Asia Energy PLC
29 November 2006
Press Release
Following the difficult circumstances of the last few months, the Remuneration
Committee have considered how best to incentivise the Company's senior
management team to ensure that once the Bangladeshi Government has granted the
approval of the Scheme of Development, we are in a position to progress to the
next stage of the Phulbari Coal Project and to develop further opportunities for
the Company.
The Board has decided, acting on the recommendation of the Remuneration
Committee, to cancel the unexercised options issued in 2006 to the Company's
executive Directors, as well as the Chairman, and to grant new options.
In total 1,640,000 options have been cancelled. The new share options in the
Company will be granted with an exercise price of 135p with a term of 5 years
from the date of this announcement. The new share options will be granted to Mr
G Holden (120,000), Mr S Bywater (1,000,000), Mr G Lye (120,000) and Mr G
Taggart (500,000).
The Company will also be proposing to shareholders at the Annual General Meeting
a name change to Global Coal Management plc. The subsidiary companies names, in
particular Asia Energy Corporation (Bangladesh) Pty LIMITED and Asia Energy
Corporation Pty LIMITED, the entities that hold the contract and licences to
develop Phulbari will remain unchanged.
For further information:
Stephen Bywater, Chief Executive Justine Howarth, Cathy Malins
steve.bywater@asia-energy.com Parkgreen Communications
Graham Taggart, Finance Director Tel: +44 (0) 20 7493 3713
graham.taggart@asia-energy.com Justine.howarth@parkgreenmedia.com
cathy.malins@parkgreenmedia.com
ASIA ENERGY PLC
Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631
info@asia-energy.com; www.asia-energy.com
This information is provided by RNS
The company news service from the London Stock Exchange