Extension & Issue of Warrants
Northern announces that the warrants due to lapse on 28 July 2006 and 31 December 2006, held by Directors and long standing staff, have all had their terms extended. The Remuneration Committee, and subsequently the Board of Directors of Northern, has resolved to extend the exercise period of the warrants until 31 July 2011. The Company’s Nominated Adviser has also been consulted on this matter. The Company received notification on 27 July 2006 from all class warrant holders agreeing to the variation.
The warrants held by Directors and staff which have been subject to this extension are:
|
Name |
Number of Warrants over Ordinary 5p Shares |
Exercise Price |
|
C.J Foss |
200,000 |
12.50p |
|
R.H.R Latham |
280,000 |
11.25p |
|
|
120,000 |
15.625p |
|
D.R Musgrove |
660,000 |
11.25p |
|
|
250,000 |
15.625p |
|
J.M White |
280,000 |
11.25p |
|
|
120,000 |
15.625p |
|
Employees |
400,000 |
11.25p |
|
|
450,000 |
12.50p |
|
|
250,000 |
31.25p |
Issue of Warrants
Northern also announces that the Board has approved the issue to Directors of warrants to purchase 5p Ordinary Shares of the Company as follows:
|
Name |
Number of Warrants over Ordinary 5p Shares |
Exercise Price |
|
C.J Foss |
275,000 |
130p |
|
R.H.R Latham |
150,000 |
130p |
|
D.R Musgrove |
400,000 |
130p |
|
J.M White |
150,000 |
130p |
All the above warrants are exercisable at a subscription price based upon the prevailing mid-market price at close of business on 27 July 2006. The new warrants are open to exercise until 31 July 2011 and have been issued as a continuation of the Board's policy of providing performance based incentives to Directors and staff.
For further information please contact:
Northern Petroleum Plc
Derek Musgrove, Managing Director
Chris Foss, Finance Director
Tel: +44(0) 20 7743 6080
Investec
Michael Ansell
Tel: +44(0)20 7597 5000
Panmure Gordon & Co
Katherine Roe
Tel: +44(0)20 7459 3600
Hansard Communications
Chris Roberts
Ben Simons
Tel. +44(0) 20 7245 1100