REABOLD RESOURCES PLC — Remuneration Information 2018

Mar 14, 2018

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RNS Number : 7551H

Reabold Resources PLC

14 March 2018

For immediate release	14 March 2018

Reabold Resources plc

("Reabold" or the "Company")

Issue of Options

Reabold, the AIM-listed strategic investor in pre-cash flow upstream oil and gas projects, is pleased to announce that, further to the successful placing announced on 28 February 2017 to raise approximately £7.83m ("the Placing") at a price of 0.6 pence ("the Placing Price"), the Company advises that it has granted options to directors over a total of 125 million common shares ("the Options"). 

The granting of the Options is subject to approval of the Placing at a meeting of shareholders to be held on 19 March 2018 and would represent 4.39% of the issued share capital of the Company following completion of the Placing.  The Options will have a four-year term, expiring on 19 March 2022. 

Executive	Position	New Options Issued	Exercise Price	Vesting Period	Expiry
Sachin Oza	CEO	20,000,000 20,000,000 20,000,000	0.60p 0.90p 1.20p	Immediately 12 months from grant 18 months from grant	19-Mar-22 19-Mar-22 19-Mar-22
Stephen Williams	CEO	20,000,000 20,000,000 20,000,000	0.60p 0.90p 1.20p	Immediately 12 months from grant 18 months from grant	19-Mar-22 19-Mar-22 19-Mar-22
Anthony Samaha	Finance Director	5,000,000	0.60p	Immediately	19-Mar-22

Of the 125m Options: 45 million have an exercise price of 0.60p and vest immediately and are in line with both the Placing Price as set out above; 40 million have an exercise price of 0.90p, representing a premium of 50% to the Placing Price and vest 12 months from grant; and 40 million  have a exercise price of 1.2p, representing a premium of 100% to the Placing Price, and vest 18 months from grant. Should any Option holder leave the Board prior to the vesting of their Options, such Options will be forfeited.   

The issue of the Options as set out above ("the Transaction") are a related party transaction under the AIM Rules.  Jeremy Edelman, the Director independent of the Transaction, considers, having consulted with the Company's Nominated Adviser, that the terms of the Transaction are fair and reasonable so far as shareholders of the Company are concerned.

Jeremy Edelman, Executive Chairman, commented:

"I am delighted to see the completion of the successful fundraising led by Sachin and Stephen, with strong institutional support for the implementation of their unique business strategy aimed at catalysing near term activity and delivering long-term growth and substantial returns for shareholders. Following discussions with key stakeholders, it was clear that now is the right time to enhance appropriate incentives for the management team, to further align their interests with those of shareholders."

"We look forward to further benefiting from their considerable technical and commercial acumen and to the high-impact drilling opportunities which Sachin and Stephen have made possible for the Company in 2018." 

Currentmanagement incentive options include those granted on 19 October 2017 which are shown in the table below, and which, when aggregated with the Options subject to approval of the Placing, represent options over a total of 315,000,000 ordinary shares in the Company, representing 11.07% of the issued share capital of the Company following completion of the Placing.

Executive	Position	Options Issued	Exercise Price	Vesting Period	Expiry
Sachin Oza	CEO	30,000,000 30,000,000 30,000,000	0.50p 0.75p 1.00p	From 19 October 2017 12 months from grant 18 months from grant	19-Oct-21 19-Oct-21 19-Oct-21
Stephen Williams	CEO	30,000,000 30,000,000 30,000,000	0.50p 0.75p 1.00p	From 19 October 2017 12 months from grant 18 months from grant	19-Oct-21 19-Oct-21 19-Oct-21
Anthony Samaha	Finance Director	10,000,000	0.5p	From 19 October 2017	19-Oct-21

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014

Enquiries:

Reabold Resources plc	Sachin Oza Stephen Williams	C/o Camarco Tel:  020 3757 4980
Beaumont Cornish Limited	Roland Cornish Felicity Geidt	Tel:  020 7628 3396
Whitman Howard Limited	Nick Lovering Grant Barker	Tel: 020 7659 1234
Turner Pope Investments (TPI) Ltd - Joint Broker	Andy Thacker	Tel: 020 3621 4120
Camarco	Billy Clegg James Crothers Oliver Head	Tel:  020 3757 4980

This information is provided by RNS

The company news service from the London Stock Exchange

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