Obtala Limited (AIM:OBT), the African focused agricultural and forestry company, is pleased to provide the following update.
Share Option Awards
The Company has approved the issue of share option awards to recently appointed management, including non-executive director Jessica Camus. Share option awards were made on the following structure within the company’s existing share scheme:
Vesting Date Trigger Price Award Amounts
30 June 2018 20p 1.75m options
30 June 2019 25p 1.75m options
30 June 2020 30p 1.75m options
30 June 2021 35p 1.75m options
- The share options only become exercisable upon the Obtala monthly VWAP stock price being above the trigger price for 3 consecutive months at or after the vesting date.
- All tranches of the above options expire on 30thJune 2026 regardless of whether they have been exercisable or not.
- The exercise price for the options is 18p.
- If the awardee is not in the employment of a Group company at the time of vesting then the awards are forfeit.
The awards will be distributed to management of the following basis:
Carnel Geddes Group Accountant 250k per tranche (1m total)
Martin Collins Head of New Business 250k per tranche (1m total)
Adam Barker New Business 500k per tranche (2m total)
Jessica Camus Non-executive Director 250k per tranche (1m total)
Benjamin Salter Global Head of HSSE 250k per tranche (1m total)
Ulrica Marshall Public Relations Advisor 250k per tranche (1m total)
Miles Pelham, Chairman of Obtala comments:
“The further issue of performance based incentivisation to management underlines our commitment to appropriate and adequate incentivisation of employees which aligns interests with all stakeholders. As we work through this period of rapid production expansion it is essential motivation levels are high and operational/execution risk is overseen diligently.
Following this grant we now have 22m share options outstanding compared with 21m following last June’s awards. The narrow difference is due to 6m share options being forfeit by leavers.”
Miles Pelham – Chairman
|+44 (0)20 7099 1940|
|ZAI Corporate Finance Limited (Nomad)
John Treacy / Ray Zimmerman
|+44 (0)20 7060 2220|
|Brandon Hill Capital (Joint Broker)
|+44 (0)20 3463 5000|
|Beaufort Securities Limited (Joint Broker)
|+44 (0)20 7382 8300|
This announcement contains information which was previously inside information for the purposes of Article 7 of the Market Abuse Regulation EU Regulation 596/2014.