Exercise of Options & Issue of Performance Rights

RNS Number : 0216F

88 Energy Limited

24 October 2018

 

88 Energy Limited

Exercise of Options

and Issue of Performance Rights

88 Energy Limited ("88E" or the "Company") announces that it has issued a total of 2,500,000 fully paid ordinary shares in the Company (the "New Ordinary Shares") pursuant to the exercise of options by Dave Wall, Managing Director of 88E and a Director of the Company. 

The Company has also issued a total of 31,249,110 performance rights ("Performance Rights") under the Company's employee incentive scheme (subject to vesting conditions) to certain employees, as approved by shareholders at the General Meeting of the Company held on 15 October 2018. Dave Wall was the recipient of 21,900,000 of these Performance Rights, further details of which are set out in the Company's notification released on 28 September 2018.

Application has been made for admission of the New Ordinary Shares to trading on AIM, which is expected to occur on 30 October 2018. Following the issue of the New Ordinary Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has 6,369,573,881 ordinary shares in issue, all of which have voting rights.

The direct and indirect interests of Dave Wall after the exercise of Options and other transactions described above are now as follows:

Director	Total number of Ordinary Shares held	% interest	Total number of Options held
David James Wall	34,791,666	0.55%	37,500,000 Unlisted Options exercisable at $0.021 on or before 1 November 2018
			20,000,000 Unlisted Options exercisable at $0.06 on or before 14 March 2020 21,900,000 Performance Rights (subject to vesting conditions)

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director                                                   Tel: [phone]

Email: [e-mail]

Finlay Thomson, Investor Relations                                        Tel: [phone]

Hartleys Ltd

Dale Bryan                                                                                          Tel: + 61 8 9268 2829

Cenkos Securities                                                                            Tel: + 44 131 220 6939

Neil McDonald/Derrick Lee

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David James Wall
2.	Reason for the Notification
a)	Position/status	Director of the Company
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	88 Energy Limited
b)	LEI	213800YFW5171TD69V35
4.(i)	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 the Financial instrument, type of instrument	Ordinary shares
	Identification code	AU00000088E2
b)	Nature of the Transaction	Exercise of Options
c)	Price(s) and volume(s)	Number of Options Exercised	Price
		2,500,000	$0.021
d)	Aggregated information Aggregated volume Price	2,500,000 options exercised at an aggregate value of $52,500
e)	Date of the transaction	24 October 2018
f)	Place of the transaction	London Stock Exchange, AIM (LON:88E)

4.(ii)	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 the Financial instrument, type of instrument	Performance Rights (subject to vesting conditions) over Ordinary shares
	Identification code	AU00000088E2
b)	Nature of the Transaction	Issue of Performance Rights
c)	Price(s) and volume(s)	21,900,000 Performance Rights
d)	Aggregated information Aggregated volume Price	21,900,000 Performance Rights
e)	Date of the transaction	24 October 2018
f)	Place of the transaction	London Stock Exchange, AIM (LON:88E)

 

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