Empyrean Energy PLC Correction: Exercise of Options (2263G)
March 02 2015 - 4:42AM
UK Regulatory
TIDMEME
RNS Number : 2263G
Empyrean Energy PLC
02 March 2015
This announcement replaces the Exercise of Options announcement
released today under RNS number 2184G at 09.15am.
The exercise price of the options exercised by John Laycock is
GBP0.08 per share. All other details remain unchanged and the full
amended announcement appears below.
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
2 March 2015
Empyrean Energy PLC ("Empyrean" or "the Company")
Exercise of Options & Extension of Expiry Date of
Options
Empyrean announces that it has today issued 300,000 ordinary
shares of 0.2 pence each ("Ordinary Shares") following the exercise
of options at a price of GBP0.08 per share by John Laycock, a
director of the Company. Application will be made for the new
Ordinary Shares to be admitted to trading on AIM. Admission is
expected to take place on 5 March 2015. These Ordinary Shares will
rank pari passu with the existing Ordinary Shares.
Following this exercise, John Laycock has an interest in
1,200,000 Ordinary Shares, representing 0.54% per cent of the
enlarged issued share capital of the Company.
Following the transaction, Empyrean's total issued share capital
will comprise 221,833,853 Ordinary Shares, each with voting rights.
This figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in,
securities of the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules.
Empyrean also notifies that the remuneration committee has
recommended, and the board has resolved, to amend the remuneration
and incentivisation arrangements of the board of directors (the
"Board") in light of the recent pressure on the oil price and as
part of a review being undertaken to reduce fixed costs and to
ensure the close alignment of the interests of the Board with those
of shareholders.
Firstly, Empyrean notifies that the remuneration committee has
recommended, and the board has resolved, to reduce all Director's
salary payments by 10%. The salary changes will come into effect
beginning of April 2015.
Secondly, 14,400,000 existing options granted to Directors and
the Company Secretary (the "Options"), which are currently
scheduled to expire on 2 March 2015, have been amended to expire 19
July 2016. The Company confirms that all other terms of the Options
remain unchanged.
A previous tranche of options over 11,100,000 Ordinary Shares,
which were amended on 20 March 2014 to expire on 9 January 2015
(being the date falling four months following the publication of
the Company's Annual Report & Accounts for the period to 31
March 2014) were not exercised by the option-holders owing to the
ongoing strategic review and formal sale process at that time. The
exercise price of the Options represents an approximate 25% premium
to Empyrean's closing price of GBP0.06375 on 26 February 2015.
The Options represent approximately 6.5 per cent. of the current
issued share capital of the Company, approximately 6.1 per cent. of
total issued capital when diluted for the Options and approximately
5% of the total issued capital when diluted for all outstanding
options and securities.
** ENDS **
For further information please visit www.empyreanenergy.com or
contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 8 9481
0389
Cenkos Securities plc
Neil McDonald nmcdonald@cenkos.com Tel: +44 (0)
131 220 9771
Nick Tulloch ntulloch@cenkos.com Tel: +44 (0)
131 220 9772
St Brides Partners Ltd
Hugo de Salis hugo@stbridespartners.co.uk Tel: +44 (0)
20 7236 1177
Elisabeth elisabeth@stbridespartners.co.uk Tel: +44 (0)
Cowell 20 7236 1177
Lottie Brocklehurst lottie@stbridespartners.co.uk Tel: +44 (0)
20 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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