September 16, 2016
Bankers Petroleum Ltd. (“Bankers Petroleum” or the “Company”)
Employee Stock Savings Plan – September 15, 2016 Update
Further to the Company's announcement of January 16, 2013 regarding the implementation of an Employee Stock Savings Plan ("ESSP"), Bankers Petroleum announces that during the period from September 1, 2016 to the period ending September 15, 2016, the following purchases were made by senior employees:
|Name||Date of Purchase||Number of Common Shares Purchased||Employer’s Contribution(1)||Purchase Price
|Employer’s Contribution Vested(2)||Resulting Number of Common Shares held as at 15 September 2016||Resulting
Holding as at
|David French, President and Chief Executive
|Douglas C. Urch, Executive Vice President, Finance and Chief Financial Officer||September 15||680||340||2.18||809||1,107,489||0.4%|
|Suneel Gupta, Executive Vice President and Chief Operating Officer||September 15||680||340||2.18||809||611,684||0.2%|
- These shares are the matching shares purchased by the Company, which shall vest to the shareholder twelve months from the date of purchase, provided the shareholder is still an employee of the Company. As of January 1, 2016 the Company’s matching shares were reduced from 100% to 50% of the employees purchase amount.
- These shares are the matching shares purchased by the Company twelve months ago and are now vested to the shareholder.
As previously announced, under the ESSP, employees may use up to 10% of their salary (matched equally by the Company) to purchase Bankers Petroleum shares on the Toronto Stock Exchange, on each pay period (midmonth and month-end). David French, Douglas Urch and Suneel Gupta elected to participate in the plan, with a participation level of 10% of each of their respective salaries.
All further announcements regarding the senior employees’ participation in the ?ESSP will be announced within 3 business days of their occurrence and accordingly the next announcement is expected on October 5 or sooner, if required.
Canaccord Genuity Limited
+44 0 207 523 8000
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200