Tethys Petroleum Limited Press Release: Grant of Options
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - April 1, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") announces the grant of options under the Company's Long-Term Stock Incentive Plan ("LTSIP").
Grant of options pursuant to the LTSIP
The Company announces in accordance with the provisions of DTR 3 that each of the persons set out below, each being a Person Discharging Managerial Responsibility ("PDMR") of the Company (and together representing all of the PDMRs of the Company for the purposes of DTR 3), has today been granted the following options over ordinary shares of US$0.10 each in the capital of the Company pursuant to the LTSIP:
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Number of
ordinary
shares over
which Exercise
Name of options price
PDMR granted (GBP) Vesting Expiry date
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John Bell 2,362,500 2.5p Date of completion of The fifth anniversary
the Placing of the date of
------------------------------ completion of the
David 433,125 2.5p Placing, or the tenth
Henderson anniversary of the
------------------------------ date of grant (if
James 433,125 2.5p earlier).
Rawls
------------------------------
David 433,125 2.5p
Roberts
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Julian 1,968,750 2.5p One-third of the The fifth anniversary
Hammond Shares over which it of the date of
------------------------------ was granted on the completion of the
Clive 1,487,500 2.5p date of completion of Placing, or the tenth
Oliver the Placing; One-third anniversary of the
------------------------------ of the shares on the date of grant (if
Alexander 433,125 first anniversary of earlier).
Abramov the date of completion
------------------------------ of placing; and One-
William 433,125 2.5p third of the shares on
Wells the second anniversary
------------------------------ of the date of
Adeola 433,125 2.5p completion of placing.
Ogunsemi
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'Placing' is defined as a transaction where Olisol Petroleum Limited, a wholly owned subsidiary of Olisol Investments Limited, or such other investor, subscribes for such number which brings significant funding into the Company.
Where the price per Share at which the Placing occurs is higher than the Exercise Price set out above then the Exercise Price shall automatically be adjusted to the Placing price and in any event where the par value of a Share on the date of exercise of this Option is higher than the Exercise Price as set out above, the Exercise Price shall automatically be adjusted to such par value.
As a result of the above, the PDMRs hold options over the following (aggregate) numbers of ordinary shares of the Company:
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Name of PDMR Aggregate number of ordinary Percentage of total issued
shares over which options ordinary shares of the
granted Company
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John Bell 4,712,500 1.3%
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Julian Hammond 3,363,750 0.9%
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Clive Oliver 2,427,500 0.6%
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Alexander Abramov 433,125 0.1%
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James Rawls 800,625 0.2%
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David Henderson 680,625 0.2%
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Adeola Ogunsemi 433,125 0.1%
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David Roberts 680,625 0.2%
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William Wells 433,125 0.1%
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tethys Petroleum Limited
Clive Oliver
Corporate Secretary
+44 207 821 6128
info@tethyspetroleum.com
www.tethyspetroleum.com
