Grant of Options
Gasol plc ("GASOL" or the "Company") announces the following award of options over the Company's ordinary shares.
| Name | Position | Number of Options Awarded | Exercise Price Per Share | Time of Vesting | % of Issued Ordinary Share Capital |
| Suomo Bose | Proposed Chief Executive Officer | 400,000 400,000 400,000 400,000 400,000 400,000 800,000 | 15p 15p 25p 35p 25p 35p 75p | 3.7.2007 6.6.2008* 6.6.2008* 6.6.2008* 6.6.2009* 6.6.2009* 6.6.2009* | 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.51% |
| 3,200,000 | 2.05% | ||||
| Charles Osezua | Non-Executive Director | 500,000 | 15p | 3.7.2007 | 0.32% |
| Paul Biggs | Non-Executive Director | 500,000 | 15p | 3.7.2007 | 0.32% |
*If Gasol's closing mid-market share price is an average of 50p or above over a continuous period of 30 days before 30 September 2008 then the options marked with an asterisk vest immediately.
If Gasol's closing mid-market share price is at an average of 75p or above over a continuous period of 30 days before 30 September 2009 or 100p or above over a continuous period of 30 days before 30 September 2010, an additional 1,000,000 options will be granted at an exercise price of 10p per ordinary share.
For further information:
Gasol plc
Haresh Kanabar, Chief Executive
+44 (0)20 7297 0010
Jefferies International Ltd
Toby Hayward
Oliver Griffiths
+44 (0) 20 7618 3500
Buchanan Communications
Mark Court
James Strong
+44 (0)20 7466 5000
Background Information
About Gasol plc
Gasol plc was established in February 2005 to identify and secure acquisition and investment opportunities in the oil and gas sectors. Following its IPO on the London Stock Exchange on 16 March 2005, Gasol has since refined its strategy to focus on opportunities in liquefied natural gas in the Gulf of Guinea region of West Africa. The Company was successfully re-admitted to AIM on 1st September, 2006.
Gasol made its first acquisition, of a 20% shareholding in African LNG Holdings Ltd ("African LNG"), in September 2006. Gasol also entered into a Share Option Agreement with African LNG pursuant to which Gasol was granted the option to acquire the remaining 80% equity on or before 22nd August, 2007. The parties have since agreed to vary the terms of this Agreement, by extending the option exercise date to 24th December and increasing the African LNG valuation discount from 20% to 25%.
Gasol has also acquired a 75 per cent. stake in Afgas Infrastructure Limited, a company established to support the gas infrastructure-related activities under the Joint Venture with Sonagas, the national gas company of the Republic of Equatorial Guinea that has exclusive responsibility for the State's interest in all existing and future gas related projects in the country. Gasol has entered into Heads of Agreement with Acergy (NASDAQ NM:ACGY; Oslo Stock exchange: ACY) and AMEC (LSE:AMEC) with a view to providing all required subsea pipelines, facilities and related infrastructure for the gas related projects.
Gasol shares trade under the ticker symbol "GAS". Further information is available from the Company's website, www.gasolplc.com.
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