TIDMZEN
RNS Number : 2867G
Zenith Energy Ltd
28 February 2018
February 28, 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
2018 CEO Salary Sacrifice Proposal & Notice of AGM
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the international oil & gas production company
operating the largest onshore oilfield in Azerbaijan, is pleased to
announce that its Chief Executive Officer & President, Mr.
Andrea Cattaneo, has submitted a proposal before the Company's
Board of Directors to receive his remuneration in equity for the
twelve months starting April 1, 2018 ("2018 Salary Proposal").
As part of the 2018 Salary Proposal, Mr. Cattaneo would exchange
his full salary for the twelve months beginning on April 1, 2018
for common shares ("Common Shares") of the Company (the "2018
Salary Sacrifice Shares"). The Company's Board of Directors has
agreed to the 2018 Salary Proposal subject to the filing of an
application with the TSX Venture Exchange ("TSXV") and the receipt
of approval from the TSXV of the 2018 Salary Proposal, including
confirmation as to how such 2018 Salary Sacrifice Shares will be
priced.
Additionally, the Company will be submitting, among other
things, the 2018 Salary Proposal to its shareholders for approval
at the upcoming annual general and special meeting of the Company,
scheduled for March 29, 2018 in Calgary, Alberta. It is anticipated
that this resolution will propose that the 2018 Salary Sacrifice
Shares are issued on a quarterly basis at a price that is the
higher of: (i) the average price at which the Common Shares traded
during the quarterly period, based on the mid-market closing price
on the London Stock Exchange on each trading day, and (ii) the
discounted market price on the TSXV at the time the particular
tranche of 2018 Salary Sacrifice Shares are issued. In the event
that shareholders do not approve the 2018 Salary Proposal, Mr.
Cattaneo will be entitled to his contractual base salary, being
approximately GBP210,000, to be paid in cash.
Director/ PDMR Shareholding
Mr. Cattaneo has advised the Company that he has purchased a
total of 100,000 Common Shares of no par value in the capital of
the Company at an average price of GBP0.0715 per Common Share. Mr.
Cattaneo purchased a total of 50,000 Common Shares on February 27,
2018. Today, Mr. Cattaneo purchased a total of 50,000 Common
Shares.
Following the aforementioned purchases, Mr. Cattaneo is directly
beneficially interested in a total of 4,495,116 Common Shares in
the capital of the Company, representing 2.83 per cent of the total
issued and outstanding common share capital of the Company. As
announced on December 15, 2017, Mr. Cattaneo is indirectly
interested in a total of 1,250,000 Common Shares, today
representing 0.79 per cent of the Company's issued share
capital.
Total Voting Rights
The Company announces, in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules, the
following information as of February 28, 2018:
Class of share Total number Number Total number
of shares of voting of voting
rights rights
per share per class
of share
---------------------- --------------- ------------ ---------------
Common Shares
in issue and
admitted to trading
on the Main Market
of the London
Stock Exchange 153,200,119 1 153,200,119
---------------------- --------------- ------------ ---------------
Common shares
in issue and
admitted to trading
on the TSXV 158,798,698 1 158,798,698
---------------------- --------------- ------------ ---------------
No shares are held in treasury. The above figure for total
number of Common Shares 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 in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Zenith Chief Executive Officer, Andrea Cattaneo, commented:
"My confidence in the value and potential of the Zenith story
remains unchanged. My salary proposal to the Board of Directors for
a second consecutive year is evidence of my steady conviction in
the successful development of the Company and my alignment with
shareholders. My remuneration in equity will be favourable to the
Company's finances and enable our resources to be invested to the
greatest extent possible in Zenith's growth. We have an exciting
year ahead of us as we continue our work on our asset base and look
to enrich it with acquisitions - I believe there will be many
catalysts for investors in 2018."
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 (0) 207 382 8300
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Telephone: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- ---------------------------------------------------------
a) Name Andrea Cattaneo
---- -------------------------------- -----------------------
2 Reason for the notification
---- ---------------------------------------------------------
a) Position/status Chief Executive
Officer
---- -------------------------------- -----------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -----------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- ---------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -----------------------
b) LEI 213800AYTYOYD61S4569
---- -------------------------------- -----------------------
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 Common Shares
the financial
instrument, type
of instrument
---- -------------------------------- -----------------------
Identification CA98936C1068
code
---- -------------------------------- -----------------------
b) Nature of the Purchase of
transaction Common Shares
---- -------------------------------- -----------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- ---------- -----------
GBP0.071 25000
------------------------------------- ---------- -----------
GBP0.072 25000
------------------------------------- ---------- -----------
GBP0.071 25000
------------------------------------- ---------- -----------
GBP0.072 25000
------------------------------------- ---------- -----------
d) Aggregated information
---- -------------------------------- -----------------------
Aggregated volume 100000
------------------------------------- -----------------------
Aggregated price GBP0.0715
------------------------------------- -----------------------
e) Date of the transaction(s)
---- -------------------------------- -----------------------
February 27,
2018
------------------------------------- -----------------------
February 28,
2018
------------------------------------- -----------------------
f) Place of the transaction LondonStock
Exchange
---- -------------------------------- -----------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGZZKRRGRZM
(END) Dow Jones Newswires
February 28, 2018 11:00 ET (16:00 GMT)
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Jul 2023 to Jul 2024
