Business
Grant of Share Options to Executive Directors
Grant of Share Options to Executive Directors.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7892A Cluff Natural Resources plc 10 June 2016 \n\nCluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n10 June 2016\nCluff Natural Resources Plc ('CLNR' or 'the Company')\nGrant of Share Options to Executive Directors\n \nCluff Natural Resources Plc is pleased to announce that it has today granted options to its three Executive Directors over a total of 25,556,900 ordinary shares of 0.5 pence each in the Company (\"Options\"), subject to performance criteria, as follows:\n \n\n\n\n\nExecutive Director\n\n\nPosition\n\n\nNumber of Options granted\n\n\nNumber of Ordinary Shares held under option after grant\n \n\n\n\n\nAlgy Cluff\n\n\nChairman & Chief Executive\n\n\n10,648,709\n\n\n18,648,709\n\n\n\n\nGraham Swindells\n\n\nFinance Director\n\n\n7,454,096\n\n\n9,654,096\n\n\n\n\nAndrew Nunn\n\n\nChief Operating Officer\n\n\n7,454,096\n\n\n10,454,096\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nTotal\n\n\n \n\n\n25,556,901\n\n\n38,756,901\n\n\n\n\n \nThe Options have an exercise price of 1.325 pence each, being the closing mid-market price per ordinary share on 9 June 2016.\n \nThe Options may vest in two equal tranches over two years, subject to meeting certain share price performance criteria and are exercisable, to the extent vested, until 10 years from the date of grant. The first tranche of 50% of the Options may vest after one year, subject to the Company's share price increasing by at least 50% over the exercise price and remaining at or above that level for at least 30 consecutive days. All of the share options may vest after two years, subject to the Company's share price increasing by at least 100% over the exercise price and remaining at or above above that level for at least 30 consecutive days.\n \nAt the same time, Graham Swindells has agreed to surrender options over 3,000,000 shares which were granted in 2013.\n \nThe Options awarded today are equivalent to 9.9% of the Company's current issued share capital.\n \nThe total number of Ordinary Shares currently in issue is 257,393,532\n \n**ENDS**\n \nFor further information please contact the following: \n \n\n\n\n\nCluff Natural Resources Plc  ...