Seascape Energy Regulatory News (SEA)

3 Dec 2007 07:00

Ramco Energy PLC03 December 2007 Ramco Energy plc ("Ramco" or "the Company") Ramco issues 1,870,000 new shares at 22.2p per share to Directors Ramco, the Aberdeen based independent exploration company, announces that it hasissued 1,870,000 new ordinary shares at a price of 22.2p per share, insatisfaction of deferred remuneration due to Executive Directors as disclosed inthe 2007 interim statement, released on 20 September 2007. During 2005 and 2006 Steve Remp (Executive Chairman) and Steven Bertram(Managing Director) voluntarily waived contractual salary and pensionentitlements totalling £357,000. In addition, they and Chris Moar (FinanceDirector) ("the Executive Directors") deferred further remuneration, totalling£630,920, over the 30 months to 30 June 2007. No security was given by the Company for, and no interest was charged on, thedeferred amounts. The Directors concerned agreed to use the net sums due tothem, after deduction of pension entitlements, income tax and nationalinsurance, to subscribe for new shares in the Company as soon as they wereentitled to deal in the Company's shares. Following yesterday's announcement by Ramco subsidiary Lansdowne Oil & Gas plcof its proposed acquisition of Milesian Oil & Gas Limited the directors areagain entitled to deal in the shares of the Company. The net sum due to the Executive Directors, after deducting pension entitlement,income tax and national insurance, is £349,400. In addition, Mr Remp's pensionfund has agreed that the £65,740 contribution which had been deferred can besatisfied by the issue of new shares. Accordingly, the total net deferredremuneration and pension contribution, which amounts to £415,140, has beensatisfied by the issue of 1,870,000 new shares, which were issued at a price of22.2p, a premium of 20 per cent. over the closing mid-market price of 18.5p fora Ramco share on 30 November 2007. These shares were issued as to 1,381,600,450,600 and 37,800 to Steve Remp, Steven Bertram and Chris Moar, respectively.Steve Remp has notified the Company that he has gifted 250,000 of the aboveshares received by him, although he remains beneficially interested in 100,000of the gifted shares. The Executive Directors have also, with effect from 1 July 2007, agreed newservice contracts with the Company reducing their annual remuneration. Theaggregate annual cost savings, including associated employer's nationalinsurance contributions amount to £387,000. Following the issue of the above shares and reflecting the gifted shares, thebeneficial interests of the Executive Directors will be as follows: Number of % Options sharesSteve Remp 5,487,668* 14.88 432,500Steven Bertram 590,600 1.60 250,000Chris Moar 52,616 0.14 121,200 * Of these, 1,322,102 shares are held by Steve Remp's pension fund. An application will be made to London Stock Exchange for the shares to beadmitted to trading on the AIM market and it is expected that trading willcommence on 7 December 2007. Following the above share issue, there will be36,887,815 ordinary shares of 10p each in Ramco in issue. 3 December 2007 ENQUIRIES: Ramco Energy plcSteven Bertram Managing Director 01224 748480 John East & Partners LimitedDavid Worlidge 020 7628 2200 College Hill - LondonNick Elwes 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange