REG - Corcel PLC - Options Issuance and Directors Dealings

CorcelAnnouncement

12/01/2024 07:00

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RNS Number : 5231Z  Corcel PLC  12 January 2024

Corcel PLC

("Corcel" or the "Company")

 

Options Issuance and Directors Dealings

12 January 2024

 

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production
company, announces an award of options to Senior Executives and Board
members.

 

Corcel Executive Chairman, Antoine Karam, commented: "Fully consistent with
our stated intentions, this package of options allows us to attract, retain
and ultimately compensate the high-quality executive team and Board we have
worked to assemble, while aligning the majority of their compensation with the
performance of the underlying business.

 

We hope investors will recognize the aggressive, yet we believe achievable,
performance metrics that once met, will unlock these options over the years to
come.  With our new Board and their compensation structure now largely in
place, we turn our attention back to the execution of our onshore strategy in
Angola as we enter the New Year."

 

Options Award and Directors' Dealings:

 

The Company announces the grant of 307,033,155 five-year options to Directors
and key Executives, 15,745,290 of which fall under the Company's existing
Enterprise Management Scheme.

 

Each option entitles the holder upon exercise to one ordinary share of
£0.0001 of the Company at a strike price of par, vesting after the stock
trades for at least 5 trading days at a series of prices ranging from £0.016
to £0.064; between a 4x and 16x uplift from the Company's latest funding
round of £0.004.  One third of the options issued will vest in each year
following grant, and both the time in service and the share price trading
metrics must be attained in order for the options to fully vest.

 

Pursuant to the recommendation of the Remuneration Committee, the Board has
awarded the following options:

 

                                Award                  Vesting Price                Vesting Date

 Antoine Karam                        41,987,440        £         0.0160            01-Dec-24
                                      41,987,440        £         0.0320            01-Dec-25
                                      41,987,440        £         0.0640            01-Dec-26

 Geraldine Geraldo                    10,496,860        £         0.0160            01-Dec-24
                                      10,496,860        £         0.0320            01-Dec-25
                                      10,496,860        £         0.0640            01-Dec-26

 Pradeep Kabra                        10,496,860        £         0.0160            01-Dec-24
                                      10,496,860        £         0.0320            01-Dec-25
                                      10,496,860        £         0.0640            01-Dec-26

 Other Personnel / Consultants        39,363,225        £         0.0160            01-Dec-24
                                      39,363,225        £         0.0320            01-Dec-25
                                      39,363,225        £         0.0640            01-Dec-26

 

Following this grant of options, the resultant Directors' shareholdings are as
follows:

 Directors          Ordinary Shares        Total shares  % of Issued Share Capital  Options      Warrants
                    Direct    Indirect

 Antoine Karam      0         150,136,747  150,136,747   8.9%                       125,962,320  94,996,305
 Geraldine Geraldo  0         39,200,000   39,200,000    2.35%                      31,490,580   0
 Yan Zhao           0         38,833,333   38,833,333    2.32%                      0            0
 Pradeep Kabra      0         0            0             0.00%                      31,490,580   0
 Andrew Fairclough  0         0            0             0.00%                      0            0

Related Party Disclosure

This transaction is a related party transaction pursuant to Rule 13 of the AIM
Rules.  As such, the Directors being issued options have not been involved in
the approval of the Transaction by the Company's Board.

The Directors of the Company independent of the Transaction, Yan Zhou and
Andrew Fairclough, having consulted with the Company's nominated advisor, WH
Ireland Ltd, consider the terms of the Transaction to be fair and reasonable
insofar as the Company's shareholders are concerned.

The person responsible for arranging the release of this announcement on
behalf of Corcel is Andrew Fairclough.

For further information, please contact:

Antoine
Karam
Corcel Plc Executive Chairman

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

James Joyce / James Bavister /Andrew de Andrade
 WH Ireland Ltd NOMAD & Broker

0207 220 1666
 
 

Patrick
d'Ancona
           Vigo Communications IR

0207 3900
230

 
 

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

 1                                   Details of the person discharging managerial responsibilities / person closely
                                     associated
 a)                                  Name                                              1.     Antoine Karam

                                                                                       2.     Geraldine Geraldo

                                                                                       3.     Pradeep Kabra
 2                                   Reason for the notification
 a)                                  Position/status                                   1.   Chairman

                                                                                       2.   Executive Director

                                                                                       3.   Non-Executive Director

 b)                                  Initial notification/Amendment                    Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                            Corcel plc
 b)  LEI                                                             2138009ECXQQ3EGKVY57
 4   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 of £0.0001 each
     Identification code                                             GB00BKM69866
 b)  Nature of the transaction                                       Award of options
 c)  Price(s) and volumes(s)                                         Price(s)                                  Volume(s)
                                     1.     £0.0001                                    1.     125,962,320

                                     2.     £0.0001                                    2.     31,490,580

                                     3.     £0.0001                                    3.     31,490,580

 d)  Aggregated information
     Aggregated volume                                               N/A
     Price
 e)  Date of the transaction                                         11 January 2024
 f)  Place of the transaction                                        Outside a trading venue

 

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