Petro Matad Limited Award of New Options (0493B)
May 31 2023 - 2:00AM
UK Regulatory
TIDMMATD
RNS Number : 0493B
Petro Matad Limited
31 May 2023
31 May 2023
Petro Matad Limited
("Petro Matad" or the "Company")
Award of New Options
The Board of Petro Matad announces the grant of options ("New
Options") to employees of Petro Matad under the Company's Long Term
Equity Incentive Plan, following a review by the Board on the need
to incentivize and retain employees and the passing of a Board
resolution on 29 May 2023. The Company has not granted any options
since 2013 however the Board views it appropriate to reinstate the
issue of options as an appropriate measure to motivate
employees.
The Board has approved the issue of an aggregate of 12,147,000
New Options at an exercise price of 4.8 pence per ordinary share,
as determined by the market value on date of grant and the 90
preceding trading day average of the market value of the shares on
AIM immediately preceding 29 May 2023, being the date of grant. The
vesting terms of the New Options are that; 33 per cent. shall vest
on the first of anniversary of the date of grant, 33 per cent. on
the second anniversary of the date of grant and 34 per cent. on the
third anniversary of grant.
No New Options are being granted to directors.
Further information please contact:
Petro Matad Limited
Mike Buck, CEO +976 7014 1099 / +976 7575 1099
Shore Capital (Nominated Adviser and Joint Broker)
Toby Gibbs
John More
Rachel Goldstein +44 (0) 20 7408 4090
Zeus Capital Limited (Joint
Broker)
Simon Johnson
Louisa Waddell +44 (0) 20 7614 5900
FTI Consulting (Communications
Advisory Firm)
Ben Brewerton
Christopher Laing +44 (0) 20 3727 1000
About Petro Matad
Petro Matad is the parent company of a group focussed on oil
exploration, as well as future development and production in
Mongolia. At the current time, Petro Matad holds 100% working
interest and the operatorship of two Production Sharing Contracts
with the Government of Mongolia. Block XX has an area of 218 square
kilometres in the far eastern part of the country and Block V has
an area of 7,937 square kilometres in the central western part of
the country.
Petro Matad Limited is incorporated in the Isle of Man under
company number 1483V. Its registered office is at Victory House,
Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
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END
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