Business
EMI Scheme and Initial grant of Share Options
EMI Scheme and Initial grant of Share Options.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 8309N\n Baron Oil PLC\n 26 May 2020\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n \n 26 May 2020\n Baron Oil Plc\n (\"Baron Oil\", \"Baron\" or \"the Company\")\n Establishment of EMI Scheme and Initial grant of Share Options\n Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration and production company focused on opportunities in SE Asia, Latin America and the UK announces the establishment of an Enterprise Management Incentive (\"EMI\") scheme and an initial grant of share options.\n The EMI is an HMRC approved tax efficient option scheme that enables companies to attract and retain key staff by rewarding them with equity participation in the business. The scheme will be open to all Baron employees who qualify under the HMRC rules.\n The creation of the EMI scheme follows the Company's decision in January 2020 to continue to develop its portfolio of assets as an independent exploration company. As disclosed in the recently published Annual Report for 2019 and latest QCA statement, the Remuneration Committee was tasked with reviewing the incentive opportunities available for the management team with a view to aligning the interests of all stakeholders.\n In the past, the granting of share options by the Company has been somewhat sporadic and short term in nature. Without the inclusion of today's EMI awards, the number of shares under option, on a fully diluted basis, would rapidly have fallen to 0.65%.\n The Company has today issued share options over a total of 290,000,000 ordinary shares of 0.025 pence each in the Company (\"Share Options\") to the following individuals - Malcolm Butler, Executive Chairman (125,000,000), Andrew Yeo, Managing Director (125,000,000) and Geoffrey Barnes, Financial Controller and Company Secretary (40,000,000). These vested options have a 10 year life from the date of issue and an exercise price of 0.1p. This is a premium of 21 % to the mid-market share price at the close on 22 May 2020 but matches the Placing Price of the Baron funding round in Q1 2020, which included a £57,500 subscription by the directors. This will increase the fully dilut...