8 Jul 2020 08:46
8 July 2020
Advance Energy plc
("Advance" or the "Company")
Grant of Share Options
Advance Energy plc (AIM: ADV), the upstream oil and gas company focussed on acquiring value accretive non-operated interests in established hydrocarbon projects, announces it has today granted share options ("Options") to subscribe for 25,000,000 new ordinary shares in the Company.
The Options have been granted to recently appointed Chief Financial Officer and Executive Director Stephen West under an unapproved scheme. The Options have an exercise price of 0.3 pence per share, being a 66.7 per cent premium to the closing price immediately prior to the date of grant, with 50% of the Options vesting on the date of grant and the remaining 50% of the Options vesting on 1 February 2021. Vesting of the Options is subject to the option holder providing continuous service during the vesting period and there are no other performance conditions attached to the Options.
Following this grant of the Options, Mr West will be interested in 3,799,101 ordinary shares and 25,000,000 options in the Company.
Enquiries:
Advance Energy plc
Leslie Peterkin (CEO) / Stephen West (CFO) +44 (0)1624 681 250
Buchanan (Public Relations)
Ben Romney / Kelsey Traynor +44 (0)20 7466 5000
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / James Biddle +44 (0) 20 7628 3396
Novum Securities Limited (Joint Broker)
Colin Rowbury +44 (0)20 7399 9427
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0)20 3411 1881
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
To register for Advance's email alerts, please complete the following form: https://www.advanceplc.com/media-centre/news/#alerts
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail:
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Stephen West | |
2 | Reason for the notification | ||
a) | Position/status | CFO & Executive Director | |
b) | Initial notification /Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Advance Energy plc | |
b) | LEI | 213800TZWOYU7UFZ5V63 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of nil par value
ISIN: IM00BZ7PNY71 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
Exercise price of 0.3 pence per share | 25,000,000
| ||
d | Aggregated information - Aggregated volume - Price | N/A - single transaction | |
e) | Date of the transactions | 8 July 2020 | |
f) | Place of the transactions | Outside a trading venue | |