Borders & Southern Petroleum plc has issued options over a total of 30.8 million ordinary shares to its chief financial officer and incoming chief executive officer.
The company’s remunerations committee awarded the shares of 1 pence each at an exercise price of 2.3 pence, being the closing mid-market price on the London Stock Exchange on 19 February 2024.
The options vest on 20 February 2027 and expire on 19 February 2034.
Harry Baker, CEO with effect from 1 March, was awarded 22m options and CFO Peter Fleming was awarded 8.8m.
The options, representing in aggregate 4.21% of the existing issued ordinary shares in the capital of the company, were issued in line with Borders’ ongoing incentive plans.