Settlement of option agreements and conclusion of new agreements
Settlement of option agreements and conclusion of new agreements between Zenith Pure Oil and UniCredit Bank AG., as well as between Zenith Pure Oil and ING Bank N.V.
Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies the market of the following:
Zenith Pure Oil agreed with UniCredit Bank AG (“UniCredit”) on 20 June 2022, that the option rights in relation to 39,041,393 Zenith Pure Oil Series “A” Ordinary shares (“Shares”) under the share option agreement executed between UniCredit and Zenith Pure Oil on 28 February 2022 will be partly physically and partly cash settled on 23 June 2022.
Simultaneously, Zenith Pure Oil and UniCredit entered into a new share option agreement. According to the new share option agreement Zenith Pure Oil will receive American call options and UniCredit will receive European put options, with the effective date of 27 June 2022. The maturity date of both the call and put options will be 23 June 2023.
The number of affected Shares, the number of options as well as the strike price of the options will be defined based on market data available as of 23 June 2022 and the capital market participants will be informed accordingly.
Zenith Pure Oil agreed with ING Bank N.V. (“ING”) on 20 June 2022, that the option rights in relation to 36,127,167 Zenith Pure Oil Series “A” Ordinary shares (“Shares”) under the share option agreement executed between ING and Zenith Pure Oil on 24 February 2022 will be either fully cash settled or partly physically and partly cash settled on 23 June 2022.
Furthermore, Zenith Pure Oil and ING concluded a share purchase agreement pursuant to which Zenith Pure Oil sells up to 1,457,113 pieces of additional Shares (“Additional Shares”) to ING with the expected settlement date of 27 June 2022.
Simultaneously, Zenith Pure Oil and ING entered into a new share option agreement. According to the new share option agreement Zenith Pure Oil will receive American call options and ING will receive European put options, with the effective date of 27 June 2022. The maturity date of both the call and put options will be 23 June 2023.
The number of Additional Shares, physically and cash settled options and the number of call and put options as well as the strike price of the options will be defined based on market data available as of 23 June 2022 and the capital market participants will be informed accordingly.