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EME Empyrean Energy Plc

0.55
-0.025 (-4.35%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Empyrean Energy Plc LSE:EME London Ordinary Share GB00B09G2351 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.025 -4.35% 0.55 0.45 0.65 0.49 0.49 0.49 657,094 16:35:10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 0 -20.8M -0.0211 -0.23 4.83M

Empyrean Energy PLC Correction: Exercise of Options (2263G)

02/03/2015 9:42am

UK Regulatory


Empyrean Energy (LSE:EME)
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TIDMEME

RNS Number : 2263G

Empyrean Energy PLC

02 March 2015

This announcement replaces the Exercise of Options announcement released today under RNS number 2184G at 09.15am.

The exercise price of the options exercised by John Laycock is GBP0.08 per share. All other details remain unchanged and the full amended announcement appears below.

Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas

2 March 2015

Empyrean Energy PLC ("Empyrean" or "the Company")

Exercise of Options & Extension of Expiry Date of Options

Empyrean announces that it has today issued 300,000 ordinary shares of 0.2 pence each ("Ordinary Shares") following the exercise of options at a price of GBP0.08 per share by John Laycock, a director of the Company. Application will be made for the new Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place on 5 March 2015. These Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following this exercise, John Laycock has an interest in 1,200,000 Ordinary Shares, representing 0.54% per cent of the enlarged issued share capital of the Company.

Following the transaction, Empyrean's total issued share capital will comprise 221,833,853 Ordinary Shares, each with voting rights. This figure may be used by shareholders 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, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Empyrean also notifies that the remuneration committee has recommended, and the board has resolved, to amend the remuneration and incentivisation arrangements of the board of directors (the "Board") in light of the recent pressure on the oil price and as part of a review being undertaken to reduce fixed costs and to ensure the close alignment of the interests of the Board with those of shareholders.

Firstly, Empyrean notifies that the remuneration committee has recommended, and the board has resolved, to reduce all Director's salary payments by 10%. The salary changes will come into effect beginning of April 2015.

Secondly, 14,400,000 existing options granted to Directors and the Company Secretary (the "Options"), which are currently scheduled to expire on 2 March 2015, have been amended to expire 19 July 2016. The Company confirms that all other terms of the Options remain unchanged.

A previous tranche of options over 11,100,000 Ordinary Shares, which were amended on 20 March 2014 to expire on 9 January 2015 (being the date falling four months following the publication of the Company's Annual Report & Accounts for the period to 31 March 2014) were not exercised by the option-holders owing to the ongoing strategic review and formal sale process at that time. The exercise price of the Options represents an approximate 25% premium to Empyrean's closing price of GBP0.06375 on 26 February 2015.

The Options represent approximately 6.5 per cent. of the current issued share capital of the Company, approximately 6.1 per cent. of total issued capital when diluted for the Options and approximately 5% of the total issued capital when diluted for all outstanding options and securities.

** ENDS **

For further information please visit www.empyreanenergy.com or contact the following:

 
 Empyrean Energy plc 
 Tom Kelly                                                Tel: +61 8 9481 
                                                           0389 
 
 
 
 Cenkos Securities plc 
 Neil McDonald         nmcdonald@cenkos.com               Tel: +44 (0) 
                                                           131 220 9771 
 Nick Tulloch          ntulloch@cenkos.com                Tel: +44 (0) 
                                                           131 220 9772 
 
 
 
 St Brides Partners Ltd 
 Hugo de Salis         hugo@stbridespartners.co.uk        Tel: +44 (0) 
                                                           20 7236 1177 
 Elisabeth             elisabeth@stbridespartners.co.uk   Tel: +44 (0) 
  Cowell                                                   20 7236 1177 
 Lottie Brocklehurst   lottie@stbridespartners.co.uk      Tel: +44 (0) 
                                                           20 7236 1177 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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