Business
Notice of AGM and Related Party Transaction
Notice of AGM and Related Party Transaction.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4760K Savannah Petroleum PLC 10 April 2018 \n\n10 April 2018\n \nSavannah Petroleum PLC\n(\"Savannah\" or \"The Company\")\n \nNotice of AGM, Related Party Transaction and Warrant Cancellation\n \nSavannah Petroleum has today posted its annual report and accounts to shareholders, which includes a notice of the Annual General Meeting (\"AGM\") to be held at 11 a.m. on 3 May 2018 at the Hilton London Canary Wharf, Marsh Wall, London, E14 9SH. The annual report and accounts are also available on the Company's website (www.savannah-petroleum.com).\n \nEight resolutions are to be proposed at the AGM. Resolution 5 seeks approvals to grant nil cost share options over up to 21,312,418 existing ordinary shares to the Company's Chief Executive Officer, Andrew Knott, which is deemed a related party transaction under the AIM Rules for Company. The full text of Resolution 5 is set out below for information.\n \nThe Board believe that the success of the Company will depend to a significant degree on the future performance of the Company's senior management team, in particular its CEO, Andrew Knott, and therefore that it is important to ensure that the members of the senior management team are well motivated and identify closely with the success of the Company.\n \nAs was disclosed in the Company's Admission Document published on 22 December 2017, the Company's Remuneration and Nomination Committee intends to incentivise certain existing and future senior management by offering them the option of participating in a new share incentive scheme (the \"New Share Scheme\"). The Company's Remuneration and Nomination Committee engaged New Bridge Street, part of AON plc, to advise on potential structures for the New Share Scheme.\n \nAwards under the New Share Scheme will take the form of nil cost options over a total of 42,624,837 existing ordinary shares in the Company currently held in an employee benefit trust. Vesting of the awards to participants will be linked to total shareholder return (based on share price performance and dividends), measured against the 30 day volume weighted average price (\"VWAP\") of the Company's shares during a 5 year period.\n \nFor initial participants, the Performance Options will vest on a straight-line basis should the VWAP at any point during t...