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ADES International (ADES)

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Friday 04 January, 2019

ADES International

ADES LTIP Award - Dr. Mohamed Farouk

RNS Number : 1750M
ADES International Holding
04 January 2019
 

ADES INTERNATIONAL HOLDING

("ADES" or the "Group")

Grant and Vesting of Awards under Long Term Incentive Plan

 

ADES International Holding Ltd. ("ADES" or the "Group"), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that, pursuant to the rules of the Ades Investments Long Term Incentive Plan ("LTIP"), conditional awards over a total number of 1,136,451 ordinary shares of US$1.00 in the capital of the Company each were made at nil cost on 1/1/2019 (the "Awards"), including an award to one Executive Director as follows:

 Executive Director

Number of conditional shares awarded

Total conditional shares held under LTIPs

Dr Mohamed Farouk

875,878

875,878

The Awards have been granted in accordance with the LTIP rules and vesting is not conditional on the satisfaction of any performance conditions, but Awards will normally lapse and cease to vest on termination of employment.

In the case of Dr Farouk, his award has vested following grant as to 25% of the shares under award, with a further 25% scheduled to vest in January 2020 and the balance to vest in January 2021.

Pursuant also to the LTIP rules, upon vesting, Awards will be satisfied by the transfer to each participant of existing ordinary shares in the Company that are currently held by ADES Investments Holding Ltd.   Awards will not be satisfied by the new issue of any shares in the Company.

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

 

Dr Mohamed Farouk

2

 

Reason for the notification

 

a)

 

Position/status 

 

Dr Mohamed Farouk - CEO and PDMR

 

b)

 

Initial notification /Amendment 

 

Initial notification

3

 

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

 

a)

 

Name

 

ADES INTERNATIONAL HOLDING LTD

b)

 

LEI 

 

213800WADXE5U3ZY1K46

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

Conditional award of shares under the ADES Investments Long Term Incentive Plan 

b)

Identification code

AEDFXA1EN018

 

c)

 

Nature of the transaction

  

Grant of Conditional Awards

d)

 

Price(s) and volume(s) 

 

 £0.00 -  875,878

 

e)

 

Aggregated information

 - Aggregated volume

 - Price 

 

 N/A (Single transaction)

 Nil

f)

 

Date of the transaction

1/1/2019

g)

 

Place of the transaction

  

Outside a trading venue

 

Details of the person discharging managerial responsibilities / person closely associated

 

Name

 

Dr Mohamed Farouk

Reason for the notification

 

Position/status 

 

Dr Mohamed Farouk - CEO and PDMR

 

Initial notification /Amendment 

 

Initial notification

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

 

Name

 

ADES INTERNATIONAL HOLDING LTD

LEI 

 

213800WADXE5U3ZY1K46

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 

 

Description of the financial instrument, type of instrument

Ordinary shares of US$1.00 in the capital of the Company  

Identification code

AEDFXA1EN018

 

Nature of the transaction

  

Vesting of Conditional Awards

Price(s) and volume(s) 

 

 £0.00 -  218,970

 

Aggregated information

 - Aggregated volume

 - Price 

 

 N/A (Single transaction)

 Nil

Date of the transaction

3/1/2019

Place of the transaction

 

Outside a trading venue

For further information, please contact:

 

ADES International Holding

Hussein Badawy

Investor Relations Officer

[email protected]

+2 (0)2527 7111

 

Instinctif

David Simonson

[email protected]

+44 (0)20 7457 2020

 

George Yeomans

[email protected]

+44 (0)20 7457 2020

 

Sarah Hourahane

[email protected]

+44 (0)20 7457 2020

 

Notes for editors:

About ADES International Holding

ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and Africa, offering onshore and offshore contract drilling as well as workover and production services. It has over 3,400 employees serving clients including major national oil companies ("NOCs") such as Saudi Aramco, Kuwait Oil Company and Sonatrach as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of twenty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit ("MOPU"), which includes a floating storage and offloading unit. For more information, visit investors.adihgroup.com.

 

 


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