Zenith Energy Ltd Option Agreement and Update on CEO Salary Proposal (2639C)
12 4월 2017 - 3:00PM
UK Regulatory
TIDMZEN
RNS Number : 2639C
Zenith Energy Ltd
12 April 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Option Agreement and Update on CEO Salary Proposal
Calgary, Alberta, April 12, 2017, Zenith Energy Ltd. ("Zenith"
or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed
international oil & gas production company, is pleased to
announce that Andrea Cattaneo, the Chief Executive Officer of the
Company, and Mirabaud & Cie SA ("Mirabaud") have today entered
into a call option agreement (the "Option"). Under the Option, Mr.
Cattaneo may purchase up to 6,000,000 (six million) common shares
of no par value in the capital of the Company ("Common Shares")
from Mirabaud at any time up to and including January 23, 2018 at a
price of 14 pence per Common Share.
The Company announced on January 25, 2017 that Mr. Cattaneo had
proposed to the Board of Directors to swap his full salary for the
next twelve months, effective on February 1, 2017 (the "Salary
Proposal"), in exchange for Common Shares (the "Salary Sacrifice
Shares"). The Company's Board of Directors had agreed to the Salary
Proposal subject to the filing of an application with the TSX
Venture Exchange ("TSXV") and the receipt of approval of the Salary
Proposal, including how such Salary Sacrifice Shares will be
priced, from the TSXV.
The Company has been informed that the Salary Proposal will
require the approval of shareholders, and the Board of Directors
therefore proposes to put a resolution before shareholders at the
next annual general meeting of the Company to approve the Salary
Proposal, however with a revised start date of the beginning of the
Company's financial year, i.e. April 1, 2017. This resolution will
propose that the Salary Sacrifice Shares are issued on a quarterly
basis (with the first batch to include all Salary Sacrifice Shares
accrued since April 1, 2017) at a price that is the higher of: (i)
the average price at which the Common Shares traded during the
period, based on the mid-market closing price on the London Stock
Exchange on each trading day, plus 15 per cent, and (ii) the
discounted market price on the TSXV at the time the Salary
Sacrifice Shares are issued. In the event that shareholders do not
approve the Salary Proposal, Mr. Cattaneo will be entitled to his
contractual salary to be paid in cash, backdated to April 1, 2017.
Mr Cattaneo will be paid his contractual salary in cash for the
period February 1, 2017 to March 31, 2017.
For further information, please contact:
José Ramón López-Portillo
Chairman
Andrea Cattaneo
CEO & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775-4474
This information is provided by RNS
The company news service from the London Stock Exchange
END
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