ABERDEEN, SCOTLAND--(Marketwired - Oct 2, 2013) -
(TSX :IAE ) (LSE :IAE ) Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. Increase in Directors and Officers Shareholdings & Grant of Options 2 October 2013 Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces that certain Directors and Officers have increased their shareholdings in the Company. The Directors and Officers exercised share options nearing expiry, resulting in an aggregate increase in their shareholdings of 1,025,668 Common Shares after taking into account shares sold to cover the option purchase costs. Ithaca also reports that it has granted 1,000,000 share options to Mr Les Thomas, Ithaca's newly appointed Chief Executive Officer and Executive Board Director and implemented a new incentivisation share plan focused on delivery of first hydrocarbons from the Greater Stella Area production hub for its UK Officers and employees. Exercise of Share Options On 1 October 2013, the Directors and Officers listed below exercised the following share options nearing expiry. All parties will increase their individual shareholdings by the balance of the shares available after selling sufficient shares to approximately cover the option purchase costs, including incomes taxes. The shares were sold at a price of GBP1.48 (C$2.46) per Common Share. Name Designation Exercised Option Price Shares Sale Shares Options Sold Price Retained Iain Officer / 750,000 C$0.87 495,000 C$2.46 255,000 McKendrick Director Brad Director 100,000 C$0.87 50,000 C$2.46 50,000 Hurtubise John Director 100,000 C$0.87 65,000 C$2.46 35,000 Summers Frank Director 100,000 C$0.87 50,000 C$2.46 50,000 Wormsbecker Jay Zammit Director 66,667 C$0.87 39,999 C$2.46 26,668 Graham Officer 750,000 C$1.59 610,000 C$2.46 140,000 Forbes Nicholas Officer 1,030,000 C$0.25-1.54* 735,000 C$2.46 295,000 Muir John Woods Officer 430,000 C$0.25-0.87** 256,000 C$2.46 174,000 * N Muir exercised 200,000 options at C$0.25, 230,000 options at C$0.87 and 600,000 options at C$1.54 ** J Woods exercised 200,000 options at C$0.25 and 230,000 options at C$0.87 A further 1,056,961 of options have also been exercised by other employees of the Company. As a result of the option exercises reported above, the Company has applied for a total of 4,383,628 Common Shares (the "New Common Shares") to be admitted to trading on AIM ("Admission"). Admission of the New Common Shares is expected to occur on 7 October 2013. Each New Common Share will rank pari passu with the existing Common Shares. Share Options Award In accordance with the Company's existing Stock Option Plan the Board of Directors has granted 1,000,000 share options to Mr Les Thomas, Ithaca's newly appointed Chief Executive Officer and Executive Board Director, at a price of C$2.53, which was the closing price on the Toronto Stock Exchange on 30 September 2013. The options were granted effective 1 October 2013 and may be exercised for a period of four years from that date. One third of the options vest at the end of each of the first, second and third years from the effective date. Greater Stella Area Share Options A new tax efficient performance incentivisation share plan focused on delivery of first hydrocarbons from the Greater Stella Area production hub has been established under the Company's existing Stock Option Plan. Each Officer and employee based in the UK has been granted 19,736 options with an exercise price of C$2.53, which was the closing price on the Toronto Stock Exchange on 30 September 2013. The effective date for the grant of the options is 1 October 2013, with the options vesting three months after delivery of first hydrocarbons from the Stella field. The options are exercisable for a period of four years from 1 October 2013. The options will not vest in the event of any change of control of the Company prior to delivery of first hydrocarbons from the Stella field. The plan has been approved by the UK tax authorities, HM Revenue & Customs, under Schedule 4 to the Income Taxes (Earnings and Pensions) Act 2003. Shareholding & Options Summary Following completion of the transactions noted above, the revised shareholdings and share options held by the Directors and Officers of the Company are as follows: Name Designation No. % Voting Rights No. Shares Represented by Options Held by Shares Held Held Iain McKendrick Officer / Director 464,125 0.14% 3,000,000 Les Thomas Officer / Director Nil 0.00% 1,000,000 Brad Hurtubise Director 175,000 0.05% 400,000 John Summers Director 289,700 0.09% 400,000 Frank Wormsbecker Director 250,000 0.08% 400,000 Jay Zammit Director 525,000 0.16% 300,001 Jack C. Lee Director 1,000,000 0.31% 300,000 Ron Brenneman Director 60,000 0.02% 300,000 Jannik Lindbaek Director Nil 0.00% Nil Graham Forbes Officer 208,305 0.06% 1,219,736 Mike Travis Officer 57,347 0.02% 719,736 Nicholas Muir Officer 315,105 0.10% 719,736 John Woods Officer 309,105 0.10% 1,319,736 The Company now has 321,749,286 Common Shares in issue with one voting right per Common Share. There are no Common Shares held in treasury. The total number of voting shares in the Company is therefore 321,749,286. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Services Authority's Disclosure and Transparency Rules. The total number of Common Shares under option is now 16,961,234, representing approximately 5.0% of the total shares outstanding and under option. Fully diluted, the Company now has 338,710,520 Common Shares in issue. Other Information Ithaca provides the following information under paragraph (g) of Schedule 2 of the AIM Rules for Companies in relation to Mr Les Thomas, who commenced his role as Chief Executive Officer and Executive Board Director of the Company on 1 October 2013. Full Name: Leslie James Thomas Age: 56 Current Directorships / Partnerships Heriot Resources Limited in the last 5 years: The Scottish Oil Club Previous Directorships / Partnerships John Wood Group PLC in the last 5 Years: Wood Group Engineering & Operations Support Limited Wood Group Engineering (North Sea) Limited Wood Group Engineering International Limited Wood Group Holdings (International) Limited Wood Group Management Services Limited - ENDS - Enquiries: Ithaca Energy Graham Forbes gforbes@ithacaenergy.com +44(0) 1224 652 151 Richard Smith rsmith@ithacaenergy.com +44(0) 1224 652 172 FTI Consulting Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157 Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230 Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212 Cenkos Securities Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900 Neil McDonald nmcdonald@cenkos.com +44 (0) 131 220 6939 RBC Capital Markets Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641 Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871 About Ithaca Energy Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business centred on the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com . Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Forward-looking statements Some of the statements and information in this press release are forward-looking. Forward-looking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements and are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements and included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws This information is provided by RNS The company news service from the London Stock Exchange END
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