Share Option Awards

RNS Number : 8509C

Obtala Resources Limited

30 June 2016

 

30 June 2016

Obtala Resources Limited

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

(AIM: OBT)

Share Option Awards

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

Share Option Awards

In the best interests of all stakeholders The Board today proposed and approved the issue of long-dated, highly out-of-the-money share option awards to current and proposed management.  This aligns management interests and strongly links reward with performance as we seek to increase shareholder value over the medium-term.  Share option awards were made on the following structure within the company's existing share scheme:

Vesting Date                         Trigger Price                         Award Amounts

June 2018                              15p                                         5.25m options

June 2019                              20p                                         5.25m options

June 2020                              25p                                         5.25m options

June 2021                              30p                                         5.25m options

·      The share options would be issued, but only 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 are 8.75p.

·      If the awardee is not in the employ at the time of vesting then the awards are forfeit.

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

Miles Pelham                       Chairman                                                              1m per tranche (4m total)

Paul Dolan                            CEO                                                                         1m per tranche (4m total)

Simon Rollason                   Managing Director                                              1m per tranche (4m total)

Warren Deats                       COO                                                                        1m per tranche (4m total)

Philippe Cohen                    Finance Director                                                  250k per tranche (1m total)

Ilene Hardy                           Company Secretary                                             250k per tranche (1m total)

Patrick Greene                     Head of Forestry                                                  250k per tranche (1m total)

Graham Impey                     Head of Agriculture                                             250k per tranche (1m total)

Sophie Hunter                      Head of Sales, Marketing & Distribution       250k per tranche (1m total)

Miles Pelham, Chairman's comment:

The introduction of adequate, appropriate, performance based incentivisation is a crucial ingredient to aligning interests and ensuring execution risk is overseen with extreme diligence as we embark on a period of rapid production expansion. 

I feel the Share Awards granted today are sufficiently high enough, and of the appropriate duration, for the betterment of all stakeholders.

Obtala Resources Miles Pelham - Chairman Paul Dolan - CEO www.obtalaresources.com	[phone]
ZAI Corporate Finance Limited (Nomad)                 Ray Zimmerman/Peter Trevelyan-Clark/Jamie Spotswood	[phone]
Brandon Hill Capital  (Broker)      Jonathan Evans	[phone]

 

END

 

 

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