Business
Award of Options and Notice of General Meeting
Award of Options and Notice of General Meeting.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4955A\n Nostra Terra Oil & Gas Company PLC\n 29 September 2020\n \n \n \n \n 29 September 2020\n \n \n \n \n \n Nostra Terra Oil and Gas Company plc\n \n \n (\"Nostra Terra\" or the \"Company\")\n \n \n \n \n \n Award of Options and Notice of General Meeting\n \n \n Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA\n advises that it has issued, in aggregate, 26.2 million options over ordinary shares in the Company (\"Ordinary Shares\") to the Board of Directors and certain key management\n \n (\"Incentive Options\").\n \n \n \n It is the aim of the Board of Directors of the Company to reward key employees on a basis which is aligned with the interests of shareholders and the performance of the Company. As such, the Remuneration Committee has set stretching financial and shareholder return criteria which must be met for the vesting of the awards issued to executive management to occur.\n \n \n 15 million Incentive Options have been issued to the CEO, Matt Lofgran, and a further 2.2 million Incentive Options have been issued, in aggregate, to certain key management personnel. Each of these awards are split into three equal tranches with exercise prices of 0.50p, 0.75p, and 1.0p each, which represents an approximate 67%, 150%, and 233% premium to the closing mid price of the Ordinary Shares on 28 Sep 2020, with a term of 7 years. These awards only vesting on the Company achieving cash flow positive status at the corporate level for three consecutive months, as agreed by the Remuneration Committee. \n \n \n Non-executive Directors Dr Steve Staley and Mr John Stafford have also been awarded 5 million and 4 million Incentive Options, respectively, on the same terms as set out above except for the vesting criteria. Rather than their Incentive Awards vest on the Company achieving cash flow positive status as set out above, they will vest one year from the date of issue.\n \n \n The total Incentive Options award represents c. 4.5 per cent. of the Company's share capital as enlarged by the fundraising announced on 25 September 2020 (the \"Fundraise\"). \n \n \n Notice of General Meeting\n \n \n The Company tomorrow is posting a circular to Shareholders (the \"Circular\") convening a general meetin...