BPC: Warrants exercisable for a period of three years

After Swiss wealth management firm Lombard Odier vowed to take “action” after coming under fire for investing £11.25 million into oil drilling off the coast of The Bahamas, Bahamas Petroleum Company (BPC) – which earlier this month finalized its funding with a put option – affirmed that the warrants issued are exercisable for three years.

Lombard Odier is a B Corporation-certified company – a certification from leading global sustainability non-profit B Lab, which encompasses more than 3,762 companies in 79 countries committed to meeting the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose.

Environmentalists have questioned the company’s commitment to B Corporation standards while it also allowed its investment arm 1798 Volantis Fund Ltd. to invest in oil drilling.

On its official Twitter social media page, Lombard Odier stated, “We regret this situation and are taking the necessary actions to address it. This investment decision was not aligned to our commitment to sustainability and our investment framework.”

In response, BPC noted in a short statement, “Following its announcement on 12 January, 2021 regarding the exercise of the company put option with an institutional investment fund managed by Lombard Odier Asset Management, the company has issued 9,375,000 warrants to advisors in settlement of certain fees for this transaction. The warrants are exercisable for a period of three years at an exercise price of 2 pence per share.”

Lombard Odier has a 12 percent stake in the company, according to Responsible Investor – a UK-based news, research and events company.

BPC’s exploratory oil drilling has come under heavy scrutiny by local and international environmentalists – even garnering the attention of US Congress and the Florida city of Coral Gables – urging the government to intervene and revoke drilling licenses.

BPC is hoping to find between 0.77 billion and 1.44 billion barrels of oil in Perseverance #1, which it began drilling in December.

A judicial review against the government’s decision to authorize the drilling is set for February 17 and 18.

The post BPC: Warrants exercisable for a period of three years appeared first on The Nassau Guardian.

source https://thenassauguardian.com/bpc-warrants-exercisable-for-a-period-of-three-years/