Finance News Oil & Gas

Prospex receives £87,677 via options exercise

Prospex Energy plc received £87,677.88 following notice to exercise of options to subscribe for 2,191,947 new ordinary shares of 0.1p each in the company.

AGREEMENTS

The options were issued pursuant to option agreements dated 20 July 2020 and were exercised by two directors and an employee.

The exercise price is 4 pence per option exercised.

Following admission, Prospex will have a total of 272,984,675 ordinary shares in issue.

Mark Routh900,000
William Smith900,000
Alasdair Buchanan 900,000
Richard Mays900,000
Total3,600,000
The options to be issued (Prospex Energy)

SHARE OPTIONS

The company also granted a total of 3,600,000 share options to its board of directors. 

The new options, granted on 23 September, represent 1.3% of the issued share capital after admission. 

Following the award, the board and management will hold 8,593,468 options, representing 3.1% of the company.

DirectorNumber% of share capital following Admission
Mark Routh3,000,000 1.1%
William Smith1,821,6690.7%
Richard Mays1,821,6690.7%
Alasdair Buchanan 1,800,0000.7%
Total8,443,3383.1%
Directors’ total interest in options after the award (Prospex Energy)

The new options have been awarded at 8.15p per share representing a 3.2% premium to 7.90p on 22 September 2022.

DirectorExpiry 31/3/25Strike PriceExpiry 17/3/25Strike PriceTotal
William Smith21,66975p900,0005p921,669
Richard Mays21,66975p900,0005p921,669
Alasdair Buchanan900,0005p900,000
Mark Routh2,100,0005p2,100,000
Totals43,3384,800,0004,843,338
Options currently held by directors (Prospex Energy)

The options vest immediately and are exercisable for a period of five years.