Welcome!

News Feed Item

Ithaca Energy Inc. Increase in Directors and Officers Shareholdings 7 July 2014

CALGARY, AB -- (Marketwired) -- 07/07/14 -- Ithaca Energy Inc. (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

7 July 2014

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. Share options expiring this year have been exercised, resulting in an aggregate increase in their shareholdings of 154,000 Common Shares.

Ithaca also reports that it has granted 95,000 share options to Alec Carstairs, who was appointed as a Non-Executive Board Director in March 2014.

Exercise of Share Options
On 3 July 2014, the individuals listed below exercised the following share options. Ron Brenneman retained all his shares while Graham Forbes increased his shareholding by the balance of the shares available after selling sufficient shares to approximately cover the option purchase costs, including income taxes. The shares were sold at a price of £ 1.48 (C$2.71) per Common Share.

----------------------------------------------------------------------------
                                        Option
                           Exercised   Purchase    Shares    Sale    Shares
Name          Designation   Options      Price      Sold     Price  Retained
----------------------------------------------------------------------------
Ron Brenneman   Director    100,000     C$1.85       Nil      N/A    100,000
----------------------------------------------------------------------------
Graham Forbes   Officer     600,000     C$2.25     546,000  C$2.71   54,000
----------------------------------------------------------------------------

A further 420,000 share 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 1,120,000 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 10 July 2014. 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 95,000 share options to Mr Alec Carstairs, recently appointed Non-Executive Board Director, exercisable at a price of C$2.68, which was the closing price on the Toronto Stock Exchange on 3 July 2014. The options were granted effective 4 July 2014 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.

Shareholding & Options Summary
Following completion of the transactions noted above, the revised shareholdings and share options held by those Directors and Officers of the Company noted in this release are as follows:

                                            % Voting Rights
                              No. Shares    Represented by
Name            Designation      Held         Shares Held   No. Options Held
Ron Brenneman    Director       160,000          0.05%           300,000
Graham Forbes     Officer       262,305          0.08%          1,219,736
Alec Carstairs    Officer        1,130           0.00%           95,000

The Company now has 329,518,620 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 329,518,620. 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 15,968,567, representing approximately 4.6% of the total shares outstanding and under option.

Fully diluted, the Company now has 345,487,187 Common Shares in issue.

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

Enquiries:

Ithaca Energy
Graham Forbes
[email protected]
+44 (0)1224 652 151

Richard Smith
[email protected]
+44 (0)1224 652 172

FTI Consulting
Edward Westropp
[email protected]
+44 (0)203 727 1521

Shannon Brushe
[email protected]
+44 (0)203 727 1077


Cenkos Securities
Neil McDonald
[email protected]
+44 (0)131 220 6939

Beth McKiernan
[email protected]
+44 (0)131 220 9778


RBC Capital Markets
Tim Chapman
[email protected]
+44 (0)207 653 4641

Matthew Coakes
[email protected]
+44 (0)207 653 4871

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...