Search
Regulatory Story
Company Altona Energy Plc
TIDM ANR
Headline Board Changes and Grant of Options
Released 07:30 23-Nov-2017
Number 72205-5082

Board Changes and Grant of Options

Embargoed until 7.30am                                                                       23 November 2017

Altona Energy plc

(?Altona? or the ?Company")

Board Changes and Grant of Options

Altona (AIM:ANR) is pleased to announce that it has appointed current directors Nick Lyth and Phil Sutherland to the roles of Chief Executive and Operations Director (Australia) respectively.  Mr Lyth and Mr Sutherland will, at present, receive no additional remuneration for these executive roles but have been granted new option packages to reflect their increased responsibility.   

The following share options have been granted to directors under the Company?s existing share option scheme, created on 1 April 2016.  The options to subscribe for ordinary shares will be granted under two performance criteria detailed below.  All existing share options granted to directors or employees of the Company will be cancelled or will have lapsed unexercised.

Share Price Performance

Director Number of options
Qinfu Zhang 30 million
Phillip Sutherland 45 million
Nicholas Lyth 90 million

Ma Chi

15 million

These options vest in three equal tranches, with the first tranche vesting on the grant of the options, the second tranche on the first anniversary after the date of grant and the balance vesting on the second anniversary of the date of grant.  The exercise price is 0.5p per share and the options are exercisable when the share price reaches a price of 2.5 pence per share for a consecutive 14 day period.  The exercise period is five years from the date of grant. 

Operational Performance

Director Number of options
Qinfu Zhang 17.5 million
Phillip Sutherland 45 million
Nicholas Lyth 22.5 million

Ma Chi

5 million

These options vest in two equal tranches, with the first tranche vesting on the announcement of the start of a drilling programme at the Company?s Arckaringa project, and the second on the completion of a pre-feasibility study at Arckaringa. The exercise price is 0.5p. The exercise period is five years from the date of grant. 

The options, if all are exercised, represent 14.8 per cent. of the enlarged share capital following the placing announced earlier today.

Related Party Transaction

The grant of the share options to the above directors constitutes a related party transaction under AIM Rule 13.  The independent director, being Henry Kloepper, having consulted with Northland Capital Partners Limited, the Company's nominated adviser, considers that the grant of the options are fair and reasonable in so far as the Company's shareholders are concerned.    

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Nick Lyth
2 Reason for the notification
a) Position/status Chief Executive
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Altona Energy Plc
b) Legal Entity Identifier 2138002A5GU9BFS2I491
4 Details of the transaction(s): section to be repeated 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 instrument, type of instrument

Identification code
Options over ordinary shares of 0.01 pence each

 GB00B06GJT32
b) Nature of the transaction Grant of options
c) Currency GBP
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise price is 0.5p 112,500,000
e) Aggregated information
- Aggregated volume
- Price
- Aggregated total

 
f) Date of the transaction 23 November 2017
g) Place of the transaction London Stock Exchange, AIM

   

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Phil Sutherland
2 Reason for the notification
a) Position/status Operations Director (Australia)
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Altona Energy Plc
b) Legal Entity Identifier 2138002A5GU9BFS2I491
4 Details of the transaction(s): section to be repeated 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 instrument, type of instrument

Identification code
Options over ordinary shares of 0.01 pence each

 GB00B06GJT32
b) Nature of the transaction Grant of options
c) Currency GBP
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise price is 0.5p 90,000,000
e) Aggregated information
- Aggregated volume
- Price
- Aggregated total

 
f) Date of the transaction 23 November 2017
g) Place of the transaction London Stock Exchange, AIM

   

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Qinfu Zhang
2 Reason for the notification
a) Position/status Executive Chairman
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Altona Energy Plc
b) Legal Entity Identifier 2138002A5GU9BFS2I491
4 Details of the transaction(s): section to be repeated 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 instrument, type of instrument

Identification code
Options over ordinary shares of 0.01 pence each
 GB00B06GJT32
b) Nature of the transaction Grant of options
c) Currency GBP
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise price is 0.5p 47,500,000
e) Aggregated information
- Aggregated volume
- Price
- Aggregated total

 
f) Date of the transaction 23 November 2017
g) Place of the transaction London Stock Exchange, AIM

   

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Ma Chi
2 Reason for the notification
a) Position/status Non-Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Altona Energy Plc
b) Legal Entity Identifier 2138002A5GU9BFS2I491
4 Details of the transaction(s): section to be repeated 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 instrument, type of instrument

Identification code
Options over ordinary shares of 0.01 pence each
 GB00B06GJT32
b) Nature of the transaction Grant of options
c) Currency GBP
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise price is 0.5p 20,000,000
e) Aggregated information
- Aggregated volume
- Price
- Aggregated total

 
f) Date of the transaction 23 November 2017
g) Place of the transaction London Stock Exchange, AIM

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

-ends-

For further information, please visit www.altonaenergy.com or contact:

Enquiries

Altona Energy plc
Nick Lyth, CEO
 +44 (0)7769 906 686
Leander (Financial PR)
Christian Taylor- Wilkinson
+44 (0)7795 168 157
Northland Capital Partners Ltd (Nomad and Broker)
Matthew Johnson / Gerry Beaney (Corporate Finance)
John Howes (Corporate Broking)
+44 (0)20 3861 6625

London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.