Share Option Awards / Director dealing

RNS Number : 4807S

Obtala Limited

03 October 2017

 

3 October 2017

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

Additional Share Option Awards/Director dealing

Obtala Limited (AIM:OBT), the African focused agricultural and forestry company, is pleased to provide the following update.

Share Option Awards

The Company has approved the issue of share option awards to recently appointed management, including a further award to Deputy Chairman, Martin Collins, who was previously awarded 1m options as per the announcement of 5 July 2017. Share option awards were made on the following structure within the company's existing approved share scheme:

Vesting Date           Trigger Price            Award Amounts

30 June 2018            20p                               2.625m options

30 June 2019            25p                               2.625m options

30 June 2020            30p                               2.625m options

30 June 2021            35p                               2.625m options

·     The share options only become exercisable upon the Obtala monthly VWAP stock price being above the trigger price for 3 consecutive months at or after the vesting date.  

·     All tranches of the above options expire on 30^th June 2026 regardless of whether they have been exercisable or not. 

·     The exercise price for the options is 17.62p.

·     If the awardee is not in the employment of a Group company at the time of vesting then the awards are forfeit.

The awards will be distributed to management on the following basis:

Martin Collins               Deputy Chairman                                                           750k per tranche (3m total)

Hadi Ghossein               Deputy Chairman of Argento Limited                   625k per tranche (2.5m total)

Jacob Hansen                Director of Argento Limited                                      625k per tranche (2.5m total)

Zahid Abbas                   Director of Argento Limited                                      625k per tranche (2.5m total)

Directors Holding

Further to the announcement of 28^th September 2017, Martin Collins has a total interest in Obtala ordinary 1p shares of 1,750,000, of which 1,500,000 are held through his company, Moghle Ltd, and 250,000 are held collectively by Martin and his wife.  In addition, Moghle Ltd holds 6,733 Argento Preference Shares.

Miles Pelham, Chairman of Obtala commented: "The further issue of performance based compensation to management underlines our commitment to appropriate and adequate incentivisation of employees which aligns interests with all stakeholders". 

Due to recent leavers forfeiting their share options the net issuance of options today is 6.5m shares."

Obtala Limited Miles Pelham - Chairman Paul Dolan - CEO www.obtala.com	[phone]
ZAI Corporate Finance Limited (Nomad) John Treacy / Ray Zimmerman	[phone]
Brandon Hill Capital (Joint Broker) Jonathan Evans Beaufort Securities Limited (Joint Broker) Jon Belliss	[phone] [phone]

This announcement contains information which was previously inside information for the purposes of Article 7 of the Market Abuse Regulation EU Regulation 596/2014.

 

END

 

 

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