Last checked at 26 Jul 2021 17:04
Enteq Upstream plc
(the "Company" or the "Group")
Awards under the Enteq Upstream plc Performance Share Plan ("PSP")
Enteq Upstream plc announces that its Remuneration Committee approved a further grant of awards under the Performance Share Plan ("PSP"). This grant came into effect on 23 July 2021 and combined with the on-going all employee share option scheme already in existence, is within the overall limits already approved by the Company's shareholders.
This further grant has a vesting date of 23 July 2024. The performance conditions relate equally to the achievement of both a cumulative adjusted EBITDA target and a total shareholder return growth target. These targets are set and monitored by the Remuneration Committee. The consideration payable for these awards on exercise is 1 pence per ordinary share. Under the terms of the PSP these awards are subject to claw back and malus provisions, and no holding period.
Andrew Law (CEO) was granted, subject to the performance conditions and rules of the scheme, PSP options over up to 633,803 Ordinary Shares, taking his total outstanding grants under the PSP scheme to options over 1,674,190 Ordinary Shares.
David Steel (CFO) was granted, subject to the performance conditions and rules of the scheme, PSP options over up to 522,254 Ordinary Shares, taking his total outstanding grants under the PSP scheme to options over 1,270,482 Ordinary Shares.
Neil Bird (Product Director) who is not on the Board but considered a Person Discharging Managerial Responsibilities, was granted, subject to the performance conditions and rules of the scheme, PSP options over up to 205,231 Ordinary Shares, taking his total outstanding grants under the PSP scheme to options over 205,231 Ordinary Shares.
For further information, please contact:
Enteq Upstream plc +44 (0)20 8087 2202 www.enteq.com Andrew Law, Chief Executive Officer David Steel, Chief Financial Officer
finnCap Ltd (NOMAD and Broker) +44 (0)20 7220 0500 Ed Frisby, Emily Watts, Tim Harper (Corporate Finance) Andrew Burdis, Barney Hayward (ECM)
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1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Andrew Law | ||||
2. | Reason for the notification | |||||
a) | Position/status | 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 | Enteq Upstream | ||||
b) | LEI | 2138006BKS2MOAPRUB75 | ||||
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 | Options over ordinary shares of 1 pence each
GB00B41Q8Q68 | ||||
b) | Nature of the transaction | Issue of options | ||||
c) | Price(s) and volume(s)
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d) | Aggregated information | Not applicable - single transaction | ||||
e) | Date of the transaction | 23 July 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | David Steel | ||||
2. | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer
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b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Enteq Upstream | ||||
b) | LEI | 2138006BKS2MOAPRUB75 | ||||
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 | Options over ordinary shares of 1 pence each
GB00B41Q8Q68 | ||||
b) | Nature of the transaction | Issue of options | ||||
c) | Price(s) and volume(s)
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d) | Aggregated information | Not applicable - single transaction | ||||
e) | Date of the transaction | 23 July 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Neil Bird | ||||
2. | Reason for the notification | |||||
a) | Position/status | Product Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Enteq Upstream | ||||
b) | LEI | 2138006BKS2MOAPRUB75 | ||||
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 | Options over ordinary shares of 1 pence each
GB00B41Q8Q68 | ||||
b) | Nature of the transaction | Issue of options | ||||
c) | Price(s) and volume(s)
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d) | Aggregated information | Not applicable - single transaction | ||||
e) | Date of the transaction | 23 July 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||