Press Release - News
Issue of Options
28 February 2011
Offshore Hydrocarbon Mapping plc (AIM: OHM) announces that it has today issued options over the Company's ordinary shares of 1p each to Executive Directors and certain members of staff.
The following options were issued to Directors:
| Name | No. of options |
|---|---|
| Richard Cooper, Chief Executive Officer | 2,750,000 |
| Dr. Lucy MacGregor, Chief Scientific Officer | 1,750,000 |
| Bob Auckland, Finance Director | 1,750,000 |
In addition, the Company issued options to certain staff in respect of 2,000,000 ordinary shares.
All of the options become exercisable on the first anniversary of the date of grant at an exercise price of 6 pence per share. If not previously exercised, the options would lapse on the tenth anniversary of the date of grant.
The grant of options reflects the ambition of the new Company going forward and its need to be able to recruit and retain the best people, and also acknowledges that previous Long Term Incentive Plans have failed to provide a suitable incentive as all potential awards so far have lapsed. This award of options directly aligns management and shareholder interests.
Following this grant, the total number of options in issue is 10,930,065 representing 9.87 per cent. of the current issued capital of 110,710,256 ordinary shares.
The Executive Director’s interests in the Company following the awards are as follows:
| Beneficial Shareholding | Options/LTIP awards at 28 February 2011 | Total interest in shares | |
|---|---|---|---|
| Richard Cooper | 298,306 | 3,320,859 | 3,619,165 |
| Dr. Lucy MacGregor | 1,039,686 | 2,230,061 | 3,269,747 |
| Bob Auckland | 100,000 | 2,104,519 | 2,204,519 |
| Totals | 1,437,992 | 7,655,439 | 9,093,431 |
CONTACTS:
Offshore Hydrocarbon Mapping plc
www.rocksolidimages.com
Richard Cooper – Chief Executive Officer
+44 (0) 870 429 6581
Bob Auckland - Finance Director
+44 (0) 870 429 6581
Peter Reilly – Non Exec Chairman
+44 (0) 7881 920542
Peel Hunt LLP (NOMAD and Broker)
Julian Blunt / Simon Brown
+44 (0) 20 7418 8900