Business
Reissue of options
Reissue of options.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n Asia Energy PLC\n29 November 2006\n\n Press Release\n\n\nFollowing the difficult circumstances of the last few months, the Remuneration\nCommittee have considered how best to incentivise the Company's senior\nmanagement team to ensure that once the Bangladeshi Government has granted the\napproval of the Scheme of Development, we are in a position to progress to the\nnext stage of the Phulbari Coal Project and to develop further opportunities for\nthe Company.\n\nThe Board has decided, acting on the recommendation of the Remuneration\nCommittee, to cancel the unexercised options issued in 2006 to the Company's\nexecutive Directors, as well as the Chairman, and to grant new options.\n\nIn total 1,640,000 options have been cancelled. The new share options in the\nCompany will be granted with an exercise price of 135p with a term of 5 years\nfrom the date of this announcement. The new share options will be granted to Mr\nG Holden (120,000), Mr S Bywater (1,000,000), Mr G Lye (120,000) and Mr G\nTaggart (500,000).\n\nThe Company will also be proposing to shareholders at the Annual General Meeting\na name change to Global Coal Management plc. The subsidiary companies names, in\nparticular Asia Energy Corporation (Bangladesh) Pty LIMITED and Asia Energy\nCorporation Pty LIMITED, the entities that hold the contract and licences to\ndevelop Phulbari will remain unchanged.\n\nFor further information:\n\nStephen Bywater, Chief Executive Justine Howarth, Cathy Malins\[email protected] Parkgreen Communications\nGraham Taggart, Finance Director Tel: +44 (0) 20 7493 3713\[email protected] [email protected]\n [email protected]\nASIA ENERGY PLC\nTel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631\[email protected]; www.asia-energy.com\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]