Edenville Energy plc (AIM:EDL), announces that upon the recommendation of the Company’s Remuneration Committee, the following options to acquire ordinary shares of 0.2p each in the share capital of the Company (“Ordinary Shares”) at an exercise price per Ordinary Share of 1.08p (“Options”) have been granted to the Directors and senior management of the Company.
The exercise price per Option represents a 35 per cent. premium to 0.8p, the price per Ordinary Share at which the recent placing, which concluded following the General Meeting on 17 March 2017, was executed.Option RecipientNumber of Options grantedRufus Short16,000,000Jeffrey Malaihollo10,000,000Arun Srivastava6,000,000Other Senior Management14,000,0000
The 38,000,000 Options issued to Directors and a member of the senior management will vest one third immediately, one third upon production of in excess of 5,000 tonnes of commercial coal per month over three months and one third upon completion of the Bankable Feasible Study for Rukwa Power Plant.
8,000,000 of the Options, being those granted to the two recently appointed engineers (as detailed in the Company’s announcement dated 6 March 2017), will vest one-half upon production of in excess of 5,000 tonnes of commercial coal per month over three months and one-half upon production of in excess of 10,000 tonnes of commercial coal per month over three months.
All the Options will be exercisable for five years from 27 March 2017.
The Options granted represent 3.4 per cent. of the total issued share capital of the Company on a fully diluted basis as summarised in the table below:Total% of fully diluted Share CapitalOrdinary Shares in issue on 28 March 20171,084,286,58780.8%Options Granted on 28 March 201746,000,0003.4%Outstanding share options granted previously9,017,2220.7%Outstanding warrants202,614,54315.1%Fully diluted share capital1,341,918,352100%
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Edenville Energy Plc Jeff Malaihollo – Chairman Rufus Short – CEO +44 (0) 20 7652 9788
Northland Capital Partners Limited (Nominated Adviser) Gerry Beaney David Hignell +44 (0) 20 3861 6625
Optiva Securities Limited (Broker) Jeremy King Graeme Dickson +44 (0) 20 3137 1902
(Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong +44 (0) 20 3053 8671
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