27 June 2007
For Immediate Release 27 June 2007
TXO plc ('TXO' or the 'Company')
Issue of Shares to Directors in Lieu of Remuneration
TXO (the Company) is pleased to announce a new arrangement whereby the Company's
Directors will take shares in lieu of net pay.
The share price on 18 June 2007 was 4p. Directors' outstanding fees to 31 March
2007 net of taxation will be settled by the issue of new ordinary shares at 5p.
From April 2007 until the earlier of the date when the current authority for
the issue of shares reaches its maximum and the end of March 2008, Directors
will accumulate net pay in shares every month at a rate equal to the average
share price during the month. These arrangements will be reviewed on the earlier
of the two dates mentioned above. There are currently 1,348,825 shares available
under the discretionary limit (S.95 Authority).
Application will be made for the maximum of 1,348,825 new ordinary shares, which
will rank, pari passu, with all existing ordinary shares to be admitted to
trading on AIM.
Contact: Andrew Glendinning, TXO plc on 020 7863 8852
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange