Business
Board Change & Issue of Equity
Board Change & Issue of Equity.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 5953E\n Nostra Terra Oil & Gas Company PLC\n 02 March 2020\n \n \n \n \n 02 March 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 \n Board Change, Issue of Equity, Sums Owed to Non-Executive Directors, 3rd Party Loans & TVR\n \n \n \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, announces the following change to the board of the Company.\n \n \n \n \n \n Ewen Ainsworth has decided to step down as Non-Executive Chairman of the Company with immediate effect. John Stafford has assumed the role of interim Non-Executive Chairman while the composition of the board is settled and confirmed further to the General Meeting to be held on the 3rd March 2020.\n \n \n \n \n \n When Ewen Ainsworth joined Nostra Terra as Chairman of the Company on 24 June 2015, he agreed to receive 40 per cent of his annual director's and consultancy fee in share-based payments. Accordingly, Nostra Terra has issued 1,474,323 new Ordinary Shares (the \n \"\n Fee Shares\") to Mr. Ainsworth for the period from April 2019 to February 2020. Of these, 982,859 of such Fee Shares have been issued to Discovery Energy Limited, a company controlled by Mr Ainsworth, and 491,464 Fee Shares issued directly to Mr Ainsworth.\n \n \n \n \n \n The number of Fee Shares was calculated on the basis of the closing price for each calendar month during the eleven month period to February 2020. This results in a weighted average issue price for the Fee Shares of 1.13 pence per share.\n \n \n \n \n \n Application will be made to the London Stock Exchange for admission of the Fee Shares to trading on AIM (\"Admission\") and it is expected that Admission will take place, and that trading will commence, on AIM on 6 March 2020. \n \n \n \n \n \n Following the issue of the Fee Shares and Admission, Mr Ainsworth\n '\n s aggregate direct and indirect shareholding in the Company will comprise 5,257,979 Ordinary Shares, representing 2.65% of the Company\n '\n s issued and allotted share capital.\n \n \n \n \n \n Discovery Energy Limited has also provided loans to the Company initially to complete the acquisition of Pi...