Issue of Performance Rights

RNS Number : 6404E

Tlou Energy Ltd

19 October 2018

 

19 October 2018

Tlou Energy Limited

("Tlou" or "the Company")

Issue of Performance Rights

Tlou Energy Limited, the ASX, AIM and BSE listed company focused on developing gas-to-power projects in southern Africa using coal bed methane ("CBM") natural gas from its gas field in Botswana, wishes to advise that, further to the approval of shareholders at the Company's 2018 Annual General Meeting held on 17 October 2018, 4,950,000 Incentive Performance Rights have been issued to directors, employees and long term consultants of the Company pursuant to the Tlou Energy Performance Rights Plan.  The performance period for the unlisted Performance Rights expires 31 January 2025.

The Performance Rights are linked to the share price performance of the Company, ensuring alignment with the interests of the Company's shareholders.  The Performance Rights are split into two equal Tranches.  For the Performance Rights issued under the Plan to vest and therefore become exercisable by a participant, the following performance conditions are required to be met:

Tranche	Performance Condition
Tranche 1	The closing price of Shares being 50% or more above the price at the date of shareholder approval for a period of 10 consecutive trading days.
Tranche 2	The closing price of Shares being 100% or more above the price at the date of shareholder approval for a period of 10 consecutive trading days.

Notes:

•                The date of shareholder approval was 17 October 2018

•                The share price on 17 October 2018 was AUD $0.11

•                For Tranche 1 to vest the share price needs to be AUD $0.165 per share or greater for a period of 10 consecutive trading days

•                For Tranche 2 to vest the share price needs to be AUD $0.22 or greater for a period of 10 consecutive trading days

On vesting, holders of Performance Rights will be entitled to acquire Tlou Energy Limited ordinary shares at nil cost.

Following the issue of the Performance Rights shares, the interests of Directors in the Company will be as per the table below.  The Directors do not hold any share options.

	Ordinary Shares	Percentage of the Company	Performance Rights issued	Total Number of Performance Rights
Martin McIver	812,102	0.20%	500,000	750,000
Anthony Gilby	21,701,789	5.30%	500,000	750,000
Gabaake Gabaake	330,857	0.08%	500,000	750,000
Colm Cloonan	1,081,112	0.26%	500,000	750,000
Hugh Swire	4,560,092	1.11%	500,000	500,000
Linah Mohohlo	-	-	500,000	500,000

For further information regarding this announcement please contact:

Tlou Energy Limited	[phone]
Tony Gilby, Managing Director
Solomon Rowland, General Manager
Grant Thornton (Nominated Adviser)	[phone]
Samantha Harrison, Colin Aaronson, Harrison Clarke
Shore Capital (Broker)	[phone]
Jerry Keen, Toby Gibbs, Mark Percy
FlowComms Limited (Investor Relations)	[phone]
Sasha Sethi

Company Information

Tlou Energy is focused on delivering Gas-to-Power solutions in Botswana and southern Africa to alleviate some of the chronic power shortage in the region.  Tlou is developing projects using coal bed methane ("CBM") natural gas.  Botswana has a significant energy shortage and generally relies on expensive imported power and diesel generation to fulfil its power requirements.  As 100% owner of the most advanced gas project in the country, the Lesedi CBM Project, Tlou Energy provides investors with access to a compelling opportunity using domestic gas to produce power and displace expensive diesel and imported power.

The Company is listed on the Australian Securities Exchange, London's AIM market and the Botswana Stock Exchange and is led by an experienced Board, management and advisory team including individuals with successful track records in the CBM industry.

Since establishment, the Company has significantly de-risked the project in consideration of its goal to become a significant gas-to-power producer.  The Company flared its first gas in 2014, holds a Mining Licence and nine Prospecting Licences, covering an area of ~8,300Km² in total, and the Lesedi Project already benefits from significant independently certified Contingent Gas Resources of ~3.2 trillion cubic feet (3C) and independently certified Gas Reserves of ~261 billion cubic feet (3P).

The Company is planning an initial scalable gas-to-power project.  Following successful implementation of this first scalable project, the Company looks forward to evaluating longer-term prospects for the delivery of electricity generated from CBM in Botswana to neighbouring countries.

1	Details of the person discharging managerial responsibility / person closely associated
a)	Name	Martin McIver
2	Reason for the notification
a)	Position/status	Chairman
b)	Initial notification/amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited

b)

LEI

213800SHI2BVAY1A4L52

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	Performance Rights
	Identification code	Ordinary share ISIN : AU000000TOU2
b)	Nature of transaction	Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		nil	500,000
d)	Aggregated information
	Aggregated volume	n/a
	Price	n/a
e)	Date of transaction	19 October 2018
f)	Place of transaction	Outside of trading venue

1	Details of the person discharging managerial responsibility / person closely associated
a)	Name	Anthony Gilby
2	Reason for the notification
a)	Position/status	Managing Director and Chief Executive Officer
b)	Initial notification/amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited

b)

LEI

213800SHI2BVAY1A4L52

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	Performance Rights
	Identification code	Ordinary share ISIN : AU000000TOU2
b)	Nature of transaction	Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		nil	500,000
d)	Aggregated information
	Aggregated volume	n/a
	Price	n/a
e)	Date of transaction	19 October 2018
f)	Place of transaction	Outside of trading venue

1	Details of the person discharging managerial responsibility / person closely associated
a)	Name	Gabaake Gabaake
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification/amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited

b)

LEI

213800SHI2BVAY1A4L52

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	Performance Rights
	Identification code	Ordinary share ISIN : AU000000TOU2
b)	Nature of transaction	Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		nil	500,000
d)	Aggregated information
	Aggregated volume	n/a
	Price	n/a
e)	Date of transaction	19 October 2018
f)	Place of transaction	Outside of trading venue

1	Details of the person discharging managerial responsibility / person closely associated
a)	Name	Colm Cloonan
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification/amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited

b)

LEI

213800SHI2BVAY1A4L52

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	Performance Rights
	Identification code	Ordinary share ISIN : AU000000TOU2
b)	Nature of transaction	Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		nil	500,000
d)	Aggregated information
	Aggregated volume	n/a
	Price	n/a
e)	Date of transaction	19 October 2018
f)	Place of transaction	Outside of trading venue

1	Details of the person discharging managerial responsibility / person closely associated
a)	Name	Hugh Swire
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification/amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited

b)

LEI

213800SHI2BVAY1A4L52

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	Performance Rights
	Identification code	Ordinary share ISIN : AU000000TOU2
b)	Nature of transaction	Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		nil	500,000
d)	Aggregated information
	Aggregated volume	n/a
	Price	n/a
e)	Date of transaction	19 October 2018
f)	Place of transaction	Outside of trading venue

1	Details of the person discharging managerial responsibility / person closely associated
a)	Name	Linah Mohohlo
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification/amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited

b)

LEI

213800SHI2BVAY1A4L52

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	Performance Rights
	Identification code	Ordinary share ISIN : AU000000TOU2
b)	Nature of transaction	Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		nil	500,000
d)	Aggregated information
	Aggregated volume	n/a
	Price	n/a
e)	Date of transaction	19 October 2018
f)	Place of transaction	Outside of trading venue

 

END

 

 

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