep-22 31-Dec-22 31-Dec-22 |
|
Stephen Williams | Co-CEO | 20,000,000 20,000,000 20,000,000 | 0.60p 0.90p 1.20p | 19-Mar-22 19-Mar-22 19-Mar-22 | 19-Mar-23 19-Mar-23 19-Mar-23 | Vested Vested Vested | 30-Sep-22 31-Dec-22 31-Dec-22 |
|
Anthony Samaha | Finance Director | 5,000,000 | 0.60p | 19-Mar-22 | 19-Mar-23 | Vested | 30-Sep-22 | |
For further information please contact:
Reabold Resources plc Stephen Williams Sachin Oza | c/o Camarco +44 (0) 20 3757 4980 |
Strand Hanson Limited (Nominated and Financial Adviser) James Spinney Rory Murphy James Dance |
+44 (0)20 7409 3494
|
Camarco James Crothers Rebecca Waterworth Billy Clegg
| +44 (0) 20 3757 4980 |
Stifel Nicolaus Europe Limited - Joint Broker Callum Stewart Nicholas Rhodes Ashton Clanfield
| +44 (0) 20 7710 7600
|
Panmure Gordon - Joint Broker Hugh Rich Nick Lovering
| +44 (0) 20 207 886 2733 |
Notes to Editors
Reabold Resources plc is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.