Orcadian inks six-month share lock-in with former director

Orcadian Energy announced the signing of a significant six-month lock-in agreement over 7,049,695 shares held by former director Greg Harding and his wife Nora on Monday.

The AIM-traded firm said the block of shares represented 9.35% of its total issued share capital.

It said that under the terms of the lock-in agreement, Greg and Nora Harding would be obliged to refrain from disposing of the holding for six months from 23 October, with certain limited exceptions.

The board said the lock-in agreement was necessitated by a third party that intended to acquire the remaining 456,546 shares of the initial holding owned by Greg and Nora Harding.

It said the acquisition would be an off-market transaction between the third party and the Hardings.

Notably, the company said the agreement stipulated that should the Orcadian share price exceed specific parameters during the six-month lock-in period, the third party would be liable to pay an additional amount per share for the initial holding.

“We are pleased that this agreement has been signed - we believe it demonstrates the belief shown in the work we are doing to progress the Pilot project, and the potentially significant value of our licences,” said chief executive officer Steve Brown.

“We are working hard to promote the company and have recently welcomed new investors to the company.

“We look forward to providing updates on the proposed farm-in to the Pilot Project and to the outcome of our applications in the 33rd Offshore Licensing Round.”

At 1111 BST, shares in Orcadian Energy were up 5.05% at 23.11p.

Reporting by Josh White for Sharecast.com.