REG - Westmount Energy Ld - Final Results <Origin Href="QuoteRef">WNRG.L</Origin> - Part 4

Westmount EnergyAnnouncement

14/11/2014 17:40

- Part 4: For the preceding part double click  ID:nRSN1233Xc 

                                                                                                                                                                                      
 where a                                                                                                                                                                                                                                                                
 discount                                                                                                                                                                                                                                                               
 of 13% for                                                                                                                                                                                                                                                              
 the                                                                                                                                                                                                                                                                    
 blocking                                                                                                                                                                                                                                                               
 period for                                                                                                                                                                                                                                                              
 disposing                                                                                                                                                                                                                                                              
 of the                                                                                                                                                                                                                                                                 
 shares has                                                                                                                                                                                                                                                              
 been used.                                                                                                                                                                                                                                                              
 The share                                                                                                                                                                                                                                                              
 options                                                                                                                                                                                                                                                                
 are                                                                                                                                                                                                                                                                    
 recorded                                                                                                                                                                                                                                                               
 as an                                                                                                                                                                                                                                                                  
 expense                                                                                                                                                                                                                                                                
 for the                                                                                                                                                                                                                                                                
 year ended                                                                                                                                                                                                                                                              
 30 June                                                                                                                                                                                                                                                                
 2014 of                                                                                                                                                                                                                                                                
 £nil                                                                                                                                                                                                                                                                   
 (2013:£nil                                                                                                                                                                                                                                                              
 ).                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                        
 NOTES TO                                                                                                                                                                                                                                                               
 THE                                                                                                                                                                                                                                                                    
 FINANCIAL                                                                                                                                                                                                                                                              
 STATEMENTS                                                                                                                                                                                                                                                              
 (Continued                                                                                                                                                                                                                                                              
 )FOR THE                                                                                                                                                                                                                                                               
 YEAR ENDED                                                                                                                                                                                                                                                              
 30 JUNE                                                                                                                                                                                                                                                                
 2014 10.                                                                                                                                                                                                                                                                
      SHARE                                                                                                                                                                                                                                                              
 PREMIUM                                                                                                                                                                                                                                                                
 AND SHARE                                                                                                                                                                                                                                                              
 OPTIONS                                                                                                                                                                                                                                                                
 (continued                                                                                                                                                                                                                                                              
 ) As at 30                                                                                                                                                                                                                                                              
 June 2014,                                                                                                                                                                                                                                                              
 options                                                                                                                                                                                                                                                                
 were                                                                                                                                                                                                                                                                   
 outstandin                                                                                                                                                                                                                                                              
 g over                                                                                                                                                                                                                                                                 
 1,650,000                                                                                                                                                                                                                                                              
 (2013:£1,6                                                                                                                                                                                                                                                              
 50,000)                                                                                                                                                                                                                                                                
 ordinary                                                                                                                                                                                                                                                               
 20p                                                                                                                                                                                                                                                                    
 shares,                                                                                                                                                                                                                                                                
 with a                                                                                                                                                                                                                                                                 
 weighted                                                                                                                                                                                                                                                               
 average                                                                                                                                                                                                                                                                
 exercise                                                                                                                                                                                                                                                               
 price of                                                                                                                                                                                                                                                               
 20p                                                                                                                                                                                                                                                                    
 (2013:20p)                                                                                                                                                                                                                                                              
 . The                                                                                                                                                                                                                                                                  
 options                                                                                                                                                                                                                                                                
 are                                                                                                                                                                                                                                                                    
 exercisabl                                                                                                                                                                                                                                                              
 e at the                                                                                                                                                                                                                                                               
 election                                                                                                                                                                                                                                                               
 of the                                                                                                                                                                                                                                                                 
 option                                                                                                                                                                                                                                                                 
 holder,                                                                                                                                                                                                                                                                
 expiring                                                                                                                                                                                                                                                               
 31                                                                                                                                                                                                                                                                     
 December                                                                                                                                                                                                                                                               
 2016.                                                                                                                                                                                                                                                                  
 During the                                                                                                                                                                                                                                                              
 year no                                                                                                                                                                                                                                                                
 (2013:100,                                                                                                                                                                                                                                                              
 000)                                                                                                                                                                                                                                                                   
 options                                                                                                                                                                                                                                                                
 were                                                                                                                                                                                                                                                                   
 exercised                                                                                                                                                                                                                                                              
 and none                                                                                                                                                                                                                                                               
 (2013:                                                                                                                                                                                                                                                                 
 £11,808)                                                                                                                                                                                                                                                               
 of the                                                                                                                                                                                                                                                                 
 option                                                                                                                                                                                                                                                                 
 reserve                                                                                                                                                                                                                                                                
 was                                                                                                                                                                                                                                                                    
 released                                                                                                                                                                                                                                                               
 to share                                                                                                                                                                                                                                                               
 premium.                                                                                                                                                                                                                                                               
 In April                                                                                                                                                                                                                                                               
 2014,                                                                                                                                                                                                                                                                  
 funds held                                                                                                                                                                                                                                                              
 in Escrow                                                                                                                                                                                                                                                              
 in the                                                                                                                                                                                                                                                                 
 amount of                                                                                                                                                                                                                                                              
 £24,675                                                                                                                                                                                                                                                                
 were                                                                                                                                                                                                                                                                   
 transferre                                                                                                                                                                                                                                                              
 d back to                                                                                                                                                                                                                                                              
 the                                                                                                                                                                                                                                                                    
 Company                                                                                                                                                                                                                                                                
 following                                                                                                                                                                                                                                                              
 the                                                                                                                                                                                                                                                                    
 expired                                                                                                                                                                                                                                                                
 redemption                                                                                                                                                                                                                                                              
 of B                                                                                                                                                                                                                                                                   
 shares                                                                                                                                                                                                                                                                 
 which were                                                                                                                                                                                                                                                              
 not taken                                                                                                                                                                                                                                                              
 up. 11.                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                        
 FINANCIAL                                                                                                                                                                                                                                                              
 RISK                                                                                                                                                                                                                                                                   
 The                                                                                                                                                                                                                                                                    
 Company's                                                                                                                                                                                                                                                              
 investment                                                                                                                                                                                                                                                              
 activities                                                                                                                                                                                                                                                              
 expose it                                                                                                                                                                                                                                                              
 to a                                                                                                                                                                                                                                                                   
 variety of                                                                                                                                                                                                                                                              
 financial                                                                                                                                                                                                                                                              
 risks:                                                                                                                                                                                                                                                                 
 market                                                                                                                                                                                                                                                                 
 risk                                                                                                                                                                                                                                                                   
 (including                                                                                                                                                                                                                                                              
 currency                                                                                                                                                                                                                                                               
 risk,                                                                                                                                                                                                                                                                  
 price risk                                                                                                                                                                                                                                                              
 and                                                                                                                                                                                                                                                                    
 interest                                                                                                                                                                                                                                                               
 rate                                                                                                                                                                                                                                                                   
 risk),                                                                                                                                                                                                                                                                 
 credit                                                                                                                                                                                                                                                                 
 risk and                                                                                                                                                                                                                                                               
 liquidity                                                                                                                                                                                                                                                              
 risk. The                                                                                                                                                                                                                                                              
 Company's                                                                                                                                                                                                                                                              
 overall                                                                                                                                                                                                                                                                
 risk                                                                                                                                                                                                                                                                   
 management                                                                                                                                                                                                                                                              
 programme                                                                                                                                                                                                                                                              
 focuses on                                                                                                                                                                                                                                                              
 the