SeaBird Exploration: The Chairman of the Board purchases shares in open market transactions and becomes Executive Chairman. Option scheme to be adjusted.
Published November 12, 2019 - 09:00 AM
12 November 2019, Limassol, Cyprus
SeaBird Exploration Plc (the “Company“) announced today that the Chairman of the Board, Mr Ståle Rodahl, has through a holding company acquired 3,000,000 shares in the Company at an average price of NOK 0.576 per share. Following the transaction and the option grant described below, Mr Rodahl and his close associates holds 8,500,000 shares and 9,200,000 share options in the Company.
Simultaneously, it was announced that the Company has entered into a consultancy agreement with Mr Rodahl, pursuant to which Mr Rodahl will render consultancy services to the Company in the capacity of Executive Chairman. Under the engagement, Mr Rodahl will render consultancy services to such extent as will be agreed with the Board of Directors, focusing on strategic matters, at a rate of NOK 1,500 per hour.
Further, referring to its 15 October 2018 announcement of the establishment of a share option plan limited to 10% of the outstanding shares in the Company, and the issue of 25.3 million options under said plan, the Company announced that these options no longer function as intended due to the strike price’s relation to the currently quoted share price. Therefore, the Company intends to reset the exercise price while maintaining the volume of the plan within the 10% limit of the current number of shares outstanding. The intention is to enter into arrangements with employees whereby existing options granted under the 2018 plan are cancelled and exchanged for new options at a strike price of NOK 0.55 for the first year, with an increase of 10% per year for the next two years of vesting under the plan’s three year’s duration from re-grant. The first 9,200,000 options under the adjusted terms have been granted to Mr Rodahl, and will vest over three years from grant, provided Mr Rodahl remains available as a board member. The implementation of the redistribution of the previously issued options are expected to take place without delay, and within Q4 2019.
For further queries contact:
Ståle Rodahl, Chairman of the Board +47 48400593,
Gunnar Jansen, Interim CEO +47 941 19191
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.