Beacon Energy plc has granted options over a total 503,565,644 ordinary shares of nil pence each in the capital of the company to its directors and employees.
DIRECTORS
The options are exercisable at 0.15 pence per ordinary share, being the issue price at the company’s £4.3 million fundraise in September.
Beacon has also reached agreement with certain directors to cancel 33,360,000 ‘out of the money’ options for no consideration.
Chairman Mark Rollins received 37,566,588 options which takes his total options held to 155,335,064; chief executive officer Larry Bottomley 100,177,569 (492,829,705); chief financial officer Stewart MacDonald 91,661,457 (269,622,711); non-executive directors Stephen Whyte and Ross Warner each received 18,783,294 (74,863,520 each).
The options vest in two equal tranches of six months and one year from the date of grant, and are exercisable for up to five years from their date of grant.
Beacon has granted a further 236,593,442 share options to certain other members of senior management and employees at the same exercise price and terms.
The company holds production, development, appraisal and exploration assets onshore Germany.