'Cancellation of 4,000,000 Shares issued on 21 December 2011 to two senior executives of the Company’s USA subsidiary, Petsec Energy Inc.: Mr Ross Keogh, President; and Mr Ron Krenzke, Executive Vice President of Exploration.
Mr Keogh and Mr Krenzke had each received 2,000,000 Shares. The Shares, which were issued outside of the Company’s Employee Share Plan, were funded through a loan from the Company, repayable by the executives by 21 December 2016 and secured by a recourse promissory note bearing interest at the rate of 2.26% per annum.
The Company entered into a Buy-back agreement with each of Mr Keogh and Mr Krenzke in May 2016 under which the Company agreed to buy-back the Shares, free of encumbrances, for a total consideration amount of $883,431.80, which will be used to repay the loans. The buy-back of the Shares was approved by Shareholders at the 19 May 2016 AGM.'
PSA Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
