LATEST RNS ANNOUNCEMENT
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Further unapproved options and awards under Long Term Incentive Plan (“LTIP”)
The Board of Forum reports the granting of unapproved options and reversionary interest awards in line with the Forum Long Term Incentive Plan, details of which were announced on 18 September 2006.
On 20 December 2007 and in accordance with the LTIP, Forum agreed to grant options to acquire ordinary shares of 10p each in the capital of Forum for nil consideration (the “Shares”) to the trustees of the Forum Employee Benefit Trust (the “EBT”) with an exercise price of 10p per share (the “A Options”). The trustees of the EBT have also been granted additional options for nil consideration to acquire Shares with an exercise price of 10p per share (the “B Options”) and have indicated their agreement to grant unapproved options and reversionary interest awards, which will initially be matched by the A Options and B Options respectively, to two employees as set out below:
The vesting of the unapproved options and reversionary interest awards outlined above will depend, inter alia, upon the market value of a Share averaging twice the market value of a Share on the date of grant calculated over a consecutive period of ten business days or upon the occurrence of a change of control e.g. a sale of Forum. If not vested the unapproved options and awards will lapse two years after the date of grant.
For further information please contact:
Andrew Mullins, Forum Energy Plc
+44 (0)1932 445 344
Nick Naylor, Noble & Company Ltd
+44 (0)20 7763 2200