Tethys Petroleum Limited

Tethys Petroleum Limited

January 23, 2015 14:07 ET

Tethys Petroleum Limited: Issuance of Shares and Grant of Options

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan. 23, 2015) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) (LSE:TPL) announces the issuance of shares and the grant of options under the Company's Long-Term Share Incentive Plan ("LTSIP").

Issuance of shares

In accordance with the provisions of the UK Listing Rules and Disclosure and Transparency Rule 3.1.2R ("DTR 3"), the Company announces that it has today issued 90,478 restricted ordinary shares to its Executive Chairman, John Bell as part of his salary since being appointed on 26 November 2014.

Under the terms of the service contract entered into between a subsidiary of the Company and John Bell, during the first year of his service, 30% of John Bell's salary shall be paid in restricted ordinary shares in the Company. These restricted ordinary shares shall rank pari passu to other ordinary shares in Tethys (and shall not represent a separate class of shares of Tethys) but are subject to certain contractual restrictions, including that they may not be transferred for a period of one year from the date of John Bell's appointment, subject to certain exempt circumstances resulting in early release. The total number of restricted ordinary shares that may be issued to John Bell as part of his salary during the first year of service (being up to 507,719 ordinary shares representing approximately 0.15% of the Company's issued share capital) has been calculated by reference to a price of 16.84p, being the average closing price of ordinary shares of Tethys during the 15 days prior to the date of his appointment.

Application has been made for such restricted ordinary shares to be admitted to the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange. Following the issuance of these restricted ordinary shares John Bell will hold interests in a total of 90,478 ordinary shares in the Company, representing approximately 0.03% of the Company's issued share capital.

Full details of John Bell's remuneration will be provided in the Management Information Circular that will be published in connection with the Company's forthcoming annual general meeting.

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:

Name of PDMR Number of ordinary shares over which options granted Exercise price (GBP) Vesting Expiry date
John Bell 1,000,000 16.84p 23 January 2015 25 November 2019
1,350,000 15p 1/3 on 22 January 2016
1/3 on 22 January 2017
1/3 on 22 January 2018
22 January 2020
Julian Hammond 1,125,000 15p
Denise Lay 900,000 15p
David Botting 247,500 15p
James Rawls 247,500 15p
David Henderson 247,500 15p
Marcus Rhodes 247,500 15p
David Roberts 247,500 15p

As a result of the above, the PDMRs hold options over the following (aggregate) numbers of ordinary shares of the Company:

Name of PDMR Aggregate number of ordinary shares over which options granted Percentage of total issued ordinary shares of the Company
John Bell 2,350,000 0.7%
Julian Hammond 2,055,000 0.6%
Denise Lay 1,395,000 0.4%
David Botting 247,500 0.1%
James Rawls 595,500 0.2%
David Henderson 247,500 0.1%
Marcus Rhodes 595,500 0.2%
David Roberts 247,500 0.1%

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