Last checked at 25 May 2020 07:00
Cadogan Petroleum Plc - Issue of EquityCadogan Petroleum Plc - Issue of Equity
PR Newswire
London, May 25
26th May 2020
This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014
Cadogan Petroleum Plc("Cadogan" or the "Company")
Issue of Equity
Cadogan Petroleum plc (“Cadogan” or the “Company”) announces that it has issued 8,399,165 Ordinary shares of £0.03 each, (“New Ordinary Shares”) in the capital of the Company for cash on the basis of £0.03 per share.
2,270,549 ordinary shares are being issued to the previous CEO, Mr Guido Michelotti, to be satisfied in full using the entire amount of the 2018 and 2019 bonuses due (but which had not yet been paid), totalling €75,900.
628,616 ordinary shares are being issued to Mr Andriy Bilyy (General Director of Cadogan Ukraine), to be satisfied in full using the entire amount of the 2019 bonus due (but which had not yet been paid), totalling $23,040.
5,500,000 ordinary shares are being issued to the CEO, Mr Fady Khallouf, to be satisfied in full using the entire amount of the welcome bonus due.
The Company confirms that each of Mr Guido Michelotti, Mr Andriy Bilyy and Mr Fady Khallouf have agreed to fund the income tax due on the bonuses from their own resources. Therefore there is no immediate need for any of the above shares to be sold to fund the tax liability arising on the bonuses. Also, as a consequence, there will be no cash outflow for the Company arising from the award of the bonuses, with the exception of any related social security contributions that fall due following the payment of the bonuses. In addition, Mr Fady Khallouf has undertaken not to sell the shares for a period of two years from the date of subscription.
Full details of the bonus payments for Mr Fady Khallouf and Mr Guido Michelotti are set out within the ‘Annual Report on Remuneration’ in the Company’s 2019 Annual Financial Report.
Application has been made for the new Ordinary Shares to be admitted to trading on the London Stock Exchange (the "Admission"), and dealings in the new Ordinary Shares are expected to commence on or around 2nd June 2020.
Following the issue of the New Ordinary Shares the total number of Ordinary Shares in issue is 244,128,487. There are 66 Ordinary Shares held in treasury. Therefore, the total number of voting rights in the Company is 244,128,421. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.
About
Cadogan is an independent, diversified oil and gas company, which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.
For further information, please contact:
Cadogan Petroleum plcFady Khallouf Chief Executive Officer fady.khallouf@cadoganpetroleum.comBen Harber Company Secretary +44 0207 264 4366
Cantor Fitzgerald Europe Broker to Cadogan Petroleum plc
David Porter +44 (0) 20 7894 7000
Appendix
The notifications detailed above and summarised in the table below is made in accordance with the requirements of the EU Market Abuse Regulations as follows:
Fady Khallouf, CEO purchased 5,500,000 shares at £0.003 pence per share on 22nd May 2020.
| 1. | Details of PDMR/ person closely associated with them (‘PCA’) | |
| a) | Name | Fady Khallouf |
| 2. | Reason for the notification | |
| a) | Position/status | Chief Executive Officer |
| b) | Initial notification / Amendment | Initial notification of purchase of shares |
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Cadogan Petroleum plc |
| b) | LEI | 213800JIBKL29FAK1213 |
| 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 | |
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of 3 pence each GB00B12WC938 | |
| b) | Nature of the transaction | Purchase of ordinary shares |
| c) | Price(s) and volume(s) | Price(s) Volume(s) £0.03 5,500,000 |
| d) | Aggregated information | 5,500,000 £0.03 |
| e) | Date of the transaction | 22nd May 2020 |
| f) | Place of the transaction | XLON |
Andriy Bilyy, General Director of Cadogan Ukraine purchased 628,616 shares at £0.03 pence per share on 22nd May 2020.
| 1. | Details of PDMR/ person closely associated with them (‘PCA’) | |
| a) | Name | Andriy Bilyy |
| 2. | Reason for the notification | |
| a) | Position/status | General Director |
| b) | Initial notification / Amendment | Initial notification of purchase of shares |
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Cadogan Petroleum plc |
| b) | LEI | 213800JIBKL29FAK1213 |
| 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 | |
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of 3 pence each GB00B12WC938 | |
| b) | Nature of the transaction | Purchase of ordinary shares |
| c) | Price(s) and volume(s) | Price(s) Volume(s) £0.03 628,616 |
| d) | Aggregated information | 628,616 £0.03 |
| e) | Date of the transaction | 22nd May 2020 |
| f) | Place of the transaction | XLON |