PROVIDENCE RES. Providence Resources P.L.C. : Grant Of Options To Non-Executive Directors
June 09 2017 - 1:00AM
UK Regulatory
TIDMPVR
GRANT OF OPTIONS
Dublin and London - June 8, 2017 - Providence Resources P.l.c. (PVR LN,
PRP ID), the Irish based Oil and Gas Exploration Company, today
announces the grant of options (the "Options") to certain of its
non-executive Directors under the Company's 2009 Option Scheme (the
"Scheme") in respect of a total of 3,750,000 ordinary shares of EUR0.10
in the Company (the "Ordinary Shares").
Director Position Number of Options Granted
Lex Gamble Non-Executive Director 400,000
James McCarthy Non-Executive Director 400,000
Angus McCoss Non-Executive Director 800,000
Philip O'Quigley Non-Executive Director 400,000
Pat Plunkett Non-Executive Chairman 1,750,000
TOTAL 3,750,000
The grant of these Options is made subject to the terms and conditions
of the Scheme. The Directors have determined that the undernoted terms
shall apply in accordance with clauses 9(a) and 9(b) of the 2009 Scheme.
1. Fifty percent (50%) of the total Options granted are exercisable after
one year of the date of grant provided that the market price of the
Ordinary Shares has increased by a minimum of 25% and has maintained such
increase over a period of three months prior to the exercise of any
Options.
2. The remaining fifty percent (50%) of the total Options granted are
exercisable after two years of the date of grant provided that the market
price of the Ordinary Share has increased by a minimum of 25% and has
maintained such increase over a period of three months prior to the
exercise of any Options.
3. The Option price shall be the closing market price per Ordinary Share on
June 8, 2017 such price being EUR0.17.
4. No Option shall be exercisable more than seven years after the relevant
grant date.
The number of Options being granted represents less than 0.7% of the
issued ordinary share capital of the Company.
Following the grant of these Options, the following is a schedule of all
share options held by the non-executive Directors:
Granted Granted*
Director June 2017 August 2016 TOTAL
Lex Gamble 400,000 400,000 800,000
James McCarthy 400,000 400,000 800,000
Angus McCoss(1) 800,000 NA 800,000
Philip O'Quigley 400,000 400,000 800,000
Pat Plunkett(2) 1,750,000 NA 1,750,000
TOTAL 3,750,000 1,200,000 4,950,00
1. Appointed June 1, 2017
2. Appointed October 1, 2016
* The options awarded in August 2016 (the "2016 LTIP Options") were made
under the 2016 LTIP Scheme to reflect the agreement of the non-executive
Directors to forego director's fees earlier in 2016, as well as their
agreement to the relinquishment of 640,000 options previously issued to
the non-executive Directors.
The following specific terms and conditions apply to the 2016 LTIP
Options:
1. Fifty percent (50%) of the 2016 LTIP Options (600,000) are exercisable on
or after August 8, 2017, provided that the market price of the Ordinary
Shares exceeds EUR0.45 per Ordinary Share;
2. The remaining fifty percent (50%) of the 2016 LTIP Options (600,000) are
exercisable on or after August 8, 2018, provided that the market price of
the Ordinary Shares exceeds EUR0.45 per Ordinary Share; and
3. The 2016 LTIP Options must be exercised prior to or on August 8, 2019
INVESTOR ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
MEDIA ENQUIRIES
Powerscourt Tel: +44 207 250 1446
Lisa Kavanagh/Peter Ogden
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company
with a portfolio of appraisal and exploration assets located offshore
Ireland. Providence's shares are quoted on AIM in London and the ESM in
Dublin.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely associated
with them
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Lex Gamble
2. Reason for the Notification
a) Position/status Non-Executive Director of the Company
Initial
b) notification/amendment Initial notification
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
a) Name Providence Resources P.l.c.
b) LEI
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
4. transactions have been conducted
Description of the
Financial instrument,
a) type of instrument Options over ordinary shares of EUR0.10 each
Identification code IE00B66B5T26
Award of options under the Company's 2009
b) Nature of the Transaction Option Scheme
c) Price(s) and volume(s) Price Volume
EUR0.17 400,000
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 8 June 2017
f) Place of the transaction London Stock Exchange, AIM (LON:PVR)
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name James McCarthy
2. Reason for the Notification
a) Position/status Non-Executive Director of the Company
Initial
b) notification/amendment Initial notification
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
a) Name Providence Resources P.l.c.
b) LEI
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
4. transactions have been conducted
Description of the
Financial instrument,
a) type of instrument Options over ordinary shares of EUR0.10 each
Identification code IE00B66B5T26
Award of options under the Company's 2009
b) Nature of the Transaction Option Scheme
c) Price(s) and volume(s) Price Volume
EUR0.17 400,000
Aggregated information
d) Aggregated volume Price N/A (Single transaction)
e) Date of the transaction 8 June 2017
f) Place of the transaction London Stock Exchange, AIM (LON:PVR)
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Angus McCoss
2. Reason for the Notification
a) Position/status Non-Executive Director of the Company
Initial
b) notification/amendment Initial notification
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
a) Name Providence Resources P.l.c.
b) LEI
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
4. transactions have been conducted
Description of the
Financial instrument,
a) type of instrument Options over ordinary shares of EUR0.10 each
Identification code IE00B66B5T26
Award of options under the Company's 2009
b) Nature of the Transaction Option Scheme
c) Price(s) and volume(s) Price Volume
EUR0.17 800,000
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 8 June 2017
f) Place of the transaction London Stock Exchange, AIM (LON:PVR)
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Philip O'Quigley
2. Reason for the Notification
a) Position/status Non-Executive Director of the Company
Initial
b) notification/amendment Initial notification
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
a) Name Providence Resources P.l.c.
b) LEI
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
4. transactions have been conducted
Description of the
Financial instrument,
a) type of instrument Options over ordinary shares of EUR0.10 each
Identification code IE00B66B5T26
Award of options under the Company's 2009
b) Nature of the Transaction Option Scheme
c) Price(s) and volume(s) Price Volume
EUR0.17 400,000
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 8 June 2017
f) Place of the transaction London Stock Exchange, AIM (LON:PVR)
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Pat Plunkett
2. Reason for the Notification
a) Position/status Non-Executive Chairman of the Company
Initial
b) notification/amendment Initial notification
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
a) Name Providence Resources P.l.c.
b) LEI
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
4. transactions have been conducted
Description of the
Financial instrument,
a) type of instrument Options over ordinary shares of EUR0.10 each
Identification code IE00B66B5T26
Award of options under the Company's 2009
b) Nature of the Transaction Option Scheme
c) Price(s) and volume(s) Price Volume
EUR0.17 1,750,000
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 8 June 2017
f) Place of the transaction London Stock Exchange, AIM (LON:PVR)
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Providence Resources plc via Globenewswire
http://www.providenceresources.com/html/
(END) Dow Jones Newswires
June 09, 2017 02:00 ET (06:00 GMT)
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