Grant of Stock Options

RNS Number : 6602H

Equatorial Palm Oil plc

13 July 2012

 



13 July 2012

EQUATORIAL PALM OIL plc

("EPO" or the "Company")

Grant of Stock Options

EPO, (AIM: PAL), the AIM listed palm oil development company with operations in Liberia, announces that on 18 June 2012 the board of directors of the Company (the "Board") agreed to issue 2,020,200 options to directors and management of the Company (the "Options"). The Options shall be issued for nil consideration and each Option will grant the holder the right to subscribe for one ordinary share in the Company ("Ordinary Shares"), currently held in treasury, at an exercise price of 17.5p.  The Options have an expiry date of 26 February 2015, and 50 per cent. of the Options will vest immediately and the remaining 50 per cent. will vest in two equal tranches subject to certain operational performance hurdles.

The table below sets out the distribution of the Options to the Board:

Name	Number of Options granted	Total number of options following grant	Existing interest in warrants
Michael Frayne*	500,000	1,750,000	2,476,461
Geoffrey Brown	500,000	1,500,000	245,893
Anthony Samaha	200,000	1,200,000	64,220
Shankar Varadharajan	200,000	200,000	-
Joseph Jaoudi	200,000	1,450,000	545,000

* Of the 2,476,461 warrants in which Michael Frayne is interested, a total of 2,327,143 are held in the name of Adelise Services Limited, a company held by a trust of which Michael Frayne is a beneficiary.

In addition, a total of 620,200 options were issued on the same terms to senior management of the Company. Following the issue of options and as at the date of this announcement the Company has a total of 128,316,434 Ordinary Shares in issue and a further 19,936,634 warrants and options outstanding.

For further information, please contact:

Equatorial Palm Oil plc Michael Frayne (Chairman) www.epoil.co.uk	[phone]
Strand Hanson Limited (Nominated Adviser) James Harris / Paul Cocker	[phone]

Mirabaud Securities LLP (Broker) Peter Krens	[phone]
Pelham Bell Pottinger (Financial/ Corporate PR) Archie Berens / Joanna Boon	[phone]

- END -

 

END

 

 

MSCUOUORUUABAAR