Gulfsands Petroleum PLC Grant of Options to Directors (0281P)
November 14 2016 - 2:00AM
UK Regulatory
TIDMGPX
RNS Number : 0281P
Gulfsands Petroleum PLC
14 November 2016
GULFSANDS PETROLEUM PLC
Grant of Options to Directors
14 November 2016
Gulfsands Petroleum plc ("Gulfsands", the "Group" or the
"Company" - AIM : GPX), the oil and gas company with activities in
Syria, Tunisia, Colombia and Morocco, announces that on 11 November
2016, the Company awarded to the Executive Directors and certain
Non-Executive Directors of the Company options to acquire
17,000,000 ordinary shares in the capital of the Company under the
rules of the Gulfsands Restricted Share Plan ("Options") and as
part of their remuneration package. The Options are subject to
various performance conditions and vesting dates and are
exercisable at any time following vesting and prior to expiry on 11
November 2026 provided the recipients remain in continuous
employment with the Company. Should employment be terminated, the
number of options vesting and the date at which they may be
exercised may be varied in accordance with the terms of the
award.
A summary of the Options issued to the Directors is set out in
the table below:
Director Position N(o) Options Exercise
Price
--------------------- ------------------- ------------- ---------
John Bell Managing Director 8,000,000 1p
--------------------- ------------------- ------------- ---------
Andrew Morris Finance Director 5,000,000 1p
--------------------- ------------------- ------------- ---------
Non-Executive
James Ede-Golightly Chairman 2,000,000 3.375p
--------------------- ------------------- ------------- ---------
Non-Executive
Michael Kroupeev Director 1,000,000 3.375p
--------------------- ------------------- ------------- ---------
Non-Executive
Richard Milne Director 1,000,000 3.375p
--------------------- ------------------- ------------- ---------
Vesting dates and performance conditions for the recipients are
as follows:
John Bell
2 million options will vest at intervals during the period from
the date of grant up until 22 July 2018. Up to 2 million options
will vest during the same period but will be dependent upon
performance. 4 million options will be directly linked to re-entry
to Syria based upon specific performance criteria to be set by
January 2018.
Andrew Morris
1 million options will vest at intervals during the period from
the date of grant up until 22 July 2018. Up to 1 million will vest
during the same period dependent upon additional days worked in
excess of contractual obligations. Up to a further 1 million
options will vest during the same period but will be dependent upon
performance. 2 million options will be directly linked to re-entry
to Syria based upon performance conditions to be set by January
2018.
Non-Executive Directors
Share options listed in the table above for Non-Executive
directors will vest half immediately and half on the 11 November
2017.
For further information, please refer to the Company's website
at www.gulfsands.com or contact:
Gulfsands Petroleum Plc
John Bell, Managing Director
Andrew Morris, Finance Director
James Ede-Golightly, Non-Executive Chairman +44 (0)20 7464 4490
Cantor Fitzgerald Europe
Sarah Wharry
Craig Francis +44 (0)20 7894 7000
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities
legislation. These forward-looking statements are based on certain
assumptions made by Gulfsands and as such are not a guarantee of
future performance. Actual results could differ materially from
those expressed or implied in such forward-looking statements due
to factors such as general economic and market conditions,
increased costs of production or a decline in oil and gas prices.
Gulfsands is under no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
laws.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial
responsibilities / person closely associated
-----------------------------------------------------------------
a) Name John Bell
------------------------------ ---------------------------------
2 Reason for notification
-----------------------------------------------------------------
a) Position / Status Managing Director
------------------------------ ---------------------------------
b) Initial Notification/Amendment Initial
------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-----------------------------------------------------------------
a) Name Gulfsands Petroleum Plc
------------------------------ ---------------------------------
b) LEI N/A
------------------------------ ---------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-----------------------------------------------------------------
a) Description of Options to subscribe for new
the financial instrument, ordinary share of 1.0 pence each
type of instrument GB00B06VGC01
Identification
code
------------------------------ ---------------------------------
b) Nature of the transaction Grant of options
------------------------------ ---------------------------------
c) Price(s) and volumes(s) Volume(s) Price(s)
---------- ---------
8,000,000 1p
---------- ---------
------------------------------ ---------------------------------
d) Aggregated information N/A - single transaction
------------------------------ ---------------------------------
e) Date of the transaction 11 November 2016
------------------------------ ---------------------------------
f) Place of the transaction Outside of trading venue
------------------------------ ---------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
-----------------------------------------------------------------
a) Name Andrew Morris
------------------------------ ---------------------------------
2 Reason for notification
-----------------------------------------------------------------
a) Position / Status Finance Director
------------------------------ ---------------------------------
b) Initial Notification/Amendment Initial
------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-----------------------------------------------------------------
a) Name Gulfsands Petroleum Plc
------------------------------ ---------------------------------
b) LEI N/A
------------------------------ ---------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-----------------------------------------------------------------
a) Description of Options to subscribe for new
the financial instrument, ordinary share of 1.0 pence each
type of instrument GB00B06VGC01
Identification
code
------------------------------ ---------------------------------
b) Nature of the transaction Grant of options
------------------------------ ---------------------------------
c) Price(s) and volumes(s) Volume(s) Price(s)
---------- ---------
5,000,000 1p
---------- ---------
------------------------------ ---------------------------------
d) Aggregated information N/A - single transaction
------------------------------ ---------------------------------
e) Date of the transaction 11 November 2016
------------------------------ ---------------------------------
f) Place of the transaction Outside of trading venue
------------------------------ ---------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
-----------------------------------------------------------------
a) Name James Ede-Golightly
------------------------------ ---------------------------------
2 Reason for notification
-----------------------------------------------------------------
a) Position / Status Non-Executive Chairman
------------------------------ ---------------------------------
b) Initial Notification/Amendment Initial
------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-----------------------------------------------------------------
a) Name Gulfsands Petroleum Plc
------------------------------ ---------------------------------
b) LEI N/A
------------------------------ ---------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-----------------------------------------------------------------
a) Description of Options to subscribe for new
the financial instrument, ordinary share of 1.0 pence each
type of instrument GB00B06VGC01
Identification
code
------------------------------ ---------------------------------
b) Nature of the transaction Grant of options
------------------------------ ---------------------------------
c) Price(s) and volumes(s) Volume(s) Price(s)
---------- ---------
2,000,000 3.375p
---------- ---------
------------------------------ ---------------------------------
d) Aggregated information N/A - single transaction
------------------------------ ---------------------------------
e) Date of the transaction 11 November 2016
------------------------------ ---------------------------------
f) Place of the transaction Outside of trading venue
------------------------------ ---------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
-----------------------------------------------------------------
a) Name Michael Kroupeev
------------------------------ ---------------------------------
2 Reason for notification
-----------------------------------------------------------------
a) Position / Status Non-Executive Director
------------------------------ ---------------------------------
b) Initial Notification/Amendment Initial
------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-----------------------------------------------------------------
a) Name Gulfsands Petroleum Plc
------------------------------ ---------------------------------
b) LEI N/A
------------------------------ ---------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-----------------------------------------------------------------
a) Description of Options to subscribe for new
the financial instrument, ordinary share of 1.0 pence each
type of instrument GB00B06VGC01
Identification
code
------------------------------ ---------------------------------
b) Nature of the transaction Grant of options
------------------------------ ---------------------------------
c) Price(s) and volumes(s) Volume(s) Price(s)
---------- ---------
1,000,000 3.375p
---------- ---------
------------------------------ ---------------------------------
d) Aggregated information N/A - single transaction
------------------------------ ---------------------------------
e) Date of the transaction 11 November 2016
------------------------------ ---------------------------------
f) Place of the transaction Outside of trading venue
------------------------------ ---------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
-----------------------------------------------------------------
a) Name Richard Milne
------------------------------ ---------------------------------
2 Reason for notification
-----------------------------------------------------------------
a) Position / Status Non-Executive Director
------------------------------ ---------------------------------
b) Initial Notification/Amendment Initial
------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-----------------------------------------------------------------
a) Name Gulfsands Petroleum Plc
------------------------------ ---------------------------------
b) LEI N/A
------------------------------ ---------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-----------------------------------------------------------------
a) Description of Options to subscribe for new
the financial instrument, ordinary share of 1.0 pence each
type of instrument GB00B06VGC01
Identification
code
------------------------------ ---------------------------------
b) Nature of the transaction Grant of options
------------------------------ ---------------------------------
c) Price(s) and volumes(s) Volume(s) Price(s)
---------- ---------
1,000,000 3.375p
---------- ---------
------------------------------ ---------------------------------
d) Aggregated information N/A - single transaction
------------------------------ ---------------------------------
e) Date of the transaction 11 November 2016
------------------------------ ---------------------------------
f) Place of the transaction Outside of trading venue
------------------------------ ---------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 14, 2016 02:00 ET (07:00 GMT)
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