Business
Exercise of Options
Exercise of Options.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n\n\n\n\n Gold Oil PLC\n (\"Gold\" or \"theCompany\")\n\n Exercise of Option by Sheer Energy\n Capitalisation of Fees\n Related Party Transaction\n Directors' Dealings\n Issue of Equity\n Total Voting Rights\n The Board of Gold announces that on 28 February 2011 Sheer Energy Pty Ltd.\n (\"Sheer\"), a company wholly owned by Gold's chairman, Mr. John Bell, notified\nthe Company of its intention to exercise  its remaining option, to subscribe for\n 25,000,000 new ordinary shares of 0.025p each at an exercise price of 4 pence\n per share.\nExercise of Option, Capitalisation of Fees & Related Party Transaction\n\nOn 6 March 2010, Gold Oil announced that Sheer had subscribed for 56.1m new\nshares in the Company at a price of 3.5p per share. In addition, Sheer was\ngranted options to subscribe for additional shares in Gold. The statement also\nexplained that John Bell was (and still is) CEO and sole shareholder of\nAustralian Drilling Associates Pty. Ltd. (\"ADA\"), a well engineering and\ndrilling project management company and was (and still is) CEO and sole\nshareholder of Sheer Energy Pty Ltd.\n\nThe same announcement stated the intention for Gold to enter into service\nagreements with ADA and Sheer for the provisions of a broad range of sub surface\nand well engineering services. The relationship between Gold and each of ADA and\nSheer would be conducted on an arms length basis and services charged\naccordingly. Sheer would have the option to be paid in new ordinary shares for\nthe services it provided to Gold.\n\nPursuant to these arrangements and the corresponding statements, for the period\nended 28 February, Sheer has paid for work conducted by third parties on behalf\nof Gold and also conducted work itself on behalf of Gold to the value of AUD$\n1.6m (GBP1m). The costs incurred by Sheer will be capitalised by the conversion\nof the debt into Gold shares by exercising the outstanding option at the option\nprice of 4p per share (the \"Transaction\").\n\nAs Sheer is a significant shareholder in the Company, the conversion of\noutstanding fees into new ordinary shares by Sheer is a related party\ntransaction under the AIM Rules. The Directors (less Mr. Bell and Mr. Reid)\nconsider, having consulted with its Nominated Adviser, Seymour Pierce, that the\nterms of the Transaction are fair and reasonable i...