Corcel PLC Options Issuance and Directors Dealings (5231Z)

TIDMCRCL

RNS Number : 5231Z

Corcel PLC

12 January 2024

Corcel PLC

("Corcel" or the "Company")

Options Issuance and Directors Dealings

12 January 2024

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production company, announces an award of options to Senior Executives and Board members.

Corcel Executive Chairman, Antoine Karam, commented: " Fully consistent with our stated intentions, this package of options allows us to attract, retain and ultimately compensate the high-quality executive team and Board we have worked to assemble, while aligning the majority of their compensation with the performance of the underlying business.

We hope investors will recognize the aggressive, yet we believe achievable, performance metrics that once met, will unlock these options over the years to come. With our new Board and their compensation structure now largely in place, we turn our attention back to the execution of our onshore strategy in Angola as we enter the New Year."

Options Award and Directors' Dealings:

The Company announces the grant of 307,033,155 five-year options to Directors and key Executives, 15,745,290 of which fall under the Company's existing Enterprise Management Scheme.

Each option entitles the holder upon exercise to one ordinary share of GBP0.0001 of the Company at a strike price of par, vesting after the stock trades for at least 5 trading days at a series of prices ranging from GBP0.016 to GBP0.064; between a 4x and 16x uplift from the Company's latest funding round of GBP0.004. One third of the options issued will vest in each year following grant, and both the time in service and the share price trading metrics must be attained in order for the options to fully vest.

Pursuant to the recommendation of the Remuneration Committee, the Board has awarded the following options:

 
                                                        Vesting 
                          Award        Vesting Price      Date 
------------------  ----------------  --------------  ---------- 
 
 Antoine Karam            41,987,440    GBP 0.0160     01-Dec-24 
                          41,987,440    GBP 0.0320     01-Dec-25 
                          41,987,440    GBP 0.0640     01-Dec-26 
 
 Geraldine Geraldo        10,496,860    GBP 0.0160     01-Dec-24 
                          10,496,860    GBP 0.0320     01-Dec-25 
                          10,496,860    GBP 0.0640     01-Dec-26 
 
 
 Pradeep Kabra            10,496,860    GBP 0.0160     01-Dec-24 
                          10,496,860    GBP 0.0320     01-Dec-25 
                          10,496,860    GBP 0.0640     01-Dec-26 
 
 
 Other Personnel 
  / Consultants           39,363,225    GBP 0.0160     01-Dec-24 
                          39,363,225    GBP 0.0320     01-Dec-25 
                          39,363,225    GBP 0.0640     01-Dec-26 
 

Following this grant of options, the resultant Directors' shareholdings are as follows:

 
 Directors              Ordinary Shares      Total shares    % of Issued       Options      Warrants 
                                                             Share Capital 
                      Direct    Indirect 
 
 Antoine 
  Karam                 0      150,136,747   150,136,747         8.9%        125,962,320   94,996,305 
 Geraldine 
  Geraldo               0      39,200,000     39,200,000        2.35%        31,490,580        0 
 Yan Zhao               0      38,833,333     38,833,333        2.32%             0            0 
 Pradeep 
  Kabra                 0           0             0             0.00%        31,490,580        0 
 Andrew Fairclough      0           0             0             0.00%             0            0 
 

Related Party Disclosure

This transaction is a related party transaction pursuant to Rule 13 of the AIM Rules. As such, the Directors being issued options have not been involved in the approval of the Transaction by the Company's Board.

The Directors of the Company independent of the Transaction, Yan Zhou and Andrew Fairclough, having consulted with the Company's nominated advisor, WH Ireland Ltd, consider the terms of the Transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

The person responsible for arranging the release of this announcement on behalf of Corcel is Andrew Fairclough.

For further information, please contact:

Antoine Karam Corcel Plc Executive Chairman

[e-mail]

   James Joyce / James Bavister /Andrew de Andrade                    WH Ireland Ltd  NOMAD & Broker 

0207 220 1666

Patrick d'Ancona Vigo Communications IR

0207 3900 230

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
                          Details of the person discharging managerial responsibilities 
  1                        / person closely associated 
 a)                       Name                                     1. Antoine Karam 
                                                                    2. Geraldine Geraldo 
                                                                    3. Pradeep Kabra 
                         ----------------------------------  ----------------------------------------------------- 
                          Reason for the notification 
  2 
                         ----------------------------------------------------------------------------------------- 
 a)                       Position/status                     1. Chairman 
                                                               2. Executive Director 
                                                               3. Non-Executive Director 
                         ----------------------------------  ----------------------------------------------------- 
 b)                       Initial notification/Amendment      Initial Notification 
                         ----------------------------------  ----------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------------------------------------------- 
 a)   Name                                                  Corcel plc 
     ----------------------------------------------------  ---------------------------------------------------- 
 b)   LEI                                                   2138009ECXQQ3EGKVY57 
     ----------------------------------------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    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                          Ordinary shares of GBP0.0001 
       instrument, type of instrument                        each 
     ----------------------------------------------------  ---------------------------------------------------- 
      Identification code                                   GB00BKM69866 
     ----------------------------------------------------  ---------------------------------------------------- 
 b)   Nature of the transaction                             Award of options 
     ----------------------------------------------------  ---------------------------------------------------- 
 c)   Price(s) and volumes(s)                               Price(s)               Volume(s) 
     ----------------------------------------------------  ---------------------  ----------------------------- 
                                                                 1. GBP0.0001                 1. 125,962,320 
                                                                  2. GBP0.0001                 2. 31,490,580 
                                                                  3. GBP0.0001                 3. 31,490,580 
     ------------------  --------------------------------  ---------------------  ----------------------------- 
 d)   Aggregated information 
     ----------------------------------------------------  ---------------------------------------------------- 
      Aggregated volume                                     N/A 
     ----------------------------------------------------  ---------------------------------------------------- 
      Price 
     ----------------------------------------------------  ---------------------------------------------------- 
 e)   Date of the transaction                               11 January 2024 
     ----------------------------------------------------  ---------------------------------------------------- 
 f)   Place of the transaction                              Outside a trading venue 
     ----------------------------------------------------  ---------------------------------------------------- 
 
 

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January 12, 2024 02:00 ET (07:00 GMT)