Union Jack Oil plc Grant of Options for Joseph O`Farrell

Union Jack Oil

Union Jack Oil plc (LON: UJO), a UK-focused onshore hydrocarbon production, development and exploration company, announced today the grant of 80,000,000 Share Options to Joseph O`Farrell, Executive Director.

The Share Options have an exercise price of 0.265p, being the mid-market closing price on 5 August 2019.

The vesting date is 6 August 2022 and the exercise period expires on 6 August 2029. The Share Options can only be exercised if the share price is at a 30% premium to the exercise price.

Following the grant of the Share Options, the Directors’ interests in the Company are as follows:

DirectorShareholding%Share optionsExercise priceVesting period
D Bramhill  63,929,2850.53120,000,000120,000,0000.09p0.265p 18.07.21 – 19.07.2819.07.22 – 18.07.29
J O’Farrell 242,399,4732.0060,000,00080,000,0000.09p0.265p18.07.21 – 18.07.2806.08.22 – 05.08.29 
R Godson 48,411,7640.4030,000,00030,000,000 0.11p0.265p07.11.21 – 07.11.2819.07.22 – 18.07.29
G Bull 4,000,0000.0330,000,00080,000,0000.11p0.265p07.11.21 – 07.11.2819.07.22 – 18.07.29 

The number of Share Options being granted is 80,000,000, which is 0.66% of the number of shares currently in issue.

Related Party Transaction

The grant of the options is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.

David Bramhill, Graham Bull and Raymond Godson, being independent directors, consider, having consulted the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

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