Scirocco Energy PLC (AIM:SCIR) has confirmed the cancellation of certain options held by directors and former directors under the ‘shares in lieu of fees’ (SILOF) option scheme, when directors agreed to defer salaries to preserve cash in the business in exchange for options over new ordinary shares as facilitated by the SILOF Scheme.
Shareholders did not grant a resolution was proposed at Scirocco's AGM in 2023 seeking an authority to allot up to 70.7 million new ordinary shares to satisfy the exercise of options issued under the SILOF Scheme.