Deltic Energy plc has granted options over a total of 2,025,000 ordinary shares in the company to its directors, senior management and employees.
INCENTIVES
The options each have an exercise price of 28.25 pence, being the closing mid-market price of an ordinary share on 23 August 2023.
The grant of options is a mixture of enterprise management incentives qualifying and non-qualifying options, in relation to the company’s enterprise management incentives plan.
The options may vest in three equal tranches over three years and are exercisable, to the extent vested, until 10 years from the date of grant.
DIRECTORS
Deltic’s directors and senior management received a total 1,500,000 share options.
Chief executive officer Graham Swindells received 600,000 taking his total options held to 3,532,600.
Chief operating officer Andrew Nunn also received 600,000 (3,532,600) and chief financial officer Sarah McLeod was granted 300,000 (1,051,480).
Deltic granted a further 525,000 options to certain other senior staff and employees at the same exercise price of 28.25 pence per ordinary share.
The options awarded are equivalent to 2.17% of the company’s current issued share capital.
A total 10,066,560 options over ordinary shares in the company remain outstanding, representing approximately 10.8% of Deltic’s current issued share capital.
The total number of ordinary shares currently in issue is 93,096,600.