SDX Energy Inc. Grant of awards under long term incentive plan (7563G)
March 06 2018 - 1:01AM
UK Regulatory
TIDMSDX
RNS Number : 7563G
SDX Energy Inc.
06 March 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"),
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
6 March 2018
SDX ENERGY INC.
("SDX" or the "Company")
Grant of awards under existing long term incentive plan ("LTIP")
to the Executive Directors and certain other key employees of the
Company
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil
and gas company, announces that on 5 March 2018 the Company issued
awards under its long term incentive plan ("LTIP" or the "Plan") to
its Executive Directors and certain other key employees.
It is important to note that stretching strategic, operational,
financial and shareholder return performance criteria must be met
for the LTIPs to vest. The Company recognizes the need to ensure
that Executive Directors and key employees from its operational,
commercial, technical and financial divisions, who are critical to
executing SDX's strategy over the next phase of its development,
are retained and incentivized to generate long term value for
shareholders. Furthermore, the Board believes that the three year
vesting period and the requirement for a further two year holding
period for Executive Directors, will act as strong retention
factors.
As a result, in relation to its Executive Directors, the Company
announces the following grants under the LTIP ("LTIP Awards") over
the Company's common shares as shown in column 3 of the table
below. The number of LTIPs granted equate to 100% of each of the
Executive Directors' salaries on 5 March 2018.
The number of shares subject to the LTIP Awards has been
determined by reference to the mid-market price of a share on the
London Stock Exchange on 2 March 2018 (GBP0.445 pence per
share).
1. Name 2.Status 3. Number of
common shares
subject to LTIP
Award
-------------- ---------- -----------------
Paul Welch Director 732,337
-------------- ---------- -----------------
Mark Reid Director 561,798
-------------- ---------- -----------------
The LTIP Awards granted under the Plan take the form of a base
award over the number of common shares specified above. These
awards will normally vest on the third anniversary of the date of
grant of the awards, subject to meeting certain strategic,
operational, financial and shareholder return performance criteria
and the continued employment of the participant. The awards for the
Executive Directors are subject to a further 2 year holding period
from the date of vesting with clawback provisions contained in the
rules of the Plan which can be applied to awards made to all
participants.
The above number of common shares granted to Executive
Directors, over which the LTIP Awards may vest, can be increased by
a multiple of up to one times depending on the level of share price
growth over the three year period from date of grant. The potential
level of increased share awards is calculated as follows:
-- If the share price growth in the three year period is less
than 11% pa, there will be no increase in the base award number of
shares set out above; and
-- If the share price growth in the three year period is between
a range of 11% pa and 20% pa, the additional number of shares which
vest will increase proportionately within this range up to a cap of
a multiple of one times the base award number of shares. This cap
will be triggered at share price growth of 20% pa or more.
For the avoidance of doubt, the maximum number of shares which
can vest for the CEO and CFO is 1,464,674 and 1,123,596
respectively.
Based upon the grant at 5 March 2018, the maximum potential
number of common shares that can vest to the Executive Directors
and other selected employees under the LTIP was in aggregate
7,214,506.
The LTIP will be presented to the Company's shareholders for
approval at the next annual general meeting of shareholders. The
number of common shares that may be issued or reserved for issuance
under the awards granted pursuant to the LTIP, together with all
common shares which may be issued under options granted pursuant to
the Company's stock option plan, may not exceed 10% of the
Company's issued and outstanding common shares at the time of
grant. No common shares of the Company will be issued pursuant to
awards granted under the LTIP until such time as such shareholder
approval is received.
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a
principal focus on North Africa. In Egypt, SDX has a working
interest in two producing assets (50% North West Gemsa & 50%
Meseda) located onshore in the Eastern Desert, adjacent to the Gulf
of Suez. In Morocco, SDX has a 75% working interest in the Sebou
concession situated in the Rharb Basin. These producing assets are
characterised by exceptionally low operating costs making them
particularly resilient in a low oil price environment. SDX's
portfolio also includes high impact exploration opportunities in
both Egypt and Morocco.
For further information, please see the website of the Company
at www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
For further information:
SDX Energy Inc.
Paul Welch
President and Chief Mark Reid
Executive Officer Chief Financial Officer
Tel: +44 203 219 5640 Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
Callum Stewart/Nicholas Rhodes/Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Cantor Fitzgerald Europe (Joint Broker)
David Porter/Nick Tulloch
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint Broker)
Jonathan Wright/David van Erp
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/Jimmy Lea/Ollie Mills
Tel: +44 207 520 9261
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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