Grant of Share Options

RNS Number : 3831S

Advance Energy PLC

08 July 2020

 

8 July 2020

Advance Energy plc

("Advance" or the "Company")

Grant of Share Options

Advance Energy plc (AIM: ADV), the upstream oil and gas company focussed on acquiring value accretive non-operated interests in established hydrocarbon projects, announces it has today granted share options ("Options") to subscribe for 25,000,000 new ordinary shares in the Company.

The Options have been granted to recently appointed Chief Financial Officer and Executive Director Stephen West under an unapproved scheme. The Options have an exercise price of 0.3 pence per share, being a 66.7 per cent premium to the closing price immediately prior to the date of grant, with 50% of the Options vesting on the date of grant and the remaining 50% of the Options vesting on 1 February 2021. Vesting of the Options is subject to the option holder providing continuous service during the vesting period and there are no other performance conditions attached to the Options.

Following this grant of the Options, Mr West will be interested in 3,799,101 ordinary shares and 25,000,000 options in the Company.

Enquiries:

Advance Energy plc

Leslie Peterkin (CEO) / Stephen West (CFO)  [phone]

Buchanan (Public Relations)

Ben Romney / Kelsey Traynor  [phone]

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish / James Biddle    [phone]

Novum Securities Limited (Joint Broker)

Colin Rowbury          [phone]

Optiva Securities Limited (Joint Broker)

Christian Dennis        [phone]

For further information, please visit www.advanceplc.com   and @advanceplc on Twitter

To register for Advance's email alerts, please complete the following form:  https://www.advanceplc.com/media-centre/news/#alerts

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail:

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	Stephen West
2	Reason for the notification
a)	Position/status	CFO & Executive Director
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Advance Energy plc
b)	LEI	213800TZWOYU7UFZ5V63
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 instrument Identification code	Ordinary shares of nil par value ISIN: IM00BZ7PNY71
b)	Nature of the transaction	Grant of share options
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Exercise price of 0.3 pence per share	25,000,000
d	Aggregated information - Aggregated volume - Price	N/A - single transaction
e)	Date of the transactions	8 July 2020
f)	Place of the transactions	Outside a trading venue

 

END

 

 

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