Grant of Options

RNS Number : 2942V
Westmount Energy Limited
06 August 2020
 

6 August 2020

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Grant of Options

Westmount Energy Limited (AIM: WTE), the energy investment company, announces a grant of options over nil par value ordinary shares in the Company ("Share Options") to the following director:

 

Director

No. of Share

Options granted

 

Exercise Price

Expiration Date

Dermot Corcoran

750,000

17.0 pence per share

31 July 2023

 

 

The Share Options may, at any time before expiry, be exercised in whole or in multiples of not less than 5,000 nil par value ordinary shares in the Company ("Ordinary Shares"). Ordinary Shares issued as a result of any such exercise may be sold (subject to applicable laws and the AIM Rules for Companies) at any time including, but not limited to, a takeover or change of control of the Company.

 

Following the above grants, Mr Corcoran will have beneficial interests in Ordinary Shares and Share Options as noted below:

 

Director

No. of Ordinary Shares

 

Approx. % of Share Capital

No. of Share Options

 

Dermot Corcoran

5,250,000

4.17

1,750,000

 

 

As Mr Corcoran is a director of the Company, the grant of Share Options is deemed to be a related party transaction pursuant to rule 13 of the AIM Rules for Companies. The Board of Westmount, excluding Mr Corcoran, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, considers the terms of this transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

 

Following the above grant of Share Options, the Company has a total of 4,500,000 Share Options outstanding, representing approximately 3.5% of the Company's fully diluted issued share capital.

 

 

 

For further information, please contact:

 

Westmount Energy Limited  www.westmountenergy.com

David King, Director                                              Tel: +44 (0) 1534 823059

Anita Weaver 

 

Cenkos Securities plc ( Nomad and Broker)  Tel: +44 (0) 20 7397 8900

Nicholas Wells/Harry Hargreaves (Corporate Finance)

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Dermot Corcoran

2

Reason for the notification

a)

Position/status

Director

b)

Initial notification /Amendment

Initial notification

3

 

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

a)

Name

Westmount Energy Limited

b)

LEI

213800GJISWVBB5S3L84

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

Options over ordinary shares of no par value

Identification code

ISIN: GB00B0S5KR31

b)

Nature of the transaction

Grant of options

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

-

750,000

 

 

 

 

 

 

d)

 

Aggregated information

 

- Aggregated volume

750,000

- Price

-

e)

Date of the transaction

5 August 2020

f)

Place of the transaction

Outside of trading venue

 


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END
 
 
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