Director/PDMR Shareholding

RNS Number : 0299L
Pharos Energy PLC
28 April 2020
 

 

Pharos Energy plc

("Pharos" or the "Company" or, together with its subsidiaries, the "Group")

DIRECTOR/PDMR SHAREHOLDINGS

Increases in Director Shareholdings

 

The Company announces that on, 27 April 2020, Persons Discharging Managerial Responsibilities ("PDMRs") increased their shareholdings pursuant to the vesting and exercise of share awards ("Awards") under the Company's Deferred Share Bonus Plan 2014 ("DSBP") over ordinary shares of £0.05 each in the Company ("Shares"), as set out in the table below. The Awards were originally granted in 2018 to vest after two years in respect of a proportion of the performance related annual bonus earned in the 2017 financial year.

 

The Board has determined that, in this instance, it serves the best interest of the Company and its shareholders, with the agreement of the PDMRs, to deliver only the net number of Shares after deducting the number of Shares that otherwise would be sold in the market to settle the tax liabilities associated with the settlement of these Awards. Therefore, no Shares will be sold, as the associated tax liabilities will be settled by the Company, and the PDMRs are retaining the net shares received. The shares being delivered to the PDMRs are from those held by the Pharos employee benefit trust to satisfy such awards. There is therefore no increase in the issued share capital of the Company as a result of the vesting and exercise of these awards. 

 

Director

Awards Vested

Shares to be deducted for associated tax

Shares to be delivered

Total number of Shares held following purchase

% of Company's Issued Capital (excluding treasury shares)

Ed Story

245,681

99,240

146,441

14,320,1881

3.602%

Jann Brown

152,760

73,325

79,435

573,236

0.144%

Dr Mike Watts

152,760

71,798

80,962

708,157

0.178%

1. 12,645,188 Shares (3.18%) are held personally by E Story. 1,675,000 Shares (0.42%) are held through The Story Family Trust, a closely associated person to Ed Story.

 

For further information, please contact:

Pharos Energy plc    Tel: 0207 603 1515

Tony Hunter, Company Secretary

Notes to editors

Pharos Energy is an independent oil and gas exploration and production company with a focus on sustainable growth and returns to stakeholders, headquartered in London and listed on the London Stock Exchange.

Pharos has production, development and exploration interests in Egypt, Israel and Vietnam.

In Egypt, Pharos holds a 100% working interest in the El Fayum oil concession in the low-cost and highly prolific Western Desert, one of Egypt's most established and prolific hydrocarbon basins. The concession produces from 10 fields and is located 80 km south west of Cairo and close to local energy infrastructure. It is operated by Petrosilah a 50/50 JV between Pharos and Egyptian General Petroleum Corporation (EGPC). Pharos is also an operator with 100% working interest in the North Beni Suef (NBS) Concession which is located immediately south of the El Fayum concession. 

In Israel, Pharos together with Cairn Energy plc and Israel's Ratio Oil Exploration, were successful in their bid for eight blocks in the second offshore bid round in Israel. Each party has an equal working interest and Cairn is the operator.

In Vietnam, Pharos holds a 30.5% working interest in the Te Giac Trang (TGT) Field in Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam and a 25% working interest in the Ca Ngu Vang (CVN) Field in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Block 9-2 is located in the shallow water Cuu Long Basin, offshore southern Vietnam. Pharos also holds a 70% interest in and is designated operator of Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, north east of the Cuu Long Basin, offshore central Vietnam.

 

 

 

 

 

1

 

Details of the person discharging managerial responsibilities

a)

Name

ED STORY

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

PHAROS ENERGY PLC

 

b)

 

LEI

549300DDKLXYLLO4N524

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 £0.05 EACH ("SHARES")

 

 

GB00B572ZV91

b)

 

Nature of the transaction

 

 

Acquisition of shares following settlement of share awards under the Company's Deferred Share Bonus Plan 2014.

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

£0.00

146,441

d)

 

Aggregated information

 

 

N/A single transaction

 

e)

 

Date of the transaction

 

27/04/20

f)

 

Place of the transaction

 

Outside a trading venue

 

 

1

 

Details of the person discharging managerial responsibilities

a)

Name

JANN BROWN

2

Reason for the notification

a)

Position/status

Managing Director and 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

PHAROS ENERGY PLC

 

b)

 

LEI

549300DDKLXYLLO4N524

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 £0.05 EACH

 

 

GB00B572ZV91

b)

 

Nature of the transaction

 

 

Acquisition of shares following settlement of share awards under the Company's Deferred Share Bonus Plan 2014.

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

£0.00

79,435

d)

 

Aggregated information

 

 

N/A single transaction

 

e)

 

Date of the transaction

 

27/04/20

f)

 

Place of the transaction

 

Outside a trading venue

 

1

 

Details of the person discharging managerial responsibilities

a)

Name

MIKE WATTS

2

Reason for the notification

a)

Position/status

Managing Director

 

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

PHAROS ENERGY PLC

 

b)

 

LEI

549300DDKLXYLLO4N524

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 £0.05 EACH

 

 

GB00B572ZV91

b)

 

Nature of the transaction

 

 

Acquisition of shares following settlement of share awards under the Company's Deferred Share Bonus Plan 2014.

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

£0.00

80,962

d)

 

Aggregated information

 

 

N/A single transaction

 

 

e)

 

Date of the transaction

 

27/04/20

f)

 

Place of the transaction

 

Outside a trading venue

 

 

 

 

 

 


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DSHSEMFIWESSELL
UK 100

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