Settlement of option agreement and terms and conditions of new share option agreement with ING Bank N.V.
Under the share option agreement executed between Zenith Pure Oil and ING Bank N.V. (“ING”) on 17 June 2020 2,460,040 pieces of Zenith Pure Oil Series “A” ordinary shares (“Shares”) will be physically settled and 36,719,933 pieces of Shares will be cash settled on 25 June 2021.
Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies the capital market participants in relation to the announcement as of 14 June 2021 of the following:
Under the share option agreement executed between Zenith Pure Oil and ING Bank N.V. (“ING”) on 17 June 2020 2,460,040 pieces of Zenith Pure Oil Series “A” ordinary shares (“Shares”) will be physically settled and 36,719,933 pieces of Shares will be cash settled on 25 June 2021. As a result, Zenith Pure Oil acquires 2,460,040 Shares.
Under the share option agreement entered into by Zenith Pure Oil and ING on 14 June 2021 Zenith Pure Oil receives American call options and ING receives European put options in relation to 36,719,933 pieces of Shares with the effective date of 25 June 2021. The maturity date of both the call and put options is 23 June 2022, and the strike price of both options is EUR 6.8742 per Share.
As a result of the transactions the number of treasury shares increase by 2,460,040, Zenith Pure Oil owns directly and indirectly 63,899,152 “A” Series and 578 “C” Series Zenith Pure Oil Ordinary shares.