Employee Benefit Trust

RNS Number : 0822T
Solo Oil Plc
07 December 2012
 

For Immediate Release                                                                      07 December 2012

 

Solo Oil Plc

("Solo" or "the Company")

 

 

Establishment of Employee Benefit Trust

 

 

The Company advises that it has established an employee benefit trust called the Solo Oil Employee Benefit Trust ("EBT") to implement the use of the Company's existing share incentive plan over 5% of the Company's issued share capital from time to time in as efficient a manner as possible for the beneficiaries of that plan. The EBT is a discretionary trust for the benefit of directors and employees of the Company and its subsidiaries. 

 

Accordingly, the Company was notified today by the trustees of the EBT that they intend to subscribe 150,000,000 new ordinary shares of 0.01p each in the Company, at par value per share at an aggregate cost to the Company of £15,000, such shares representing 4.58% of the existing issued share capital of the Company.  The shares held in the EBT are intended to be used to satisfy future awards made by the Company's Remuneration Committee under the share incentive scheme, as detailed in the Company's AIM admission document.

 

Application will be made for the 150,000,000 new ordinary shares of 0.01p each, which when issued will rank pari passu with the existing ordinary shares in issue, to be admitted to trading on AIM with effect from Friday 14 December 2012.

 

Following Admission, the Company's issued share capital will consist of 3,428,394,708 Ordinary Shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69p each. The deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 3,428,394,708.

 

The above figure of 3,428,394,708 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

 

For further enquiries:

Solo Oil PLC


David Lenigas/Neil Ritson

+44 (0) 20 7440 0640





Beaumont Cornish - Nominated Adviser 


Roland Cornish        

+44 (0) 20 7628 3396  

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLLFVDFLLDIIF
UK 100

Latest directors dealings