Issue of Options

RNS Number : 9098R

Solo Oil Plc

23 November 2012

 

23 November 2012

Solo Oil Plc

("Solo" or "the Company")

Issue of Options

Solo Oil Plc announces that it has issued options over a total of 68.5 million new ordinary shares of 0.01p each in the Company at an exercise price of 0.5p per share (compared to the latest mid market price on AIM of 0.44 p). These options will vest immediately and will expire on 31 December 2020.

The options represent in aggregate 2.09% of the existing issued share capital and have been issued on the following basis: Directors 0.85%, and management, consultants and advisers 1.24%.

The options for the Directors have been issued as follows:

Name	Options issued	Existing options	Ordinary shares	Total	% of issued share capital
D. Lenigas	14,000,000	90,000,000	2,850,000	106,850,000	3.26%
N. Ritson	14,000,000	52,500,000	21,000,000	87,500,000	2.67%

The Board has also approved a change in the expiry date relating to 204 million existing options with a current exercise price of 0.5p and a current expiry date of 21 December 2012. The new expiry date will be 31 December 2020. All the other terms and conditions of these existing share options remain the same as previously announced. The directors hold the following of these amended options: David Lenigas (75 million), Neil Ritson (40 million) and Sandy Barblett (10 million). This represents 3.81% of issued share capital.

For further enquiries:

For further information:

Solo Oil plc David Lenigas Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Luca Tenuta Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Pelham Bell Pottinger                            Public Relations Mark Antelme  Henry Lerwill	[phone] [phone] [phone]

 

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