Ascent Resources plc granted options over a total of 30 million ordinary shares of £0.005, to its non-executive chairman and a non-executive director, under individual share option agreements.
INTERESTS
Jean-Michel Doublet and Edouard Etienvre each received 15 million options with an exercise price of 0.65 pence per ordinary share.
The options vest in three tranches on 12 March 2027, 12 March 2028 and 12 March 2029, and each tranche has an exercise period of five years from its vesting date.
Ascent said that the options, granted on 13 March, were not subject to performance conditions, apart from continued service, but had an exercise price at a premium to the current share price.
The company added that the price “aligns the interests of the directors with those of shareholders as the share price is likely to be a proxy for operational performance”.
Ascent holds onshore gas interests in Slovenia, where it awaits a tribunal award, and in Utah USA.