Issue of Share Options
Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces the 2023 award of share options to employees of the Company.
On 8 February 2023, the Company granted an aggregate of 70,000,000 options over new ordinary shares in the Company to certain Coro employees (the “Options”). The Options will vest on the third anniversary of grant on 9 February 2026, subject to the achievement of performance criteria and are exercisable at a price of 0.255p per new ordinary share at any time until 9 February 2028. 35,000,000 of the Options have been awarded to the Company’s Executive Chairman, James Parsons and the notification below, provided in accordance with the Market Abuse Regulation, provides further details.
Conrad $CRD hold 76.5%, #CORO 15%, #EME 8.5%. Conrad Asia Energy $CRD published this on their website (1st Feb 2023) regarding its expectations for signing a gas sales agreement over the Mako gas asset in Indonesia.pic.twitter.com/lmxdjAhkX2
— Share_Talk ™ (@Share_Talk) February 2, 2023
The performance vesting criteria for the Options is a final investment decision being taken by the partners to the Duyung PSC or the successful sale of Coro’s interest in the Duyung PSC. Both of these performance vesting criteria are consistent with the Company’s strategy. The performance period is three years, commencing in the current financial year of the Company (i.e. a measurement period of 8 February 2023 to 9 February 2026). The Remuneration Committee believes that the Company’s option awards continues to be an important tool for aligning the interests of the Coro’s Executive Management Team with those of shareholders. Should the performance criteria not be met as it is no longer relevant, the Remuneration Committee may permit Options to vest if it deems it appropriate to do so.
For further information please contact:
Coro Energy plc
James Parsons, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
Via Vigo Consulting Ltd
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