Prospex Energy plc awarded a total 4,200,000 share options in the company to directors and staff following the start of gas production from the Podere Maiar-1 well in Italy.
PREMIUM
The options at 7p per share represent an 11.1% premium to 6.3p, the closing price on 26 July 2023.
The awards represent 1.43% of the issued share capital of Prospex, resulting in the total options awarded to staff and management of 17,946,364, representing 6.11% of the issued share capital on 31 July 2023.
The options vest immediately and are exercisable for a period of five years.
DIRECTORS
Directors include chief executive officer Mark Routh who received 1.2 million to hold a total 5,433,333 equal to 1.85% of the share capital on 31 July 2023.
Additionally, non-executive chairman William Smith received 300,000 for a total 2,491,669, 0.85%); independent non-executive director Alasdair Buchanan (300,000 for a total 2,470,000, 0.84%); independent non-executive director Andrew Hay (900,000 or 0.31%); group head of finance Grant Glanfield (500,000 to a total 1,075,556, 0.37%); other staff (one million).
The total number of share options belonging to directors or persons discharging managerial responsibilities equals 12,370,558, representing 4.21% of the share capital on 31 July 2023.