Woodbois Regulatory News (WBI)

21 January 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

Long Term Incentive Plan ("LTIP")

Miles Pelham, Chairman, has entered into an LTIP with Paul Dolan, Chief Executive, whereby he has sold 30,000,000 ordinary shares in the Company to Paul Dolan for a consideration of £1,950,000, which remains outstanding free of interest under the terms of a loan agreement under which Mr Dolan has agreed to make payment to Mr Pelham as follows:

(a) £650,000 10 business days after the first trading day after the third anniversary of the agreement;

(b) £650,000 10 business days after the first trading day after the fourth anniversary of the agreement; and

(c) all amounts then remaining under the loan agreement 10 business days after the first trading day after the fifth anniversary of the agreement.

Under the LTIP, Mr Pelham will hold the shares in trust for Mr Dolan, who will acquire beneficial ownership including all voting and dividend rights. Subject to his continued employment by the Company at the end of the relevant period referred to above, upon payment of each tranche of the amount outstanding under the loan agreement, Mr Dolan can request the transfer to him of the pro rata number of shares. Should Mr Dolan leave the Company's employment before the 5th anniversary, Mr Pelham can re-purchase any balance of shares held in trust at the original price, to be satisfied to the extent possible by release of the loan (and any balance in cash), and Mr Dolan must pay all outstanding loan amounts (in respect of any shares which are not re-purchased) within 10 business days of such election.

Mr Dolan is entitled to prepay the outstanding loan balance at any time. Mr Dolan may not sell, transfer or give security or grant options over any of the shares purchased until all liabilities under the loan agreement have been discharged.

Miles Pelham, Chairman, commented: "I am delighted to have implemented this Long Term Incentive Plan for the benefit of Paul Dolan. As Chief Executive, Paul is critical to the success of Obtala and the creation of value for all our shareholders. As such it is in everyone's interest that I have made these shares available for implementation of the LTIP, which is designed to incentivise Paul and ensure his retention by Obtala for many years to come. It goes without saying that a personal gesture such as this, which protects existing shareholders from dilution, should leave no doubt about my resolve to ensure Obtala is in the best possible shape to increase shareholder value going forwards. I remain as committed as ever to guiding this company to significant scale."