Equatorial Palm Oil plc Grant of Stock Options (6602H)
July 13 2012 - 9:23AM
UK Regulatory
TIDMPAL
RNS Number : 6602H
Equatorial Palm Oil plc
13 July 2012
13 July 2012
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Grant of Stock Options
EPO, (AIM: PAL), the AIM listed palm oil development company
with operations in Liberia, announces that on 18 June 2012 the
board of directors of the Company (the "Board") agreed to issue
2,020,200 options to directors and management of the Company (the
"Options"). The Options shall be issued for nil consideration and
each Option will grant the holder the right to subscribe for one
ordinary share in the Company ("Ordinary Shares"), currently held
in treasury, at an exercise price of 17.5p. The Options have an
expiry date of 26 February 2015, and 50 per cent. of the Options
will vest immediately and the remaining 50 per cent. will vest in
two equal tranches subject to certain operational performance
hurdles.
The table below sets out the distribution of the Options to the
Board:
Name Number of Options Total number of Existing interest
granted options following in warrants
grant
---------------------- ------------------ ------------------- -----------------
Michael Frayne* 500,000 1,750,000 2,476,461
---------------------- ------------------ ------------------- -----------------
Geoffrey Brown 500,000 1,500,000 245,893
---------------------- ------------------ ------------------- -----------------
Anthony Samaha 200,000 1,200,000 64,220
---------------------- ------------------ ------------------- -----------------
Shankar Varadharajan 200,000 200,000 -
---------------------- ------------------ ------------------- -----------------
Joseph Jaoudi 200,000 1,450,000 545,000
---------------------- ------------------ ------------------- -----------------
* Of the 2,476,461 warrants in which Michael Frayne is
interested, a total of 2,327,143 are held in the name of Adelise
Services Limited, a company held by a trust of which Michael Frayne
is a beneficiary.
In addition, a total of 620,200 options were issued on the same
terms to senior management of the Company. Following the issue of
options and as at the date of this announcement the Company has a
total of 128,316,434 Ordinary Shares in issue and a further
19,936,634 warrants and options outstanding.
For further information, please contact:
Equatorial Palm Oil plc
Michael Frayne (Chairman) +44 (0) 20 7766
www.epoil.co.uk 7555
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / Paul Cocker 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
Pelham Bell Pottinger (Financial/ Corporate
PR) +44 (0) 20 7861
Archie Berens / Joanna Boon 3126
- END -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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