Source - RNS
RNS Number : 8535M
Empyrean Energy PLC
18 October 2016

Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas

18 October 2016 

Empyrean Energy PLC ('Empyrean' or 'the Company') 

Sale of Options


Empyrean Energy was notified on 17 October 2016 that Macquarie Bank Limited ("Macquarie") had sold its interest in options in respect of 60,000,000 ordinary shares in the Company, the terms of which are set out below (the "Options"), to a third party not connected with the Company (the "Optionholder").


Number of Options

Exercise Price

Expiry Date


8 pence

19th July 2017


10 pence

19th July 2017


12 pence

25th March 2018


10 pence

26th July 2019


The terms of the agreement entered into between the Company and Macquarie in respect of the Options on 30 May 2012 (the "Option Agreement") provide that if, before exercise or expiry of the Options, the Company implements a reorganisation or variation of its share capital by way of inter alia any capital distribution to shareholders, then the terms of the Options will be adjusted in such manner so as to ensure that the economic value of the Options is preserved as far as possible and that the total number of shares to be issued pursuant to an exercise of the Options will carry as nearly as possible (and in any event not less than) the same proportion as they had before the relevant event of the voting rights as would have been the case had the unexercised Options been exercised in full immediately prior to the event giving rise to the adjustment.


The Company is currently in discussions with the Optionholder to determine the basis of such variation, assuming that the proposed return of value is approved by shareholders in the forthcoming General Meeting and by the Courts.


In the event that the Company and the Optionholder cannot agree on that variation, then an independent expert must be appointed to determine the fair and reasonable variation to the terms of the Options.


** ENDS **

For further information please visit or contact the following:


Empyrean Energy plc

Tom Kelly

Tel: +61 8 9481 0389

Cenkos Securities plc

Neil McDonald

Tel: +44 (0) 131 220 9771

Beth McKiernan

Tel: +44 (0) 131 220 9778

Nick Tulloch

Tel: +44 (0) 131 220 9772

St Brides Partners Ltd

Elisabeth Cowell

Tel: +44 (0) 20 7236 1177

Lottie Brocklehurst

Tel: +44 (0) 20 7236 1177


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