26th May 2020
This announcement contains inside information as defined under
the Market Abuse Regulations n. 596/2014
Cadogan Petroleum Plc
("Cadogan" or the "Company")
Issue of
Equity
Cadogan Petroleum plc (“Cadogan” or the “Company”) announces
that it has issued 8,399,165 Ordinary shares of £0.03 each, (“New
Ordinary Shares”) in the capital of the Company for cash on the
basis of £0.03 per share.
2,270,549 ordinary shares are being issued to the previous CEO,
Mr Guido Michelotti, to be
satisfied in full using the entire amount of the 2018 and 2019
bonuses due (but which had not yet been paid), totalling
€75,900.
628,616 ordinary shares are being issued to Mr Andriy Bilyy (General Director of Cadogan
Ukraine), to be satisfied in full using the entire amount of
the 2019 bonus due (but which had not yet been paid), totalling
$23,040.
5,500,000 ordinary shares are being issued to the CEO, Mr Fady
Khallouf, to be satisfied in full using the entire amount of the
welcome bonus due.
The Company confirms that each of Mr Guido Michelotti, Mr Andriy Bilyy and Mr Fady Khallouf have
agreed to fund the income tax due on the bonuses from their own
resources. Therefore there is no immediate need for any of
the above shares to be sold to fund the tax liability arising on
the bonuses. Also, as a consequence, there will be no cash
outflow for the Company arising from the award of the bonuses, with
the exception of any related social security contributions that
fall due following the payment of the bonuses. In addition,
Mr Fady Khallouf has undertaken not to sell the shares for a period
of two years from the date of subscription.
Full details of the bonus payments for Mr Fady Khallouf and Mr
Guido Michelotti are set out within
the ‘Annual Report on Remuneration’ in the Company’s 2019 Annual
Financial Report.
Application has been made for the new Ordinary Shares to be
admitted to trading on the London Stock Exchange (the "Admission"),
and dealings in the new Ordinary Shares are expected to commence on
or around 2nd June
2020.
Following the issue of the New Ordinary Shares the total number
of Ordinary Shares in issue is 244,128,487. There are 66
Ordinary Shares held in treasury. Therefore, the total number of
voting rights in the Company is 244,128,421. This figure may
be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest under the
Disclosure and Transparency
Rules.
About
Cadogan is an independent, diversified oil and gas company,
which operates exploration and production licenses in Western Ukraine, conducts gas trading
operations, and provides services to E&P companies.
For further information, please
contact:
Cadogan Petroleum plc
Fady
Khallouf
Chief Executive Officer
fady.khallouf@cadoganpetroleum.com
Ben Harber
Company Secretary
+44 0207 264 4366
Cantor Fitzgerald Europe
Broker to Cadogan Petroleum plc
David
Porter
+44 (0) 20 7894 7000
Appendix
The notifications detailed above and summarised in the table
below is made in accordance with the requirements of the EU Market
Abuse Regulations as follows:
Fady Khallouf, CEO purchased 5,500,000 shares at £0.003 pence
per share on 22nd May
2020.
1. |
Details
of PDMR/ person closely associated with them (‘PCA’) |
a) |
Name |
Fady Khallouf |
2. |
Reason
for the notification |
a) |
Position/status |
Chief Executive
Officer |
b) |
Initial notification /
Amendment |
Initial notification of
purchase of shares |
3. |
Details
of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor |
a) |
Name |
Cadogan Petroleum
plc |
b) |
LEI |
213800JIBKL29FAK1213
|
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 |
|
Description of the
financial instrument, type of instrument
Identification code |
Ordinary shares of 3
pence each
GB00B12WC938 |
b) |
Nature of the transaction |
Purchase of ordinary
shares |
c) |
Price(s) and volume(s) |
Price(s)
Volume(s)
£0.03
5,500,000 |
d) |
Aggregated
information |
5,500,000
£0.03 |
e) |
Date of the transaction |
22nd May
2020 |
f) |
Place of the transaction |
XLON |
Andriy Bilyy, General Director of
Cadogan Ukraine purchased 628,616 shares at £0.03 pence per share
on 22nd May 2020.
1. |
Details
of PDMR/ person closely associated with them (‘PCA’) |
a) |
Name |
Andriy Bilyy |
2. |
Reason
for the notification |
a) |
Position/status |
General Director |
b) |
Initial notification /
Amendment |
Initial notification of
purchase of shares |
3. |
Details
of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor |
a) |
Name |
Cadogan Petroleum
plc |
b) |
LEI |
213800JIBKL29FAK1213
|
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 |
|
Description of the
financial instrument, type of instrument
Identification code |
Ordinary shares of 3
pence each
GB00B12WC938 |
b) |
Nature of the transaction |
Purchase of ordinary
shares |
c) |
Price(s) and volume(s) |
Price(s)
Volume(s)
£0.03
628,616 |
d) |
Aggregated
information |
628,616
£0.03 |
e) |
Date of the transaction |
22nd May
2020 |
f) |
Place of the transaction |
XLON |