Business
Award of New Options
Award of New Options.
About this update from Petro Matad Limited
[{"type":"text","content":"\n\n \n31 May 2023\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nAward of New Options\n \nThe Board of Petro Matad announces the grant of options (\"New Options\") to employees of Petro Matad under the Company's Long Term Equity Incentive Plan, following a review by the Board on the need to incentivize and retain employees and the passing of a Board resolution on 29 May 2023. The Company has not granted any options since 2013 however the Board views it appropriate to reinstate the issue of options as an appropriate measure to motivate employees.\n \nThe Board has approved the issue of an aggregate of 12,147,000 New Options at an exercise price of 4.8 pence per ordinary share, as determined by the market value on date of grant and the 90 preceding trading day average of the market value of the shares on AIM immediately preceding 29 May 2023, being the date of grant. The vesting terms of the New Options are that; 33 per cent. shall vest on the first of anniversary of the date of grant, 33 per cent. on the second anniversary of the date of grant and 34 per cent. on the third anniversary of grant. \n \nNo New Options are being granted to directors.\n \nFurther information please contact:\n\n\n\n\nPetro Matad Limited\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nMike Buck, CEO\n\n\n+976 7014 1099 / +976 7575 1099\n\n\n \n\n\n \n\n\n \n\n\n\n\nShore Capital (Nominated Adviser and Joint Broker)\n\n\n \n\n\n \n\n\n\n\nToby Gibbs\nJohn More\nRachel Goldstein\n \n\n\n+44 (0) 20 7408 4090\n\n\n \n\n\n \n\n\n \n\n\n\n\nZeus Capital Limited (Joint Broker)\nSimon Johnson\nLouisa Waddell \n\n\n \n+44 (0) 20 7614 5900\n\n\n \n\n\n \n\n\n \n\n\n\n\nFTI Consulting (Communications Advisory Firm)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nBen Brewerton\nChristopher Laing\n\n\n+44 (0) 20 3727 1000\n\n\n \n\n\n \n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nAbout Petro Matad\nPetro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of two Production Sharing C...