Last checked at 29 Apr 2020 07:00
Jadestone Energy Announces Grants Under Long Term Incentive Plans
April 29, 2020 - Singapore: Jadestone Energy Inc. (AIM:JSE) ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to announce that on April 27, 2020 it granted (a) an aggregate of 6,525,000 incentive stock options to a number of employees, officers, directors, and consultants, including an individual engaged in investor relations activities on behalf of the Company, (b) an aggregate of 695,200 performance share awards to a number of its employees and (c) 101,063 restricted share awards to the Company's President and CEO, A. Paul Blakeley.
The stock options are exercisable for a period of ten years at an exercise price of GBP 0.44 per share, and will vest upon the third anniversary of the grant date. The market value of the performance shares to be issued upon the vesting of the performance share awards is approximately GBP 0.56 per share, as calculated by an independent, specialist service provider. The performance share awards will vest on the third anniversary of the grant date, and the number of performance shares to be issued will be determined against two performance measures which will be applied annually: (i) absolute total shareholder return as measured on a target share price plus dividend, weighted at 30%, and (ii) relative total shareholder return as measured against agreed peer companies, weighted at 70%.
The market value of the restricted shares to be issued upon the vesting of the restricted share awards is approximately GBP 0.40 per share as calculated by an independent, specialist service provider, and the restricted share award will vest on the third anniversary of the grant date. The restricted share award was elected to be taken by the recipient in lieu of a salary increase to further the alignment of interests with shareholders.
The stock options, the performance share awards and the restricted share awards were granted in accordance with the terms of the Company's stock option plan, performance share plan and restricted share plan respectively, each of which have been approved by the Company's shareholders. As the Company transitions away from its historical North American model to a remuneration approach more aligned with current practice in the UK, this will be the last grant of stock options for which the non executive directors will be recipients.
Certain persons discharging managerial responsibilities ("PDMR") were recipients of stock options as detailed below.
PDMR | Position | Number |
A. Paul Blakeley | Executive Director, President and Chief Executive Officer | 1,290,000 |
Daniel Young | Executive Director and Chief Financial Officer | 700,000 |
Dennis McShane | Non-Executive Director, Chairman | 75,000 |
Robert A. Lambert | Non-Executive Director, Deputy Chairman | 50,000 |
Iain McLaren | Non-Executive Director | 50,000 |
Cedric Fontenit | Non-Executive Director | 50,000 |
David Neuhauser | Non-Executive Director | 50,000 |
Lisa A. Stewart | Non-Executive Director | 50,000 |
Certain PDMRs were recipients of performance share awards and/or restricted share awards as detailed below.
PDMR | Position | Performance Share Award Number
| Restricted Share Award Number |
A. Paul Blakeley | Executive Director, President and Chief Executive Officer | 155,000 | 101,063 |
Daniel Young | Executive Director and Chief Financial Officer | 80,000 | N/A |
- Ends -
Jadestone Energy Inc. | +65 6324 0359 (Singapore) |
Paul Blakeley, President and CEO | +1 403 975 6752 (Canada) |
Dan Young, CFO | +44 7392 940 495 |
Robin Martin, Investor Relations Manager | ir@jadestone-energy.com |
Stifel Nicolaus Europe Limited (Nomad, Joint Broker) | +44 (0) 20 7710 7600 (UK) |
Callum Stewart | |
Simon Mensley Ashton Clanfield | |
BMO Capital Markets Limited (Joint Broker) | +44 (0) 20 7236 1010 (UK) |
Thomas Rider | |
Jeremy Low | |
Thomas Hughes | |
Camarco (Public Relations Advisor) | +44 (0) 203 757 4980 (UK) |
Billy Clegg | jadestone@camarco.co.uk |
James Crothers |
About Jadestone Energy Inc.
Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.
The Company has a 100% operated working interest in the Stag oilfield and the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block. In addition, the Company has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, shallow water offshore New Zealand, and anticipates completing the transaction in H2 2020, upon receipt of customary approvals.
Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets throughout the Asia-Pacific region.
Jadestone Energy Inc. is listed on the AIM market of the London Stock Exchange. The Company is headquartered in Singapore. For further information on Jadestone please visit www.jadestone-energy.com.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. Upon publication of this announcement, this inside information is now considered to be in the public domain.
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||
(a) | Name: | A. Paul Blakeley | ||||||||||||
2. | Reason for the notification | |||||||||||||
(a) | Position/status: | Executive Director, President and Chief Executive Officer
| ||||||||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
(a) | Name: | Jadestone Energy Inc. | ||||||||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||||||||
(b) | Nature of the transaction: | Grant of options and awards | ||||||||||||
(c) | Price(s) and volume(s): |
| ||||||||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 1,546,063Exercise price: GBP 0.44 | ||||||||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
(a) | Name: | Daniel Young | |||||||||
2. | Reason for the notification | ||||||||||
(a) | Position/status: | Executive Director and Chief Financial Officer | |||||||||
(b) | Initial notification/ amendment: | Initial notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
(a) | Name: | Jadestone Energy Inc. | |||||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | |||||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | |||||||||
(b) | Nature of the transaction: | Grant of options and awards | |||||||||
(c) | Price(s) and volume(s): |
| |||||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 780,000Exercise price: GBP 0.44 | |||||||||
(e) | Date of the transaction: | April 27, 2020 | |||||||||
(f) | Place of the transaction: | Outside a trading venue | |||||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name: | Dennis McShane | ||||||
2. | Reason for the notification | |||||||
(a) | Position/status: | Non-Executive Director, Chairman | ||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name: | Jadestone Energy Inc. | ||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||
(b) | Nature of the transaction: | Grant of options | ||||||
(c) | Price(s) and volume(s): |
| ||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 75,000Exercise price: GBP 0.44 | ||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name: | Robert A. Lambert | ||||||
2. | Reason for the notification | |||||||
(a) | Position/status: | Non-Executive Director, Deputy Chairman | ||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name: | Jadestone Energy Inc. | ||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||
(b) | Nature of the transaction: | Grant of options | ||||||
(c) | Price(s) and volume(s): |
| ||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 50,000Exercise price: GBP 0.44 | ||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name: | Iain McLaren | ||||||
2. | Reason for the notification | |||||||
(a) | Position/status: | Non-Executive Director | ||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name: | Jadestone Energy Inc. | ||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||
(b) | Nature of the transaction: | Grant of options | ||||||
(c) | Price(s) and volume(s): |
| ||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 50,000Exercise price: GBP 0.44 | ||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name: | Cedric Fontenit | ||||||
2. | Reason for the notification | |||||||
(a) | Position/status: | Non-Executive Director | ||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name: | Jadestone Energy Inc. | ||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||
(b) | Nature of the transaction: | Grant of options | ||||||
(c) | Price(s) and volume(s): |
| ||||||
(d) | Aggregated information:- Aggregated volume:- Price: |
50,000Exercise price: GBP 0.44 | ||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name: | David Neuhauser | ||||||
2. | Reason for the notification | |||||||
(a) | Position/status: | Non-Executive Director | ||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name: | Jadestone Energy Inc. | ||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||
(b) | Nature of the transaction: | Grant of options | ||||||
(c) | Price(s) and volume(s): |
| ||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 50,000Exercise price: GBP 0.44 | ||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||
DEALING NOTIFICATION FORMFOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name: | Lisa A. Stewart | ||||||
2. | Reason for the notification | |||||||
(a) | Position/status: | Non-Executive Director | ||||||
(b) | Initial notification/ amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name: | Jadestone Energy Inc. | ||||||
(b) | LEI: | 254900E4GCXW63X26Q32 | ||||||
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: | Common shares of no par value in Jadestone Energy Inc.ISIN: CA46989Q1000 | ||||||
(b) | Nature of the transaction: | Grant of options | ||||||
(c) | Price(s) and volume(s): |
| ||||||
(d) | Aggregated information:- Aggregated volume:- Price: | 50,000Exercise price: GBP 0.44 | ||||||
(e) | Date of the transaction: | April 27, 2020 | ||||||
(f) | Place of the transaction: | Outside a trading venue | ||||||