Former taoiseach Mr Albert Reynolds, who is chairman of oil exploration company Bula Resources, has purchased a further 40,425,160 Bula shares at a penny each under the company’s share option scheme.
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Mr Albert Reynolds, chairman of Bula Resources
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Yesterday, Mr Reynolds exercised the same option resulting in the share price rising 47 per cent to 25 cents. Mr Reynolds now holds 1.87 per cent of Bula's equity.
Mr Reynolds was granted the share options of 87.5 million penny shares at an EGM of Bula shareholders in 1999. The option scheme was described at the time as "a special once-off arrangement" because his Libyan and Iraqi contacts "are expected to significantly enhance the company's position in these two countries".
Mr Reynolds has indicated that all of his 87.5 million options would eventually be exercised.