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TransGlobe Energy (TGL)

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Tuesday 04 June, 2019

TransGlobe Energy

Director/PDMR Shareholding

RNS Number : 1068B
TransGlobe Energy Corporation
04 June 2019
 

 

 

TRANSGLOBE ENERGY CORPORATION ANNOUNCES

DIRECTOR/PDMR SHAREHOLDINGS

 

AIM & TSX:  "TGL" & NASDAQ:  "TGA"

 

Calgary, Alberta, June 4, 2019 - TransGlobe Energy Corporation ("TransGlobe" or the "Company") announces that on May 20, 2019, Randy Neely (President and Chief Executive Officer), Lloyd Herrick (Executive Vice President), and Edward Ok (Vice President Finance and Chief Financial Officer), all persons discharging managerial responsibilities with the Corporation, had Performance Share Units ("PSUs") vest. These were granted to each individual as part of the Company's Long-Term Incentive Plan in May 2016.

 

As per the Plan, following the vesting date, the Company has 55 days to assess performance and to receive Board of Directors' approval of the assessment.  The Company received Board approval of the performance assessment on May 30, 2019.

 

The Company's PSUs have a three-year performance period in which the Company's total shareholder return ("TSR") is measured against the TSR of the individual companies included in the performance peer group ("PPG"). The PPG was selected in May 2016 at the time of grant. As per the Plan, depending on the Company's relative TSR as compared to the TSR of the PPG constituents, the vesting of the 2016 PSU grant would be within a range of 50% to 150% of the original grant (inclusive of dividends). For the 2016 grant, the Company achieved a performance measurement of 150%. 

 

PDMR

Position

Type

Quantity Previously Awarded

Quantity Vested

Vesting Price ($Cdn)

Number Held Following Vesting

Randy Neely

President and Chief Executive Officer

PSU

426,873

98,445

$2.38

328,428

Lloyd Herrick

Executive Vice President

PSU

457,861

110,304

$2.38

347,557

Edward Ok

Vice President Finance and Chief Financial Officer

PSU

159,103

12,643

$2.38

146,460

 

Prior to Ross Clarkson's retirement as CEO on December 31, 2018, he was a participant in the Company's Long Term Incentive Plan and as such was the recipient of PSUs.  On May 20, 2019 Ross Clarkson (Non-independent Director) had PSUs vest.

 

Director

Type

Quantity Previously Awarded

Quantity Vested

Vesting Price ($Cdn)

Number Held Following Vesting

Ross Clarkson

PSU

430,813

139,069

$2.38

291,743

 

The PSUs were granted in accordance with the Performance Share Unit Plan of the Company. No shares will be issued upon exercise or vesting of any of the share units as the instruments are settled in cash. Total cash payable can be calculated by taking the total units vested multiplied by the performance rating of 150% multiplied by the Vesting Price. The Vesting Price is calculated as the 5-day volume weighted average share price of trading on the Toronto Stock Exchange prior to the vesting date. The Vesting Price of the shares of the Company was calculated at Cdn $2.38.

 

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

 

 

1)     Details of PDMR

a)     Name

Randy Neely

Lloyd Herrick

Edward Ok

2)     Reason for the notification

a)  Position / status

President and Chief Executive Officer

Executive Vice President

Vice President Finance and Chief Financial Officer

b)     Initial notification / amendment

Initial notification

Initial notification

Initial notification

3)     Details of the issuer

a)     Name

TransGlobe Energy Corporation

TransGlobe Energy Corporation

TransGlobe Energy Corporation

b)     Legal Entity Identifier

549300QMNS6BDY8UUB03

549300QMNS6BDY8UUB03

549300QMNS6BDY8UUB03

4)     Details of transaction

a)     Description of financial instrument

Performance Share Units

Performance Share Units

Performance Share Units

b)     Identification code

ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066

ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066

ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066

c)     Nature of the transaction

Vesting of PSUs

Vesting of PSUs

Vesting of PSUs

d)    Price(s) and volume(s)

Price: Cdn $2.38

Volume: 98,445

Price: Cdn $2.38

Volume: 110,304

Price: Cdn $2.38

Volume: 12,643

e)     Aggregated information:

i)      Price

ii)     Volume

 

Price: $2.38 Cdn per PSU

Volume: 98,445 PSUs

 

Price: $2.38 Cdn per PSU

Volume: 110,304 PSUs

 

Price: $2.38 Cdn per PSU

Volume: 12,643 PSUs

f)      Date of the transaction

May 20, 2019

May 20, 2019

May 20, 2019

g)    Place of Transaction

Outside a trading venue

Outside a trading venue

Outside a trading venue

 

 

1)     Details of PDMR

a)     Name

Ross Clarkson

2)     Reason for the notification

a)  Position / status

Director

b)     Initial notification / amendment

Initial notification

3)     Details of the issuer

a)     Name

TransGlobe Energy Corporation

b)     Legal Entity Identifier

549300QMNS6BDY8UUB03

4)     Details of transaction

a)     Description of financial instrument

Performance Share Units

b)     Identification code

ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066

c)     Nature of the transaction

Vesting of PSUs

d)    Price(s) and volume(s)

Price: Cdn $2.38

Volume: 139,069

e)     Aggregated information:

i)      Price

ii)     Volume

 

Price: $2.38 Cdn per PSU

Volume: 139,069 PSUs

f)      Date of the transaction

May 20, 2019

g)    Place of Transaction

Outside a trading venue

 

 

About TransGlobe

 

TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe's common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.

 

For further information, please contact:

 

Investor Relations

Telephone: +1 403.444-4787

mail: [email protected]

Web site:  http://www.trans-globe.com






TransGlobe Energy


Via FTI Consulting

Randy Neely, President and Chief Executive Officer



Eddie Ok, Chief Financial Officer





Canaccord Genuity   (Nomad & Joint Broker)


+44 (0) 20 7523 8000

Henry Fitzgerald-O'Connor



James Asensio






GMP First Energy (Joint Broker)


+44 (0) 20 7448 0200

Jonathan Wright






FTI Consulting (Financial PR)


+44 (0) 20 3727 1000

Ben Brewerton


[email protected]

Genevieve Ryan




 


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