Reabold Resources PLC Amendment of Existing Option Terms (0388C)

TIDMRBD

RNS Number : 0388C

Reabold Resources PLC

17 February 2022

Reabold Resources Plc

("Reabold" or the "Company")

Amendment of Existing Option Terms

Reabold, the AIM investing Company focused on upstream oil and gas projects, announces amendments to the terms of certain existing options currently held by the Executive Directors (the "Existing Options").

In common with many businesses, the COVID-19 pandemic has significantly constrained the Company's activities, delaying management's ability to continue the successful implementation of its medium-term strategy. Therefore, in order to further incentivise the executive management of the Company and further align their interests with shareholders, Reabold's Remuneration Committee has amended the following Existing Options such that their expiry dates are extended by 12 months, to 19 March 2023, and additional extended vesting terms are applicable, as outlined below. The exercise prices of the Existing Options remain unchanged.

 
  Executive    Position      Existing     Exercise   Current     Amended    Current     Amended 
                              Options       Price     Expiry      Expiry     Vesting     Vesting 
                                Held                                         Status       Dates 
 Sachin Oza    Co-CEO       20,000,000     0.60p    19-Mar-22   19-Mar-23    Vested    30-Sep-22 
                             20,000,000     0.90p    19-Mar-22   19-Mar-23   Vested     31-Dec-22 
                             20,000,000     1.20p    19-Mar-22   19-Mar-23   Vested     31-Dec-22 
              -----------  ------------  ---------  ----------  ----------  --------  ----------- 
 Stephen       Co-CEO       20,000,000     0.60p    19-Mar-22   19-Mar-23    Vested    30-Sep-22 
  Williams 
                             20,000,000     0.90p    19-Mar-22   19-Mar-23   Vested     31-Dec-22 
                             20,000,000     1.20p    19-Mar-22   19-Mar-23   Vested     31-Dec-22 
              -----------  ------------  ---------  ----------  ----------  --------  ----------- 
 Anthony       Finance 
  Samaha        Director     5,000,000     0.60p    19-Mar-22   19-Mar-23    Vested      30-Sep-22 
              -----------  ------------  ---------  ----------  ----------  --------  ---------------

For further information please contact:

 
 Reabold Resources plc                             c/o Camarco 
  Stephen Williams                                  +44 (0) 20 3757 4980 
  Sachin Oza 
 Strand Hanson Limited (Nominated and Financial 
  Adviser) 
  James Spinney 
  Rory Murphy 
  James Dance                                       +44 (0)20 7409 3494 
 Camarco 
  James Crothers 
  Rebecca Waterworth 
  Billy Clegg                                      +44 (0) 20 3757 4980 
 Stifel Nicolaus Europe Limited - Joint 
  Broker 
  Callum Stewart 
  Nicholas Rhodes 
  Ashton Clanfield                                 +44 (0) 20 7710 7600 
 Panmure Gordon - Joint Broker 
  Hugh Rich                                        +44 (0) 20 207 886 
  Nick Lovering                                     2733

Notes to Editors

Reabold Resources plc is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.

As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.

Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.

Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.

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