Europa Oil & Gas (Holdings) plc has cancelled 13 million enterprise management incentive share options and granted 50m new options of which a portion will replace those cancelled.
REVIEW
The company said that the remuneration committee had agreed with a third-party independent review that the remuneration packages for employees and directors was “no longer appropriate”.
The board adopted its recommendations to replace the existing long-term incentive package to “re-align the option scheme with the current strategic focus of the company”.
The company cancelled 10,241,000 of existing EMI options over ordinary shares of 1p each in the capital of the company and will cancel 2,950,000 options held by independent non-executive chairman Brian O’Cathain, who will then hold none in the company.
On 17 January 2024, Europa granted under its new EMI scheme a total 50,000,000 options over ordinary shares.
Chief executive officer William Holland had 7,721,000 options cancelled and is granted 20m new EMI options.
Chief operating officer Alastair Stuart previously held no options and now holds 15m while other employees had in total 11.8m and now hold 15m.
The exercise price of the new options is 1.075 pence.
Following the cancellations and awards, as of 19 January 2024, Europa had 77,609,628 options and warrants outstanding over ordinary shares.
A total 17,064,154 are due to expire, or otherwise be cancelled, before the end of Q1 2024, leaving 60,545,474 options and warrants outstanding, representing 5.93% of the fully diluted share capital.