Last checked at 6 Aug 2020 07:00
6 August 2020
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Grant of Options
Westmount Energy Limited (AIM: WTE), the energy investment company, announces a grant of options over nil par value ordinary shares in the Company ("Share Options") to the following director:
Â
Director | No. of Share Options granted  | Exercise Price | Expiration Date |
Dermot Corcoran | 750,000 | 17.0 pence per share | 31 July 2023 Â |
Â
The Share Options may, at any time before expiry, be exercised in whole or in multiples of not less than 5,000 nil par value ordinary shares in the Company ("Ordinary Shares"). Ordinary Shares issued as a result of any such exercise may be sold (subject to applicable laws and the AIM Rules for Companies) at any time including, but not limited to, a takeover or change of control of the Company.
Â
Following the above grants, Mr Corcoran will have beneficial interests in Ordinary Shares and Share Options as noted below:
Â
Director | No. of Ordinary Shares  | Approx. % of Share Capital | No. of Share Options  |
Dermot Corcoran | 5,250,000 | 4.17 | 1,750,000 Â |
Â
As Mr Corcoran is a director of the Company, the grant of Share Options is deemed to be a related party transaction pursuant to rule 13 of the AIM Rules for Companies. The Board of Westmount, excluding Mr Corcoran, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, considers the terms of this transaction to be fair and reasonable insofar as the Company's shareholders are concerned.
Â
Following the above grant of Share Options, the Company has a total of 4,500,000 Share Options outstanding, representing approximately 3.5% of the Company's fully diluted issued share capital.
Â
Â
 |
For further information, please contact:
Â
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0) 1534 823059
Anita Weaver
Â
Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20 7397 8900
Nicholas Wells/Harry Hargreaves (Corporate Finance)
Â
Â
Â
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Dermot Corcoran | |||
2 | Reason for the notification | ||||
a) | Position/status | Director | |||
b) | Initial notification /Amendment | Initial notification | |||
3 Â | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Westmount Energy Limited | |||
b) | LEI | 213800GJISWVBB5S3L84 | |||
4 Â | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) Â | Description of the financial instrument, type of instrument | Options over ordinary shares of no par value | |||
Identification code | ISIN: GB00B0S5KR31 | ||||
b) | Nature of the transaction | Grant of options | |||
c) Â | Price(s) and volume(s) | Â | Â | Â | Â |
 |  | Price(s) | Volume(s) |  | |
 |  | - | 750,000 |  | |
 |  |  |  |  | |
d) Â | Aggregated information | Â | |||
- Aggregated volume | 750,000 | ||||
- Price | - | ||||
e) | Date of the transaction | 5 August 2020 | |||
f) | Place of the transaction | Outside of trading venue | |||
Â