Last checked at 19 Oct 2018 12:42
19 October 2018
Tlou Energy Limited
("Tlou" or "the Company")
Issue of Performance Rights
Tlou Energy Limited, the ASX, AIM and BSE listed company focused on developing gas-to-power projects in southern Africa using coal bed methane ("CBM") natural gas from its gas field in Botswana, wishes to advise that, further to the approval of shareholders at the Company's 2018 Annual General Meeting held on 17 October 2018, 4,950,000 Incentive Performance Rights have been issued to directors, employees and long term consultants of the Company pursuant to the Tlou Energy Performance Rights Plan. The performance period for the unlisted Performance Rights expires 31 January 2025.
The Performance Rights are linked to the share price performance of the Company, ensuring alignment with the interests of the Company's shareholders. The Performance Rights are split into two equal Tranches. For the Performance Rights issued under the Plan to vest and therefore become exercisable by a participant, the following performance conditions are required to be met:
Tranche | Performance Condition |
Tranche 1 | The closing price of Shares being 50% or more above the price at the date of shareholder approval for a period of 10 consecutive trading days. |
Tranche 2 | The closing price of Shares being 100% or more above the price at the date of shareholder approval for a period of 10 consecutive trading days. |
Notes:
• The date of shareholder approval was 17 October 2018
• The share price on 17 October 2018 was AUD $0.11
• For Tranche 1 to vest the share price needs to be AUD $0.165 per share or greater for a period of 10 consecutive trading days
• For Tranche 2 to vest the share price needs to be AUD $0.22 or greater for a period of 10 consecutive trading days
On vesting, holders of Performance Rights will be entitled to acquire Tlou Energy Limited ordinary shares at nil cost.
Following the issue of the Performance Rights shares, the interests of Directors in the Company will be as per the table below. The Directors do not hold any share options.
Ordinary Shares
| Percentage of the Company | Performance Rights issued | Total Number of Performance Rights
| |
Martin McIver | 812,102 | 0.20% | 500,000 | 750,000 |
Anthony Gilby | 21,701,789 | 5.30% | 500,000 | 750,000 |
Gabaake Gabaake | 330,857 | 0.08% | 500,000 | 750,000 |
Colm Cloonan | 1,081,112 | 0.26% | 500,000 | 750,000 |
Hugh Swire | 4,560,092 | 1.11% | 500,000 | 500,000 |
Linah Mohohlo | - | - | 500,000 | 500,000 |
For further information regarding this announcement please contact:
Tlou Energy Limited | +61 7 3012 9793 |
Tony Gilby, Managing Director | |
Solomon Rowland, General Manager | |
Grant Thornton (Nominated Adviser) | +44 (0)20 7383 5100 |
Samantha Harrison, Colin Aaronson, Harrison Clarke | |
Shore Capital (Broker) | +44 (0) 207 408 4090 |
Jerry Keen, Toby Gibbs, Mark Percy | |
FlowComms Limited (Investor Relations) | +44 (0) 7891 677 441 |
Sasha Sethi |
Company Information
Tlou Energy is focused on delivering Gas-to-Power solutions in Botswana and southern Africa to alleviate some of the chronic power shortage in the region. Tlou is developing projects using coal bed methane ("CBM") natural gas. Botswana has a significant energy shortage and generally relies on expensive imported power and diesel generation to fulfil its power requirements. As 100% owner of the most advanced gas project in the country, the Lesedi CBM Project, Tlou Energy provides investors with access to a compelling opportunity using domestic gas to produce power and displace expensive diesel and imported power.
The Company is listed on the Australian Securities Exchange, London's AIM market and the Botswana Stock Exchange and is led by an experienced Board, management and advisory team including individuals with successful track records in the CBM industry.
Since establishment, the Company has significantly de-risked the project in consideration of its goal to become a significant gas-to-power producer. The Company flared its first gas in 2014, holds a Mining Licence and nine Prospecting Licences, covering an area of ~8,300Km2 in total, and the Lesedi Project already benefits from significant independently certified Contingent Gas Resources of ~3.2 trillion cubic feet (3C) and independently certified Gas Reserves of ~261 billion cubic feet (3P).
The Company is planning an initial scalable gas-to-power project. Following successful implementation of this first scalable project, the Company looks forward to evaluating longer-term prospects for the delivery of electricity generated from CBM in Botswana to neighbouring countries.
1 | Details of the person discharging managerial responsibility / person closely associated
| |
a) |
Name |
Martin McIver |
2 | Reason for the notification | |
a) |
Position/status |
Chairman |
b) |
Initial notification/amendment |
Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) |
Name |
Tlou Energy Limited |
b) |
LEI |
213800SHI2BVAY1A4L52 |
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 |
Performance Rights | |
Identification code |
Ordinary share ISIN : AU000000TOU2 | ||
b) |
Nature of transaction |
Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
| |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
nil | 500,000 | ||
d) |
Aggregated information | ||
Aggregated volume |
n/a | ||
Price |
n/a | ||
e) |
Date of transaction |
19 October 2018 | |
f) |
Place of transaction |
Outside of trading venue | |
1 | Details of the person discharging managerial responsibility / person closely associated
| |
a) |
Name |
Anthony Gilby |
2 | Reason for the notification | |
a) |
Position/status |
Managing Director and Chief Executive Officer |
b) |
Initial notification/amendment |
Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) |
Name |
Tlou Energy Limited |
b) |
LEI |
213800SHI2BVAY1A4L52 |
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 |
Performance Rights | |
Identification code |
Ordinary share ISIN : AU000000TOU2 | ||
b) |
Nature of transaction |
Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
| |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
nil | 500,000 | ||
d) |
Aggregated information | ||
Aggregated volume |
n/a | ||
Price |
n/a | ||
e) |
Date of transaction |
19 October 2018 | |
f) |
Place of transaction |
Outside of trading venue | |
1 | Details of the person discharging managerial responsibility / person closely associated
| |
a) |
Name |
Gabaake Gabaake |
2 | Reason for the notification | |
a) |
Position/status |
Director |
b) |
Initial notification/amendment |
Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) |
Name |
Tlou Energy Limited |
b) |
LEI |
213800SHI2BVAY1A4L52 |
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 |
Performance Rights | |
Identification code |
Ordinary share ISIN : AU000000TOU2 | ||
b) |
Nature of transaction |
Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
| |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
nil | 500,000 | ||
d) |
Aggregated information | ||
Aggregated volume |
n/a | ||
Price |
n/a | ||
e) |
Date of transaction |
19 October 2018 | |
f) |
Place of transaction |
Outside of trading venue | |
1 | Details of the person discharging managerial responsibility / person closely associated
| |
a) |
Name |
Colm Cloonan |
2 | Reason for the notification | |
a) |
Position/status |
Finance Director |
b) |
Initial notification/amendment |
Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) |
Name |
Tlou Energy Limited |
b) |
LEI |
213800SHI2BVAY1A4L52 |
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 |
Performance Rights | |
Identification code |
Ordinary share ISIN : AU000000TOU2 | ||
b) |
Nature of transaction |
Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
| |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
nil | 500,000 | ||
d) |
Aggregated information | ||
Aggregated volume |
n/a | ||
Price |
n/a | ||
e) |
Date of transaction |
19 October 2018 | |
f) |
Place of transaction |
Outside of trading venue | |
1 | Details of the person discharging managerial responsibility / person closely associated
| |
a) |
Name |
Hugh Swire |
2 | Reason for the notification | |
a) |
Position/status |
Director |
b) |
Initial notification/amendment |
Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) |
Name |
Tlou Energy Limited |
b) |
LEI |
213800SHI2BVAY1A4L52 |
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 |
Performance Rights | |
Identification code |
Ordinary share ISIN : AU000000TOU2 | ||
b) |
Nature of transaction |
Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
| |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
nil | 500,000 | ||
d) |
Aggregated information | ||
Aggregated volume |
n/a | ||
Price |
n/a | ||
e) |
Date of transaction |
19 October 2018 | |
f) |
Place of transaction |
Outside of trading venue | |
1 | Details of the person discharging managerial responsibility / person closely associated
| |
a) |
Name |
Linah Mohohlo |
2 | Reason for the notification | |
a) |
Position/status |
Director |
b) |
Initial notification/amendment |
Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) |
Name |
Tlou Energy Limited |
b) |
LEI |
213800SHI2BVAY1A4L52 |
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 |
Performance Rights | |
Identification code |
Ordinary share ISIN : AU000000TOU2 | ||
b) |
Nature of transaction |
Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
| |
c) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
nil | 500,000 | ||
d) |
Aggregated information | ||
Aggregated volume |
n/a | ||
Price |
n/a | ||
e) |
Date of transaction |
19 October 2018 | |
f) |
Place of transaction |
Outside of trading venue | |