Last checked at 20 Jan 2020 17:16
20 January 2020
Sound Energy plc
("Sound Energy" or the "Company")
Board Change
Sound Energy, the Moroccan focused upstream gas company, announces that, as part of its planned preparations for the forthcoming potential partial divestment of Eastern Morocco portfolio, Brian Mitchener, Exploration Director of the Company will step down from the Board with effect from 31 March 2020.
At the Board's request, and to enable the Company to conserve cash balances, Mr. Mitchener has agreed to accept new ordinary shares in the Company ("Ordinary Shares") in settlement of termination of his employment contract. As a result, the Company expects to issue new Ordinary Shares, at the then prevailing price per Ordinary Share, with an aggregate market value of £107,983 on or around 25 January 2020 (the "Settlement Shares") and a further announcement will be made in this regard, as appropriate, in due course.
In addition, the Company announces that a total of 863,682 restricted stock units ("RSUs") previously awarded to Mr. Mitchener will now vest in full on 31 March 2020, ahead of the original date of vesting of the RSUs, announced on 26 April 2018, of 1 January 2021.
The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further details of the accelerated vesting of the RSUs.
Marco Fumagalli, acting Chairman, commented:
"I am grateful to Brian for his leadership of our exploration programme and his continued support of our orderly handover of executive responsibilities for this next important phase of our development."
For further information please contact:
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Simon Woods
| Tel: 44 (0)20 7390 0230 |
Sound Energy
| questions@soundenergyplc.com
|
Cenkos Securities - Nominated Adviser Azhic Basirov Ben Jeynes | Tel: 44 (0)20 7397 8900 |
RBC - Joint Broker Matthew Coakes Martin Copeland
| Tel: 44 (0)20 7653 4000 |
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds
| Tel: 44 (0)20 3031 2000 |
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 | Brian Mitchener | ||||
2 | Reason for the notification | |||||
a) | Position/status |
PDMR (Director)
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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 |
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a) | Name | Sound Energy plc |
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b) | LEI | 213800VQKS2TU6FOW115 |
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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 |
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a) | Description of the financial instrument, type of instrument | Ordinary shares of 1p each |
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Identification code | GB00B90XFF12 |
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b) | Nature of the transaction | Change of vesting date of existing restricted stock units over ordinary shares of 1p each |
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c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
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£0.00 | 863,682 |
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d) | Aggregated information | NA (single transaction) |
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Aggregated volume |
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Price |
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e) | Date of the transaction | 20 January 2020 |
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f) | Place of the transaction | Outside a trading venue |
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