Reabold, the investor in upstream oil and gas projects, announces the amendment to the terms of certain existing options currently held by the Executive Directors (the 'Existing Options').
In common with many businesses, the Covid-19 pandemic significantly constrained the Company's activities throughout 2020 and delayed management's ability to continue the successful implementation of its medium-term strategy. Therefore, in order to further incentivise the executive management of the Company and further align their interests with shareholders, Reabold's Remuneration Committee has proposed that the following Existing Options are amended such that their expiry dates are extended by 12 months, to
These amendments to the terms of the Existing Options (the 'Amendments') are related party transactions under the AIM Rules for Companies. Accordingly,
Director Dealing
The Company has also granted 10 million new options to
In addition, the Company has identified a minor holding of 104,136 ordinary shares of 0.1p each ('Ordinary Shares') held in treasury that pre-dates the Company's restructuring into Reabold. The Company has sold this holding to a Director of the Company,
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Notes to Editors
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.
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