Additional Share Option Awards / Director dealing

RNS Number : 1307K

Obtala Limited

05 July 2017

 

05 July 2017

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

Additional Share Option Awards/Director dealing

Obtala Limited (AIM:OBT), the African focused agricultural and forestry company, is pleased to provide the following update.

Share Option Awards

The Company has approved the issue of share option awards to recently appointed management, including non-executive director Jessica Camus. Share option awards were made on the following structure within the company's existing share scheme:

Vesting Date           Trigger Price            Award Amounts

30 June 2018            20p                               1.75m options

30 June 2019            25p                               1.75m options

30 June 2020            30p                               1.75m options

30 June 2021            35p                               1.75m options

·    The share options only become exercisable upon the Obtala monthly VWAP stock price being above the trigger price for 3 consecutive months at or after the vesting date.  

·   All tranches of the above options expire on 30^th June 2026 regardless of whether they have been exercisable or not. 

·    The exercise price for the options is 18p.

·    If the awardee is not in the employment of a Group company at the time of vesting then the awards are forfeit.

The awards will be distributed to management of the following basis:

Carnel Geddes              Group Accountant                                                       250k per tranche (1m total)

Martin Collins               Head of New Business                                               250k per tranche (1m total)

Adam Barker                 New Business                                                                500k per tranche (2m total)

Jessica Camus               Non-executive Director                                             250k per tranche (1m total)

Benjamin Salter           Global Head of HSSE                                                    250k per tranche (1m total)

Ulrica Marshall             Public Relations Advisor                                             250k per tranche (1m total)

Miles Pelham, Chairman of Obtala comments:

"The further issue of performance based incentivisation to management underlines our commitment to appropriate and adequate incentivisation of employees which aligns interests with all stakeholders.  As we work through this period of rapid production expansion it is essential motivation levels are high and operational/execution risk is overseen diligently.

Following this grant we now have 22m share options outstanding compared with 21m following last June's awards.  The narrow difference is due to 6m share options being forfeit by leavers."

Obtala Limited Miles Pelham - Chairman Paul Dolan - CEO www.obtala.com	[phone]
ZAI Corporate Finance Limited (Nomad) John Treacy / Ray Zimmerman	[phone]
Brandon Hill Capital (Joint Broker) Jonathan Evans	[phone]
Beaufort Securities Limited (Joint Broker) Jon Belliss	[phone]

This announcement contains information which was previously inside information for the purposes of Article 7 of the Market Abuse Regulation EU Regulation 596/2014. 

 

END

 

 

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