TIDMTRIN
RNS Number : 0012P
Trinity Exploration & Production
25 August 2017
25 August 2017
Trinity Exploration & Production plc
("Trinity" or the "Company")
Director/PDMR shareholding
2017 Grant of one-off awards under the Long-Term Incentive
Plan
Trinity (AIM: TRIN), the leading independent E&P company
focused on Trinidad and Tobago, announces that on 25 August 2017
the Company issued awards under its Long-Term Incentive Plan
("LTIP") to the Executive Directors and other key employees
("management").
The LTIP comprises an important aspect of Trinity's remuneration
philosophy and allows management to share in the Company's success
when the business strategy is executed successfully. Furthermore,
the Company recognises the need to ensure that management are
retained and incentivised to grow the value of the business and
generate shareholder returns over its next phase of development
following the funding and share reorganisation in January 2017.
The Company believes that this one-off award will give
management the opportunity to build up a meaningful shareholding in
Trinity which further aligns their interest with shareholders and
will help maintain the culture within Trinity which encourages
strong and sustained corporate performance that drives absolute
returns to shareholders over the longer-term.
As a result, the Company announces the grant of Options over
25,415,998 ordinary shares (representing 9.0 per cent of the
Company's issued share capital) under the LTIP on 25 August 2017,
including awards to the Executive Directors as shown in the table
below:
Name Position NUMBER OF ORDINARY
SHARES SUBJECT
TO THE OPTION
====================== ==================== ===================
Bruce Dingwall Executive Chairman 9,022,129
====================== ==================== ===================
Chief Financial
Jeremy Bridglalsingh Officer 5,171,221
====================== ==================== ===================
The Options will normally vest on 30 June 2022, subject to
meeting performance targets relating to:
- In respect of 70 per cent of the award, the Company's share
price growth from the 2017 placing price of 4.98 pence per share.
If the 3 month volume-weighted price ("VWAP") at the testing date
is 35 pence or more per share, this part of the award will vest in
full. If the VWAP at the testing date is 4.98 pence per share or
less, this part of the award will not vest at all. If the VWAP at
the testing date is between 4.98 pence and 35 pence per share, this
part of the award will vest on a pro-rated straight-line basis;
- In respect of 20 per cent of the award, repayment of the
amount due to the Board of Inland Revenue of Trinidad and Tobago
("BIR") in accordance with the terms of the Creditors Proposal
approved in 2017. The final payment under the Creditors Proposal is
due on 30 September 2019; and
- In respect of 10 per cent of the award, redemption of all the
Convertible Loan Notes issued in January 2017 before the second
anniversary of their issue.
The Options could, however, vest in whole or in part on 30 June
2020 or 30 June 2021 to the extent that the relevant performance
conditions have been met. Subject to meeting these conditions and
continued employment in the Company, the Options are exercisable at
nil cost by the participants.
The Company may in future make additional one off awards in
respect of Options over a further 2,824,000 ordinary shares
(representing 1.0 per cent of the Company's issued share capital)
on the same terms as the 2017 LTIP Awards. It is intended that such
awards, if made, will be to new joiners or to award exceptional
performance.
The current intention of the Company is that the aggregate
number of ordinary shares that may be issued or reserved for
issuance under awards granted pursuant to the LTIP may not exceed
15 per cent of the Company's issued share capital. This includes
the 10 per cent relating to the one-off 2017 LTIP Awards and up to
1 per cent per annum for future awards.
The information set out below is provided in accordance with the
requirements of Article 19(3) of the EU Market Abuse Regulation No
596/2014.
1 Details of the person discharging managerial responsibilities/person closely associated
--- -----------------------------------------------------------------------------------------------------------------
a) Name Bruce Dingwall
--- -------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------------------------------------
a) Position/status Executive Chairman
--- -------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
--- -------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--- -----------------------------------------------------------------------------------------------------------------
a) Name Trinity Exploration & Production plc
--- -------------------------------------------------------- -------------------------------------------------------
b) LEI N/A
--- -------------------------------------------------------- -------------------------------------------------------
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 Ordinary shares of USD 0.01 per share par value
instrument
Identification code
GB00B8JG4R91
--- -------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Trinity Exploration &
Production plc Long-Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 9,022,129
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 9,022,129 ordinary shares of USD 0.01 per share par
value
Nil consideration
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 25 August 2017
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
--- -------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
--- -----------------------------------------------------------------------------------------------------------------
a) Name Jeremy Bridglalsingh
--- -------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--- -------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
--- -------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--- -----------------------------------------------------------------------------------------------------------------
a) Name Trinity Exploration & Production plc
--- -------------------------------------------------------- -------------------------------------------------------
b) LEI N/A
--- -------------------------------------------------------- -------------------------------------------------------
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 Ordinary shares of USD 0.01 per share par value
instrument
Identification code
GB00B8JG4R91
--- -------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Trinity Exploration &
Production plc Long-Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 5,171,221
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 5,171,221 ordinary shares of USD 0.01 per share par
value
Nil consideration
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 25 August 2017
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
--- -------------------------------------------------------- -------------------------------------------------------
For further information please visit: www.trinityexploration.com
or contact:
Trinity Exploration & Production Tel: +44 (0)
131 240 3860
James Menzies, Chair of the
Remuneration Committee
SPARK Advisory Partners Limited Tel: +44 (0)
(Nominated & Financial Adviser) 203 368 3550
Mark Brady
Miriam Greenwood
James Keeshan
Walbrook PR (PR Adviser) trinityexploration@walbrookpr.comor
Nick Rome Tel: +44 (0)
20 7933 8780
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and production
company focused solely on Trinidad and Tobago. Trinity operates
producing and development assets both onshore and offshore, in the
shallow water West and East Coasts of Trinidad. Trinity's portfolio
includes current production, significant near-term production
growth opportunities from low risk developments and multiple
exploration prospects with the potential to deliver meaningful
reserves/resources growth. The Company operates all of its nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2016 was 21.3 mmbbls
(excluding the Guapo-1 license which was disposed of in April
2016). Group 2C contingent resources are estimated to be 21.1
mmbbls. The Group's overall 2P plus 2C volumes are therefore 42.3
mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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