Issue of Shares - Performance Rights Plan

RNS Number : 5821Z
Tlou Energy Ltd
18 December 2017
 

18 December 2017

 

Tlou Energy Limited

 

("Tlou" or "the Company")

 

Issue of Shares - Performance Rights Plan

 

 

Tlou Energy Limited, the company focused on developing Gas-to-Power projects in Botswana and southern Africa through the development of coal bed methane ("CBM") natural gas, has issued shares following satisfaction of Conditions under of its Performance Rights Plan.

 

At the Company's Annual General Meeting ("AGM") on 10 November 2016, shareholder approval was granted for the issue of 2,000,000 Performance Rights to the Directors of the Company.  In addition to the Performance Rights being issued to Directors, a further 2,550,000 Performance Rights were issued to senior management and consultants with the same performance conditions attached.

 

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 10 November 2016

•              The share price on 10 November 2016 was AUD $0.14

•              For Tranche 1 to vest the share price needs to be AUD $0.21 per share or greater for a period of 10 consecutive trading days

•              For Tranche 2 to vest the share price needs to be AUD $0.28 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.

 

The conditions for Tranche 1 have been met so 2,275,000 shares have been issued to Directors, staff and consultants of the Company in accordance with the terms of the Performance Rights Plan.  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

(including shares issued under Tranche 1 of the Performance Rights plan)

Percentage of the Company

Performance Rights not yet issued

(Tranche 2)

Martin McIver

696,088

0.21%

250,000

Anthony Gilby

18,196,487

5.52%

250,000

Gabaake Gabaake

330,857

0.10%

250,000

Colm Cloonan

669,525

0.20%

250,000

Hugh Swire

3,064,366

0.93%

-

Linah Mohohlo

-

-

-

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

**ENDS**

 

For further information regarding this announcement please contact:

 

Tlou Energy Limited

+61 7 3012 9793

Tony Gilby, Managing Director


Solomon Rowland, Company Secretary




Grant Thornton (Nominated Adviser)

+44 (0)20 7383 5100

Samantha Harrison, Colin Aaronson, Harrison Clarke




Shore Capital (Joint Broker)

+44 (0) 207 408 4090

Jerry Keen, Mark Percy, Toby Gibbs




Optiva Securities Limited (Joint Broker)

+44 (0)20 3137 1904

Jeremy King, Christian Dennis




St Brides Partners Limited (Public Relations)

+44 (0) 20 7236 1177

Lottie Wadham, Megan Dennison, Susie Geliher




FlowComms Limited (Investor Relations)

+44 (0) 7891 677 441

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's is developing projects using coal bed methane ("CBM") natural gas.  Botswana has a severe energy shortage and is currently relying on expensive imported power and diesel generation to deliver its 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 in Botswana.  Following successful implementation of this first scalable project, the Company plans to expand to provide further power to Botswana and the southern African region.


 

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

1

 

Details of the person discharging managerial responsibilities / person closely associated

a) 

Name

Martin McIver

Reason for the notification

a) 

Position/status

Director

b)  

Initial notification /Amendment

Initial notification

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

Ordinary shares no par value

Identification code

AU000000TOU2

b)

 

Nature of the transaction

Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017

c)

 

Price(s) and volume(s)


Price(s)

Volume(s)




A$0.00

250,000


d)

 

Aggregated information


- Aggregated volume

- Price

Aggregate volume: 250,000

Aggregate price: A$0.00

Aggregate total: A$0.00



e) 

Date of the transaction  

18 December 2017

f)

Place of the transaction

Australian Securities Exchange

 

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

1

 

Details of the person discharging managerial responsibilities / person closely associated

a) 

Name

Anthony Gilby

Reason for the notification

a) 

Position/status

Director

b)  

Initial notification /Amendment

Initial notification

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

Ordinary shares no par value

Identification code

AU000000TOU2

b)

 

Nature of the transaction

Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017

c)

 

Price(s) and volume(s)


Price(s)

Volume(s)




A$0.00

250,000


d)

 

Aggregated information


- Aggregated volume

- Price

Aggregate volume: 250,000

Aggregate price: A$0.00

Aggregate total: A$0.00



e) 

Date of the transaction  

18 December 2017

f)

Place of the transaction

Australian Securities Exchange

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a) 

Name

Colm Cloonan

Reason for the notification

a) 

Position/status

Director

b)  

Initial notification /Amendment

Initial notification

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

Ordinary shares no par value

Identification code

AU000000TOU2

b)

 

Nature of the transaction

Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017

c)

 

Price(s) and volume(s)


Price(s)

Volume(s)




A$0.00

250,000


d)

 

Aggregated information


- Aggregated volume

- Price

Aggregate volume: 250,000

Aggregate price: A$0.00

Aggregate total: A$0.00



e) 

Date of the transaction  

18 December 2017

f)

Place of the transaction

Australian Securities Exchange

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a) 

Name

Gabaake Gabaake

Reason for the notification

a) 

Position/status

Director

b)  

Initial notification /Amendment

Initial notification

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

Ordinary shares no par value

Identification code

AU000000TOU2

b)

 

Nature of the transaction

Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017

c)

 

Price(s) and volume(s)


Price(s)

Volume(s)




A$0.00

250,000


d)

 

Aggregated information


- Aggregated volume

- Price

Aggregate volume: 250,000

Aggregate price: A$0.00

Aggregate total: A$0.00



e) 

Date of the transaction  

18 December 2017

f)

Place of the transaction

Australian Securities Exchange

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCDXBDDCUBBGRR
UK 100

Latest directors dealings