Rose Petroleum plc

Grant of Options under incentivisation scheme

24-March-2017

Grant of Options under incentivisation scheme

Rose (AIM: ROSE), the AIM quoted natural resources business, having consulted with its advisers, announces the grant of options over ordinary shares of 0.1p each in the Company ("Ordinary Shares") under the Company's existing employee share option schemes ("Options"). A total of 245,000,000 Options have today been issued to various directors and employees of the Company.

The Options will vest in three equal annual tranches, on the first, second and third anniversary from today's date. Each Option is exercisable into one Ordinary Share and, once vested, can be exercised up until the tenth anniversary of today's date. The Options are exercisable at a price of 0.14p per share and only after the mid-market Ordinary Share price remains at 0.175p (a 25% premium to the exercise price) or higher for 10 consecutive trading days.

Of the 245 million Options issued today, 150 million have been issued to certain directors of the Company as set out below, and the other 95 million Options have been issued to employees of the Company. Details of the Options granted to directors are outlined in the table below:

Name of Director Number of Options granted Total number of options over
Ordinary Shares now held
Matthew Idiens 70,000,000 111,800,000
Chris Eadie 50,000,000 60,000,000
Kelly Scott 15,000,000 25,933,333
Kris Hefton 15,000,000 31,000,000

The Options granted today represent approximately 6.5 per cent of the Company's current issued share capital. In total 388,283,333 Options are now outstanding, representing approximately 10.3 per cent of the Company's current issued share capital.

Philip Jeffcock, Chairman and Independent Director, commented: "Over the past eighteen months we have implemented a cost cutting programme across the Group. However, given the significant amount of activity that is currently taking place across the Group it is essential to incentivise and motivate the team to ensure that we deliver on our key objectives and I hope these proportionate and well deserved option awards will go a long way towards helping us achieve that."