REG - 88 Energy Limited - Replacement: Options Exercise & Performance Rights

88 EnergyAnnouncement

24/10/2018 13:45

RNS Number : 0680F
88 Energy Limited
24 October 2018
 


88 Energy Limited
 
The Company wishes to issue a correction to the announcement released on 24 October 2018 at 9.46am under the title 'Exercise of Options and Issue of Performance Rights' with RNS No 0216F.
 
Following the issue of the New Ordinary Shares pursuant to the exercise of options the Company has 5,573,689,646 ordinary shares in issue, all of which have voting rights.  Dave Wall's interest in the share capital of the Company remains at 34,791,666 Ordinary Shares, which now represents 0.62 per cent of the issued share capital. 
 
The full amended text is shown below.
 
 
Replacement - Exercise of Options
and Issue of Performance Rights
 
88 Energy Limited ("88E" or the "Company") announces that it has issued a total of 2,500,000 fully paid ordinary shares in the Company (the "New Ordinary Shares") pursuant to the exercise of options by Dave Wall, Managing Director of 88E and a Director of the Company. 
 
The Company has also issued a total of 31,249,110 performance rights ("Performance Rights") under the Company's employee incentive scheme (subject to vesting conditions) to certain employees, as approved by shareholders at the General Meeting of the Company held on 15 October 2018. Dave Wall was the recipient of 21,900,000 of these Performance Rights, further details of which are set out in the Company's notification released on 28 September 2018.
 
Application has been made for admission of the New Ordinary Shares to trading on AIM, which is expected to occur on 30 October 2018. Following the issue of the New Ordinary Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has 5,573,689,646 ordinary shares in issue, all of which have voting rights.
 
The direct and indirect interests of Dave Wall after the exercise of Options and other transactions described above are now as follows:
 



Director


Total number of Ordinary Shares held


% interest


Total number of Options held




David James Wall


34,791,666


0.62%


37,500,000 Unlisted Options exercisable at $0.021 on or before 1 November 2018
 




20,000,000 Unlisted Options exercisable at $0.06 on or before 14 March 2020
 
21,900,000 Performance Rights (subject to vesting conditions)



 
Media and Investor Relations:
 
88 Energy Ltd
Dave Wall, Managing Director                                                   Tel: +61 8 9485 0990
Email: admin@88energy.com
 
Finlay Thomson, Investor Relations                                        Tel: +44 7976 248471
 
Hartleys Ltd
Dale Bryan                                                                                          Tel: + 61 8 9268 2829
 
Cenkos Securities                                                                            Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee

 

 
 
 



1.


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


David James Wall




2.


Reason for the Notification




a)


Position/status


Director of the Company




b)


Initial notification/amendment


Initial notification




3.


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


88 Energy Limited




b)


LEI


213800YFW5171TD69V35




4.(i)


Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted




a)


Description of the Financial instrument, type of instrument


Ordinary shares




Identification code


AU00000088E2




b)


Nature of the Transaction


Exercise of Options




c)


Price(s) and volume(s)


Number of Options Exercised


Price




2,500,000


$0.021




 


 




 


 




d)


Aggregated information
Aggregated volume Price


2,500,000 options exercised at an aggregate value of $52,500




e)


Date of the transaction


24 October 2018




f)


Place of the transaction


London Stock Exchange, AIM (LON:88E)



 



4.(ii)


Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted




a)


Description of the Financial instrument, type of instrument


Performance Rights (subject to vesting conditions) over Ordinary shares




Identification code


AU00000088E2




b)


Nature of the Transaction


Issue of Performance Rights 




c)


Price(s) and volume(s)


21,900,000 Performance Rights


 




 


 




d)


Aggregated information
Aggregated volume Price


21,900,000 Performance Rights




e)


Date of the transaction


24 October 2018




f)


Place of the transaction


London Stock Exchange, AIM (LON:88E)



 
 




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