Grant of Share Options (9806R)

TIDMTXO

RNS Number : 9806R

TXO PLC

11 November 2011

   FOR IMMEDIATE RELEASE                                                     11 November 2011 

TXO PLC

("TXO" or the "Company")

Grant of Share Options

The Board of TXO Plc ("TXO" or "the Company") announces that today it has issued a total of 33,000,000 options over Ordinary Shares (the "Options"), representing approximately 7.2% of the Company's current issued share capital, under an EMI Share Option Scheme. The Options have been granted with an exercise price of 0.5p and are exercisable for 5 years following a 12 month vesting period from the date of grant. The Options are being issued at an exercise price equivalent to that at which the placing was completed in April 2011 and are being issued in recognition of work done in connection with that placing and the associated Company restructuring. The Options have been granted as follows:

 
 Option Holder    Number of Options 
 Tim Baldwin      30,000,000 
                 ------------------ 
 Iain May         3,000,000 
                 ------------------ 
 

The issue of the Options to Tim Baldwin, a Director, and Iain May, a former Director within the last 12 months, are related party transactions under the AIM Rules for Companies.

Accordingly, the independent directors, being Richard Harvey, Daniel French and Andrew Glendenning, consider, having consulted with the Company's Nominated Adviser, that the terms of the Options are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

TXO PLC

Tim Baldwin, Chairman [phone]

Beaumont Cornish Limited

Roland Cornish and James Biddle [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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