Business
Grant of options and Directorate change
Grant of options and Directorate change.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8288D Empyrean Energy PLC 29 March 2011 \n\n \n29 March 2011\n \nEmpyrean Energy PLC\n(\"Empyrean\" or the \"Company\"; Ticker (EME))\n \nCEO and Grant of Options\n \nEmpyrean today announces that Thomas Kelly, currently commercial director of the Company, will become Chief Executive Officer. For clarity, Mr Thomas Kelly will remain on the board of directors in an executive capacity. \n \nIn addition, the Company announces that at a board meeting held on 23 March 2011 share options over a total of 12,100,000 ordinary shares of 0.2p each in the Company were granted to the following directors: \n \n\n\n\n\nDirector\n\n\nNumber of options over ordinary shares\n\n\nExercise price of options\n\n\nDate of expiry\n\n\n\n\nPatrick Cross\n\n\n650,000\n\n\n£0.08\n\n\n30 April 2014\n\n\n\n\nThomas Kelly\n\n\n6,000,000\n\n\n£0.08\n\n\n30 April 2014\n\n\n\n\nFrank Brophy\n\n\n4,000,000\n\n\n£0.08\n\n\n30 April 2014\n\n\n\n\nJohn Laycock\n\n\n650,000\n\n\n£0.08\n\n\n30 April 2014\n\n\n\n\n \nAn additional 800,000 options will be granted to employees of the Company.\n \nThe options have been granted as part of an overall strategy to retain and incentivise directors and management. The criteria for eligibility include workload, operational input and the disparity between actual salary and market equivalent rates.\n \nFollowing the grant of options to Directors, each director will have the following interest in the Company:\n \n\n\n\n\nDirector\n\n\nNumber of ordinary shares\n\n\nTotal % of Ordinary issued share capital\n\n\nNumber of options over ordinary shares\n\n\nExercise price of options\n\n\n\n\nPatrick Cross\n\n\n540,000\n\n\n0.30\n\n\n1,150,000\n\n\n500,000 @ £0.06 expiring 28-May-13\n650,000 @ £0.08 expiring 30-Apr-14\n\n\n\n\nThomas Kelly\n\n\n8,500,000\n\n\n4.66\n\n\n12,200,000\n\n\n1,800,000 @ £0.04 expiring 31-Mar-12\n4,400,000 @ £0.06 expiring 28-May-13\n6,000,000 @ £0.08 expiring 30-Apr-14\n\n\n\n\nFrank Brophy\n\n\n1,166,666\n\n\n0.64\n\n\n7,450,000\n\n\n1,000,000 @ £0.04 expiring 31-Mar-12\n2,450,000 @ £0.06 expiring 28-May-13\n4,000,000 @ £0.08 expiring 30-Apr-14\n\n\n\n\nJohn Laycock\n\n\n400,000\n\n\n0.22\n\n\n950,000\n\n\n300,000 @ £0.06 expiring 28-May-13\n650,000 @ £0.08 expiring 30-Apr-14\n\n\n\n\n \n \nContact:\n \nEmpyrean En...