Regal Petroleum has appointed Adrian John Geoffrey Coates as a Non-Executive Director of the Company with effect from July 18, 2008.
Coates has many years experience in the investment banking industry, having recently resigned from HSBC Bank Plc after 10 years, latterly as Global Sector Head, Resources and Energy Group, Global Banking and Markets Division. He has also held senior roles in UBS, Warrior International and Credit Suisse First Boston with a specialization in the natural resources sector. His City experience is extensive and he has advised on many substantial corporate transactions. He holds an MA (Econ) from Cambridge University and an MSc (MBA) from London Business School.
Keith Henry, Chairman of Regal, said, “We welcome Adrian to the Board. His many years of banking and City experience will be invaluable to us as we continue to implement our development and transformation plans. The depth and breadth of Adrian's experience is extensive and we are confident that he will serve and assist us well in our continued corporate development."
On appointment Coates has been granted 250,000 options over ordinary shares of 5 pence each in the capital of the Company pursuant to the Regal Petroleum Share Option Scheme. Such share options have an exercise price of £1.9125 and are exercisable (i) as to 83,334 on Coates remaining a Non-Executive Director on July 18, 2009, (ii) as to 83,333 on Coates remaining a Non-Executive Director on July 18, 2010, and (iii) as to 83,333 on Coates remaining a Non-Executive Director on July 18, 2011. Under the provisions of the Company's Share Option Scheme, these options will lapse 10 years after the date of grant, unless previously lapsed or exercised.
Other than the abovementioned share options, Coates has no interest in Ordinary Shares in the Company.
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