4 Jun 2019 12:42
TRANSGLOBE ENERGY CORPORATION ANNOUNCES
DIRECTOR/PDMR SHAREHOLDINGS
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, June 4, 2019 - TransGlobe Energy Corporation ("TransGlobe" or the "Company") announces that on May 20, 2019, Randy Neely (President and Chief Executive Officer), Lloyd Herrick (Executive Vice President), and Edward Ok (Vice President Finance and Chief Financial Officer), all persons discharging managerial responsibilities with the Corporation, had Performance Share Units ("PSUs") vest. These were granted to each individual as part of the Company's Long-Term Incentive Plan in May 2016.
As per the Plan, following the vesting date, the Company has 55 days to assess performance and to receive Board of Directors' approval of the assessment. The Company received Board approval of the performance assessment on May 30, 2019.
The Company's PSUs have a three-year performance period in which the Company's total shareholder return ("TSR") is measured against the TSR of the individual companies included in the performance peer group ("PPG"). The PPG was selected in May 2016 at the time of grant. As per the Plan, depending on the Company's relative TSR as compared to the TSR of the PPG constituents, the vesting of the 2016 PSU grant would be within a range of 50% to 150% of the original grant (inclusive of dividends). For the 2016 grant, the Company achieved a performance measurement of 150%.
PDMR | Position | Type | Quantity Previously Awarded | Quantity Vested | Vesting Price ($Cdn) | Number Held Following Vesting |
Randy Neely | President and Chief Executive Officer | PSU | 426,873 | 98,445 | $2.38 | 328,428 |
Lloyd Herrick | Executive Vice President | PSU | 457,861 | 110,304 | $2.38 | 347,557 |
Edward Ok | Vice President Finance and Chief Financial Officer | PSU | 159,103 | 12,643 | $2.38 | 146,460 |
Prior to Ross Clarkson's retirement as CEO on December 31, 2018, he was a participant in the Company's Long Term Incentive Plan and as such was the recipient of PSUs. On May 20, 2019 Ross Clarkson (Non-independent Director) had PSUs vest.
Director | Type | Quantity Previously Awarded | Quantity Vested | Vesting Price ($Cdn) | Number Held Following Vesting |
Ross Clarkson | PSU | 430,813 | 139,069 | $2.38 | 291,743 |
The PSUs were granted in accordance with the Performance Share Unit Plan of the Company. No shares will be issued upon exercise or vesting of any of the share units as the instruments are settled in cash. Total cash payable can be calculated by taking the total units vested multiplied by the performance rating of 150% multiplied by the Vesting Price. The Vesting Price is calculated as the 5-day volume weighted average share price of trading on the Toronto Stock Exchange prior to the vesting date. The Vesting Price of the shares of the Company was calculated at Cdn $2.38.
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1) Details of PDMR a) Name | Randy Neely | Lloyd Herrick | Edward Ok |
2) Reason for the notification a) Position / status | President and Chief Executive Officer | Executive Vice President | Vice President Finance and Chief Financial Officer |
b) Initial notification / amendment | Initial notification | Initial notification | Initial notification |
3) Details of the issuer a) Name | TransGlobe Energy Corporation | TransGlobe Energy Corporation | TransGlobe Energy Corporation |
b) Legal Entity Identifier | 549300QMNS6BDY8UUB03 | 549300QMNS6BDY8UUB03 | 549300QMNS6BDY8UUB03 |
4) Details of transaction a) Description of financial instrument | Performance Share Units | Performance Share Units | Performance Share Units |
b) Identification code | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 |
c) Nature of the transaction | Vesting of PSUs | Vesting of PSUs | Vesting of PSUs |
d) Price(s) and volume(s) | Price: Cdn $2.38 Volume: 98,445 | Price: Cdn $2.38 Volume: 110,304 | Price: Cdn $2.38 Volume: 12,643 |
e) Aggregated information: i) Price ii) Volume |
Price: $2.38 Cdn per PSU Volume: 98,445 PSUs |
Price: $2.38 Cdn per PSU Volume: 110,304 PSUs |
Price: $2.38 Cdn per PSU Volume: 12,643 PSUs |
f) Date of the transaction | May 20, 2019 | May 20, 2019 | May 20, 2019 |
g) Place of Transaction | Outside a trading venue | Outside a trading venue | Outside a trading venue |
1) Details of PDMR a) Name | Ross Clarkson |
2) Reason for the notification a) Position / status | Director |
b) Initial notification / amendment | Initial notification |
3) Details of the issuer a) Name | TransGlobe Energy Corporation |
b) Legal Entity Identifier | 549300QMNS6BDY8UUB03 |
4) Details of transaction a) Description of financial instrument | Performance Share Units |
b) Identification code | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 |
c) Nature of the transaction | Vesting of PSUs |
d) Price(s) and volume(s) | Price: Cdn $2.38 Volume: 139,069 |
e) Aggregated information: i) Price ii) Volume |
Price: $2.38 Cdn per PSU Volume: 139,069 PSUs |
f) Date of the transaction | May 20, 2019 |
g) Place of Transaction | Outside a trading venue |
About TransGlobe
TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe's common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.
For further information, please contact:
Investor Relations Telephone: +1 403.444-4787 mail: investor.relations@trans-globe.com Web site: http://www.trans-globe.com | ||
TransGlobe Energy | Via FTI Consulting | |
Randy Neely, President and Chief Executive Officer | ||
Eddie Ok, Chief Financial Officer | ||
Canaccord Genuity (Nomad & Joint Broker) | +44 (0) 20 7523 8000 | |
Henry Fitzgerald-O'Connor | ||
James Asensio | ||
GMP First Energy (Joint Broker) | +44 (0) 20 7448 0200 | |
Jonathan Wright | ||
FTI Consulting (Financial PR) | +44 (0) 20 3727 1000 | |
Ben Brewerton | transglobeenergy@fticonsulting.com | |
Genevieve Ryan | ||