Issue of Options

RNS Number : 9270N
Solo Oil Plc
01 November 2016
 

1 November 2016

Solo Oil plc

('Solo' or 'the Company')

Issue of Options

Solo Oil plc today announces that it has issued a total of 212,500,000 options representing 3.04 per cent. of the Company's issue share capital to directors and a joint broker ("the Options").

The Options have (i) an exercise price of 0.35p per share (representing an approximate 50% premium to the closing price on 28 October), (ii) a 5 year term, and (iii) only vest once the 30 day volume-weighted average price of the Company's shares exceeds 0.50p.

Details of Directors' Options and shares are as follow:

Name

New Options issued

Existing Options

Ordinary shares held

Total

% of issued capital

N. Ritson

50,000,000

54,000,000

33,000,000

147,000,000

2.10

D. Maling*

65,000,000

-

-

65,000,000

0.93

F. Jenkins

50,000,000

15,000,000

-

65,000,000

0.93

D. Strang

40,000,000

-

-

40,000,000

0.57

* appointed 10 August 2016

In addition to the Directors' Options detailed above, 7,500,000 options have been issued to Beaufort Securities Limited with the same exercise and vesting conditions in part consideration of their services as a joint broker.

Following these issues, the Company has 623,952,777 outstanding options in total, representing approximately 8.93 per cent. of the existing issued share capital.

For further information:

 

Solo Oil plc

Neil Ritson

Daniel Maling

+44 (0) 20 3794 9230

 

 

Beaumont Cornish

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396

 

Shore Capital

Joint Broker

Jerry Keen

 

Beaufort Securities

Joint Broker

Jon Belliss

 

Cassiopeia Services Ltd

Investor and Media Relations

Stefania Barbaglio

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7382 8300

 

 

 

+44 (0) 79 4969 0338

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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