Samson Clarifies Its ADRs, Ordinary Shares to US Investors
Samson Oil & Gas Ltd.
Thursday, July 03, 2008
Samson Oil & Gas Limited has been advised by some of its shareholders that its previous announcement concerning the grant of a five-year option to an officer for the purchase of 2,000,000 ordinary shares at a price of A$0.25 per ordinary share may have been misinterpreted by US investors on account of the differences between its American Depositary Receipts (ADRs) traded on the American Stock Exchange and its Ordinary Shares traded on the Australian Securities Exchange.
In particular, Samson wishes to clarify for the US market that, because each ADR represents 20 fully paid Ordinary Shares of Samson, the Option granted is the equivalent of an option to purchase up to 100,000 ADRs at a purchase price of approximately US$4.80 per ADR. As previously reported, the option was granted in connection with the commencement of the officer's employment on April 1 and the announcement of the Option was only made because of American Stock Exchange rules requiring such an announcement irrespective of the size or materiality of the option granted.
Samson’s Ordinary Shares are traded on the ASX under the symbol "SSN." Samson's American Depositary Receipts (ADRs) are traded on the AMEX under the symbol "SSN" and each ADR represents 20 fully paid Ordinary Shares of Samson.