1 Nov 2016 07:00
1 November 2016
Solo Oil plc
('Solo' or 'the Company')
Issue of Options
Solo Oil plc today announces that it has issued a total of 212,500,000 options representing 3.04 per cent. of the Company's issue share capital to directors and a joint broker ("the Options").
The Options have (i) an exercise price of 0.35p per share (representing an approximate 50% premium to the closing price on 28 October), (ii) a 5 year term, and (iii) only vest once the 30 day volume-weighted average price of the Company's shares exceeds 0.50p.
Details of Directors' Options and shares are as follow:
Name | New Options issued | Existing Options | Ordinary shares held | Total | % of issued capital |
N. Ritson | 50,000,000 | 54,000,000 | 33,000,000 | 147,000,000 | 2.10 |
D. Maling* | 65,000,000 | - | - | 65,000,000 | 0.93 |
F. Jenkins | 50,000,000 | 15,000,000 | - | 65,000,000 | 0.93 |
D. Strang | 40,000,000 | - | - | 40,000,000 | 0.57 |
* appointed 10 August 2016
In addition to the Directors' Options detailed above, 7,500,000 options have been issued to Beaufort Securities Limited with the same exercise and vesting conditions in part consideration of their services as a joint broker.
Following these issues, the Company has 623,952,777 outstanding options in total, representing approximately 8.93 per cent. of the existing issued share capital.
For further information:
Solo Oil plc Neil Ritson Daniel Maling | +44 (0) 20 3794 9230 |
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Beaumont Cornish Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Jerry Keen
Beaufort Securities Joint Broker Jon Belliss
Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio |
+44 (0) 20 7408 4090
+44 (0) 20 7382 8300
+44 (0) 79 4969 0338 |