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Following the appointment of Per Gunnar Loge as Chief Executive and Erik Jorgensen as a Non Executive Director, the Board has approved the issue to directors of warrants exercisable into the Company’s shares at the mid market price at close of business on 13 June 2008 as detailed below:
Warrant holder |
No. of Warrants |
Exercise Price |
Vesting Date |
Expiry Date |
Tranche 1: |
|
|
|
|
Chris Foss |
250,000 |
31.5p |
16/06/2008 |
16/06/2013 |
Erik Jorgensen |
125,000 |
31.5p |
16/06/2008 |
16/06/2013 |
Ian Livingstone |
125,000 |
31.5p |
16/06/2008 |
16/06/2013 |
Loge Resources AS* |
500,000 |
31.5p |
16/06/2008 |
16/06/2013 |
Derek Musgrove |
250,000 |
31.5p |
16/06/2008 |
16/06/2013 |
|
|
|
|
|
Tranche 2: |
|
|
|
|
Loge Resources AS* |
500,000 |
31.5p |
01/07/2009 |
01/07/2014 |
|
|
|
|
|
Tranche 3: |
|
|
|
|
Loge Resources AS* |
500,000 |
31.5p |
01/07/2010 |
01/07/2015 |
* Per Gunnar Loge, Chief Executive of ATI, is Chairman, Chief Executive and majority shareholder in Loge Resources AS.
In addition to the above, the Board has approved the award of a further 1.75 million warrants to directors that will vest upon the admission of the Company’s ordinary shares to trading on AIM or another stock exchange. These warrants will expire five years after vesting.
These new warrants have been issued as a continuation of the Board's policy of providing primarily performance based incentives to Directors.
The Directors of the Issuer accept responsibility for this announcement.
-Ends-
Contact Details:
ATI Oil Plc
Derek Musgrove, Chairman
Per Gunnar Loge, Chief Executive
Chris Foss, Finance Director
Tel: 020 7469 2940
St.Helen’s Capital Plc
Barry Hocken/Duncan Vasey
Tel: 020 7628 5582
Hansard Communications
Chris Roberts/Kirsty Corcoran
Tel: 020 7245 1100
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