Issue of Equity & Director's Dealings

RNS Number : 4288T

Sound Oil PLC

17 July 2015

 

17 July 2015

Sound Oil plc

("Sound Oil" or the "Company")

Exercise of Options, Issue of Equity and Director's Dealings

Sound Oil, the Mediterranean focused upstream gas company, announces that the Company has today issued a total of 1,499,999 new ordinary shares of 1p each in the Company (the "New Ordinary Shares") following option exercises, which include an exercise of options by James Parsons, a director of the Company.

On 17 July 2015 James Parsons, Sound Oil's Chief Executive Officer, exercised options to subscribe for 1,333,333 new ordinary shares in the Company at a price of 6.5 pence per new ordinary share.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on 23 July 2015.  Following the issue of the New Ordinary Shares, the Company will have 499,464,711 Ordinary Shares in issue and there are no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Rules and Transparency Rules.

The Company has also today been notified that, on 17 July 2015, James Parsons disposed of 1,333,333 ordinary shares in the Company (the same number as those created by the option exercise) at an average price of 17.50 pence per ordinary share and 160,000 ordinary shares at a price of 18.56 pence per share.  James Parsons has also, for tax optimization reasons, transferred 100,000 ordinary shares in the Company to his wife for nil consideration.  As a result of these transactions, and following his exercise of options described above, James Parsons is now interested in 884,603 ordinary shares in the Company, representing 0.18 per cent. of the Company's issued ordinary share capital, and a further 5,130,000 share options.

For further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Alexandra Roper	Tel: [phone]
Sound Oil James Parsons, Chief Executive Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Peel Hunt - Broker Richard Crichton Charles Batten	Tel: [phone]

 

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