Rose Petroleum plc

Remuneration Review and Grant of Options

24-October-2008

Remuneration Review and Grant of Options

VANE Minerals today announces that following the results of a remuneration review carried out by the Company's Remuneration Committee, It has been decided that share options be granted to Directors and senior management on the following terms, in line with the Company's existing option scheme:

  • Options exercisable at a price of 10p (compared to the mid-market price of the Company's ordinary shares on AIM as at close of business on 23rd October 2008 of 3.375p).
  • Options only exercisable following three consecutive months where the mid-market price of the Company's ordinary shares on AIM has met or exceeded 150% of the option price.
  • Options expire on the 25th May 2014

Acting upon the recommendation of the Remuneration Committee, the Company yesterday awarded share options to the following individuals:

Kris Hefton, Director, VANE Minerals (US) LLC, 4,400,000

Matthew Idiens, Commercial Director, VANE Minerals plc, 2,200,000

Ian McNeill, Finance Manager, VANE Minerals plc, 1,750,000

Luis Perez, Director, Minerales VANE SA de CV, 1,050,000

Commenting today, David Ingmire, head of the remuneration committee said: 

"Those granted options have been influential in VANE securing the Company's funding, generating revenues and a portfolio of highly prospective uranium projects which we are currently in the process of drilling. also believe the work management has done bringing Uranium One into partnership with VANE deserves to be rewarded. At a time like this in the economic cycle, however, we are also trying to ensure VANE is very secure when it comes to retaining key staff to drive the business forward. The granting of today's options represents an opportunity for Directors and management to benefit with other VANE shareholders in a successful realisation of the Company's strategy of bringing North American uranium mines into production. It also shows the level of confidence the team has in its ability to grow the business."