Grant of Options

RNS Number : 2366E
Egdon Resources PLC
10 March 2022
 

 

  10 March 2022

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Grant of Options

Egdon Resources plc (AIM:EDR) announces that as part of a periodic incentive review and also to compensate salary reductions taken between March 2020 and December 2022, it has granted options to the following Directors and cancelled all existing options awards.

Director

Number of Options granted

Exercise Price (pence)

 

Vesting Date

Exercisable Until

Mark Abbott

4,444,444

2.25p

8 March 2023

7 March 2033

Martin Durham

3,555,556

2.25p

8 March 2023

7 March 2033

The options were set at an exercise price of 2.25p being the average closing mid-price on 7 March 2022

Following the grant of the options on 8 March 2022, the interests of the Directors in the share capital of the Company are as follows:

Director

Total number of Options held over Ordinary Shares

Total number of Warrants held over Ordinary Shares

Number of Ordinary Shares held

Mark Abbott

4,444,444

800,000

9,689,387

Martin Durham

3,555,556

100,000

200,000

 

In addition, the Company has granted options to employees on the same basis as Directors.  The total number of options granted to Directors and employees of the Company is 17,500,000 (Representing 3.39 % of the Company's issued share capital).

 

The total number of options granted to Directors and employees of the Company that were cancelled was 9,675,122 (Representing 1.87 % of the Company's issued share capital).

 

The information set out below is in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 

 

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Mark Abbott

2.

Reason for the notification

a)

Position / status

 Managing Director

b)

Initial notification / amendment

 Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 Egdon Resources plc

 

b)

LEI

 213800WWGH4S9GYSPL77

 

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 the financial instrument, type of instrument 

 Ordinary Shares of 1 pence per share value

 

Identification code

 GB00B28YML29

b)

Nature of the transaction

 Grant of Options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 2.25 pence

 4,444,444

d)

Aggregated information

 

- Aggregated volume

 4,444,444 Ordinary Shares of 1 pence per share value

- Price11

 2.25 pence per share

e)

Date of the transaction

 8 March 2022

f)

Place of the transaction

 Outside a trading venue

 

 

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Martin Durham

2.

Reason for the notification

a)

Position / status

 Technical Director

b)

Initial notification / amendment

 Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 Egdon Resources plc

 

b)

LEI

 213800WWGH4S9GYSPL77

 

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 the financial instrument, type of instrument

 Ordinary Shares of 1 pence per share value

 

Identification code

 GB00B28YML29

b)

Nature of the transaction

 Grant of Options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 2.25 pence

3,555,556

d)

Aggregated information

 

- Aggregated volume

 3,555,556 Ordinary Shares of 1 pence per share value

- Price11

 2.25 pence per share

e)

Date of the transaction

 8 March 2022

f)

Place of the transaction

 Outside a trading venue

 

 

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Mark Abbott

2.

Reason for the notification

a)

Position / status

 Managing Director

b)

Initial notification / amendment

 Cancellation of options

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 Egdon Resources plc

 

b)

LEI

 213800WWGH4S9GYSPL77

 

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 the financial instrument, type of instrument 

 Ordinary Shares of 1 pence per share value

 

Identification code

 GB00B28YML29

b)

Nature of the transaction

Cancellation of options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

10.00 pence

 600,000

20.62 pence

363,725

 9.70 pence

979,381

7.85 pence

1,210,191

d)

Aggregated information

 

- Aggregated volume

 3,153,297 Ordinary Shares of 1 pence per share value

- Price11

 10.31 pence per share

e)

Date of the transaction

 8 March 2022

f)

Place of the transaction

 Outside a trading venue

 

 

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Martin Durham

2.

Reason for the notification

a)

Position / status

 Technical Director

b)

Initial notification / amendment

 Cancellation of options

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 Egdon Resources plc

 

b)

LEI

 213800WWGH4S9GYSPL77

 

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 the financial instrument, type of instrument

 Ordinary Shares of 1 pence per share value

 

Identification code

 GB00B28YML29

b)

Nature of the transaction

 Cancellation of options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

22.75 pence

659,341

9.70 pence

773,196

7.85 pence

955,414

d)

Aggregated information

 

- Aggregated volume

 2,387,951 Ordinary Shares of 1 pence per share value

- Price11

12.56 pence per share

e)

Date of the transaction

 8 March 2022

f)

Place of the transaction

 Outside a trading venue

 

 

 

 

 

 

For further information please contact: 

Egdon Resources plc

Mark Abbott, Martin Durham  01256 702 292

 

Buchanan

Ben Romney, Jon Krinks  020 7466 5000

 

Nominated Adviser & Joint Broker - WH Ireland Limited 

Chris Hardie, Megan Liddell  020 7220 1666

 

Joint Broker & Financial Advisors - VSA Capital Limited

Andrew Monk (Corporate Broking) 020 3005 5000

Andrew Raca (Corporate Finance)

 

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.

Notes to Editors:

Egdon Resources plc (LSE: EDR) is an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK. 

Egdon holds interests in 39 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets.  Egdon is an approved operator in the UK.  Egdon was formed in 1997 and listed on AIM in December 2004.

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

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