REG - Westmount Energy Ld - Grant of Options

Westmount EnergyAnnouncement

06/08/2020 07:00

RNS Number : 2942V
  
Westmount Energy Limited
  
06 August 2020
  
 

6 August 2020
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Grant of Options
Westmount Energy Limited (AIM: WTE), the energy investment company, announces a grant of options over nil par value ordinary shares in the Company ("Share Options") to the following director:
 




Director


No. of Share
Options granted
 


Exercise Price


Expiration Date




Dermot Corcoran


750,000


17.0 pence per share


31 July 2023
 




 
The Share Options may, at any time before expiry, be exercised in whole or in multiples of not less than 5,000 nil par value ordinary shares in the Company ("Ordinary Shares"). Ordinary Shares issued as a result of any such exercise may be sold (subject to applicable laws and the AIM Rules for Companies) at any time including, but not limited to, a takeover or change of control of the Company.
 
Following the above grants, Mr Corcoran will have beneficial interests in Ordinary Shares and Share Options as noted below:
 




Director


No. of Ordinary Shares
 


Approx. % of Share Capital


No. of Share Options
 




Dermot Corcoran


5,250,000


4.17


1,750,000
 




 
As Mr Corcoran is a director of the Company, the grant of Share Options is deemed to be a related party transaction pursuant to rule 13 of the AIM Rules for Companies. The Board of Westmount, excluding Mr Corcoran, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, considers the terms of this transaction to be fair and reasonable insofar as the Company's shareholders are concerned.
 
Following the above grant of Share Options, the Company has a total of 4,500,000 Share Options outstanding, representing approximately 3.5% of the Company's fully diluted issued share capital.
 
 

For further information, please contact:
 
Westmount Energy Limited                              www.westmountenergy.com
David King, Director                                              Tel: +44 (0) 1534 823059
Anita Weaver                                         
 
Cenkos Securities plc (Nomad and Broker)       Tel: +44 (0) 20 7397 8900
Nicholas Wells/Harry Hargreaves (Corporate Finance)
 
 
 




1 


Details of the person discharging managerial responsibilities / person closely associated 




a)


Name


Dermot Corcoran




2 


Reason for the notification 




a) 


Position/status 


Director




b) 


Initial notification /Amendment 


Initial notification




3 
 


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




a) 


Name 


Westmount Energy Limited




b) 


LEI 


213800GJISWVBB5S3L84




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 


Options over ordinary shares of no par value




Identification code 


ISIN: GB00B0S5KR31




b) 


Nature of the transaction 


Grant of options




c) 
 


Price(s) and volume(s) 


 


 


 


 




 


 


Price(s)


Volume(s)


 




 


 


-


750,000


 




 


 


 


 


 




d) 
 


Aggregated information 


 




- Aggregated volume


750,000




- Price


-




e) 


Date of the transaction 


5 August 2020




f) 


Place of the transaction 


Outside of trading venue




 


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