Business
Grant of Options to Directors
Grant of Options to Directors.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 9242U Sterling Energy PLC 06 December 2013 \n\n \n6 December 2013\nSTERLING ENERGY PLC\n \nGrant of Options under Long Term Incentive Plan\n \nSterling Energy Plc (\"Sterling\" or the \"Company\") (AIM: SEY), the independent oil and gas exploration and production company with interests in the Middle East and Africa, advises of the following grant of options over ordinary shares in the Company of 40p nominal value (\"Ordinary Shares\") to certain executive directors under the Sterling Energy Plc All Staff Long Term Incentive Plan (\"All Staff LTIP\"). \n \nThe options are granted with a 5 year term; after 3 years the Performance Conditions (see below) are used to determine the proportion of options that vest; vested options may be exercised during the final 2 year period. The options are granted as nominal cost options with an exercise price of 40p per share. \n \nUnder the 2013 awards, the following directors have been awarded options over 40p Ordinary Shares in the Company.\n \n\n\n\n\nDirector\n\n\nOrdinary Shares under option pursuant to the All Staff 2013 Awards\n\n\nTotal number of Ordinary Shares under option\n\n\n\n\nAlastair Beardsall \n\n\n1,657,500\n\n\n1,657,500\n\n\n\n\nPhilip Frank\n\n\n557,500\n\n\n2,498,850\n\n\n\n\n \nAlastair Beardsall has not received a grant of options under the All Staff LTIP since 2009.\n \nDuring 2009 the Panel on Takeovers and Mergers (the \"Panel\") deemed that Alastair Beardsall was acting in concert with Waterford Finance and Investments Limited who hold 29.9 per cent. of the issued shares in Sterling; therefore the grant of options to Alastair Beardsall is made subject to a Rule 9 waiver being granted by the Panel, and the waiver, if granted, being approved by shareholders of the Company at the next general meeting. The Company expects to post a circular to its shareholders setting out details of the waiver and seeking such approval with the notice for the next annual general meeting which is likely to be held in April 2014. \n \nIn addition to the options listed above, a further 2,331,400 options have been issued to Sterling's staff under the All Staff LTIP scheme. In total, there are currently 13,465,283 options over Ordinary Shares in issue representing 6.1% of the issued share capital of the Comp...