Andalas Energy and Power Plc Issue of options

 
TIDMADL 
 
2 October 2018 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas' or the 'Company') 
 
                            Award of Share Options 
 
Andalas Energy and Power Plc, the AIM listed oil and gas company (AIM: ADL), 
announces the award of a total of 36 million options over ordinary shares in 
the Company ("Options") to its Executive Directors and key consultants. 
 
The Options are all exercisable at 2 pence per share, representing a premium of 
83.5% over the closing share price on 1 October 2018, and vest, over a two-year 
period as set out below: 
 
  * Tranche 1 vests immediately; 
 
  * Tranche 2 vests on 1 October 2019; and 
 
  * Tranche 3 vests on 1 October 2020. 
 
 Beneficiary      Tranche 1   Tranche 2   Tranche 3  Exercise      Expiry 
                                                       price 
 
Simon Gorringe    4,000,000   4,500,000   4,500,000   2 pence  1 October 2023 
 
Ross Warner       3,000,000   3,000,000   3,000,000   2 pence  1 October 2023 
 
Daniel Jorgensen  3,000,000   2,500,000   2,500,000   2 pence  1 October 2023 
 
Consultants       2,000,000   2,000,000   2,000,000   2 pence  1 October 2023 
 
Total            12,000,000  12,000,000  12,000,000 
 
Vesting of the options is subject to the option holder providing continuous 
service during the vesting period and there are no other performance conditions 
attached to the options. 
 
The independent Directors of the Company, Dr Robert Arnott and Graham 
Smith, consider, having consulted with the Company's nominated adviser, 
Beaumont Cornish Limited, that the terms of the grant of Options are fair and 
reasonable insofar as shareholders are concerned. 
 
Chairman of the remuneration committee, Dr Robert Arnott said:  "Simon and the 
team have worked tirelessly over the past 11 months to secure funding and new 
opportunities that together position Andalas to deliver on multiple fronts over 
the next few months.  The options have been struck at a significant premium to 
ensure that the Companies management team is only rewarded when it has 
delivered value to its shareholders." 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014 ('MAR).  Upon the publication of this announcement via a 
Regulatory Information Service ('RIS'), this inside information is now 
considered to be in the public domain. 
 
For further information, please contact: 
 
Simon     Andalas Energy and Power Plc                  Tel: [phone] 
Gorringe 
 
Roland    Beaumont Cornish Limited                      Tel: [phone] 
Cornish/  (Nominated Adviser) 
James 
Biddle 
 
Colin     Novum Securities Limited                      Tel: [phone] 
Rowbury   (Joint Broker) 
 
 
Christian Optiva Securities Limited                     Tel: [phone] 
Dennis    (Joint Broker) 
 
Stefania  Cassiopeia Services                           [e-mail] 
Barbaglio Limited 
          (Public Relations) 
 
 
 
END 
 

(END) Dow Jones Newswires

October 02, 2018 03:08 ET (07:08 GMT)