15 Jul 2008 07:00
15 July 2008
VOLGA GAS PLC
(the "Company")
ISSUE OF MANAGEMENT EXECUTIVE SHARE OPTION PLANS
Volga Gas plc today announces that the Board of Directors has approved the issuance of an option to Mr Ivanov, Chief Executive Officer, to acquire 1,137,464 ordinary shares representing 2% of the fully-diluted issued share capital and an option to Mr Stobie, Chief Financial Officer, to acquire 568,732 ordinary shares representing 1% of the fully-diluted share capital.
The options vest in equal portions on each of May 2010, 2011 and 2012 and will remain outstanding until May 2017. The shares may be acquired at 405p, being the closing price as at 14 July 2008.
Following the issuance, Mr Ivanov will own the rights to 1,662,564 ordinary shares, of which 350,066 have been issued, and Mr Stobie 843,082 ordinary shares, of which 186,816 have been issued, representing 2.92% and 1.48% of the fully-diluted issued share capital of the Company, respectively.
The board also reserved a further 1,137,464 ordinary shares representing 2% of the fully-diluted issued share capital for further management share option plans. The conditions relating to these plans will be determined at their time of issuance.
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For further information, please contact:
| Financial Dynamics | +44 (0)20 7831 3113 |
| Jonathon Brill Billy Clegg Alex Beagley | |
| KBC Peel Hunt (Nominated Adviser and Joint Broker) | +44 (0)20 7418 8900 |
| Jonathan Marren Alina Savych | |