Altona Energy PLC Grant of Options (6029D)

TIDMANR

RNS Number : 6029D

Altona Energy PLC

31 March 2014

31 March 2014

Altona Energy plc

("Altona Energy" or the "Company")

Grant of Options

Altona Energy, the AIM listed company, announces that the Remuneration Committee has determined the grant of options over a total of 54,000,000 Ordinary Shares in the Company to Directors, other management and advisers and have been granted to align the interests of Directors, management and advisers with those of shareholders and encourage staff retention.

These options vest in two tranches and, subject to certain performance conditions, are exercisable at prices of 1.5p and 3.0p, compared to the mid-market price per Ordinary Share on AIM at the close of business on 28 March 2014 of 1.0p:

 
                                Tranche A    Tranche B 
-----------------------------  -----------  -----------  -----------  ----------- 
           Grantee                 1.5p          3p         Total        Expiry 
-----------------------------  -----------  -----------  -----------  ----------- 
 Michael Zheng                   7,500,000    7,500,000   15,000,000   31-03-2019 
-----------------------------  -----------  -----------  -----------  ----------- 
 Chris Lambert                   7,500,000    7,500,000   15,000,000   31-03-2019 
-----------------------------  -----------  -----------  -----------  ----------- 
 Qinfu Zhang                     1,750,000    1,750,000    3,500,000   31-03-2019 
-----------------------------  -----------  -----------  -----------  ----------- 
 Peter Fagiano                   5,000,000    5,000,000   10,000,000   31-03-2019 
-----------------------------  -----------  -----------  -----------  ----------- 
 Phil Sutherland                 1,500,000    1,500,000    3,000,000   31-03-2019 
-----------------------------  -----------  -----------  -----------  ----------- 
 Other Management / advisers     3,750,000    3,750,000    7,500,000   31-03-2019 
-----------------------------  -----------  -----------  -----------  ----------- 
 TOTAL                          27,000,000   27,000,000   54,000,000 
-----------------------------  -----------  -----------  -----------  ----------- 
 

Tranche A vests on the condition that the Company has entered into a binding agreement with a third party to fund the Arckaringa Coal to Methanol BFS ("performance condition A") and the option holder is in employment of the Company at the time that performance condition A is met.

Tranche B vests on the condition that the Company has completed the test drilling program as part of the Arckaringa Coal to Methanol BFS ("performance condition B") and the option holder is in employment of the Company at the time that performance condition B is met.

For further information, please visit www.altonaenergy.comor contact:

 
Altona Energy Plc 
 Christopher Lambert, Chief Executive 
 Peter Fagiano, Executive Director       [phone] 
WH Ireland Ltd 
 Adrian Hadden 
 James Bavister                          [phone] 
Old Park Lane Capital Plc 
 Michael Parnes                          [phone] 
Tavistock Communications 
 Mike Bartlett 
 Simon Hudson                            [phone] 
 

About Altona Energy

Altona Energy is listed on the London Stock Exchange's AIM market. Its focus is firmly on the evaluation and development of the Company's flagship coal-to-liquids Arckaringa Project to exploit the huge coal resources contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The Project is designed to include a modern, combined-cycle power station adding 560Mw to the national grid and to produce clean burning fuel for Australia and the world from a resource equivalent to 7.8 billion barrels.

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This information is provided by RNS

The company news service from the London Stock Exchange

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