PXEN.L

Prospex Energy PLC
Prospex Energy PLC - Director/PDMR Shareholding
3rd October 2024, 06:00
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RNS Number : 7344G
Prospex Energy PLC
03 October 2024
 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

 

3 October 2024

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Grant of Options

 

Prospex Energy PLC, the AIM quoted investment company focused on European energy projects, has today granted a total of 4,400,000 share options in the Company to directors and management (the "Options").  The new options awarded represent 1.09% of the total issued share capital of the Company on 2 October 2024.  The new award results in the total number of options awarded to directors and management of 22,346,364 options, which represents 5.55% of the total issued share capital on 2 October 2024.  The Company has also extended the expiry date of an earlier option award, as detailed below.

Award of New Options

The new options have been awarded at 6.4p per share representing a 9.4% premium to 5.85p, the closing price of Prospex shares on 2 October 2024.

The Options vest 3 months from issue and are exercisable for a period of five years.

The new options to be issued are set out below:-

Director*/PDMR/Other

Number

% of share capital at 2 October 2024

Mark Routh*

1,300,000

0.32%

William Smith*

400,000

0.10%

Alasdair Buchanan*

400,000

0.10%

Andrew Hay*

400,000

0.10%

Grant Glanfield

750,000

0.19%

Other non-PDMR staff

1,150,000

0.29%

Total

4,400,000

1.09%

 

Amendment to the 5p Options awarded on 18 March 2022

In addition to this award of options, the Board of Directors has agreed a deed of variation for the remaining 6,300,000 options in the capital of the Company with a strike price of 5p per ordinary share which were awarded on 18 March 2022.  These 5p options vested immediately and were granted for a term of three years.  Since all subsequent options awarded by the Company have had an expiry date on the fifth anniversary of the award, the deed has changed the expiry date of these 5p Options to also have an expiry date on the fifth anniversary of the award, thus changing the expiry date from 17 March 2025 to 17 March 2027.  Three of the current Directors are currently interested in this option award, being Mark Routh (2,100,000 options), William Smith (900,000 options) and Alasdair Buchanan (900,000 options), all of whom have agreed not to exercise for a period of at least three months from today's date.

 

 

Summary of Issued Options

Total options held by directors/PDMRs, factoring in the abovementioned expiry date extension, before the new award:

Director* /PDMR

Expiry 14/04/25

Strike Price

Expiry 17/3/27

Strike Price

Expiry 22/09/27

Strike Price

Expiry 27/02/28

Strike Price

Expiry 26/07/28

Strike Price

Total

Mark Routh*

-

-

2,100,000

5.0p

900,000

8.15p

1,233,333

12.25p

300,000

7.0p

5,433,333

William Smith*

21,669

75p

900,000

5.0p

900,000

8.15p

370,000

12.25p

1,200,000

7.0p

2,491,669

Alasdair Buchanan*

-

-

900,000

5.0p

900,000

8.15p

370,000

12.25p

300,000

7.0p

2,470,000

Andrew Hay*

-

-

-

-

-

-

-

-

900,000

7.0p

900,000

Grant Glanfield

-

-

-

-



575,556

12.25p

500,000

7.0p

1,075,556

Total

21,669

-

3,900,000

-

2,700,000

-

2,548,889

-

3,250,000

 

12,370,558

 

Directors'/PDMRs total Options after this new award:

Director*/PDMR

Number

% of share capital at 2 October 2024

Mark Routh*

6,733,333

1.67%

William Smith*

2,891,669

0.72%

Alasdair Buchanan*

2,870,000

0.71%

Andrew Hay*

1,300,000

0.32%

Grant Glanfield

1,825,556

0.45%

Total Directors/PDMRs

15,620,558

3.88%

 

Related Party Transaction Relating to the 5p Option Amendment

The amendment to the expiry date of the remaining 6,300,000 options awarded on 18 March 2022 to certain Directors of the Company constitutes a related party transaction under the AIM Rules for Companies. 

 

Andrew Hay as the sole director who is not a participant in that option award (as he was not a Director of the Company at the time) is therefore regarded as independent of the amendment of the option agreements and considers that the terms of the amendment is fair and reasonable, having consulted with the Company's nominated adviser, Strand Hanson Limited, insofar as the Company's shareholders are concerned.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

* * ENDS * *

 

For further information visit www.prospex.energy or contact the following:

 

Mark Routh

Prospex Energy PLC

Tel: +44 (0) 20 7236 1177

Ritchie Balmer
Rory Murphy

David Asquith

Strand Hanson Limited

(Nominated Adviser)

Tel: +44 (0) 20 7409 3494

Andrew Monk (Corporate Broking)
Andrew Raca / Tommy Jackson (Corporate Finance)

VSA Capital Limited

Tel: +44 (0) 20 3005 5000

Ana Ribeiro / Charlotte Page

St Brides Partners Limited 

Tel: +44 (0) 20 7236 1177

 

 

PDMR Notifications for the new options

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Routh

2.

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

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of options to acquire Ordinary Shares over the next 5 years

c)

Price(s) and volume(s)

Price(s)

Volume(s)

6.4 pence

 

1,300,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

William Smith

2.

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

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of options to acquire Ordinary Shares over the next 5 years

c)

Price(s) and volume(s)

Price(s)

Volume(s)

6.4 pence

 

400,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Alasdair Buchanan

2.

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

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of options to acquire Ordinary Shares over the next 5 years

c)

Price(s) and volume(s)

Price(s)

Volume(s)

6.4 pence

 

400,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Andrew Hay

2.

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

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of options to acquire Ordinary Shares over the next 5 years

c)

Price(s) and volume(s)

Price(s)

Volume(s)

6.4 pence

 

400,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Grant Glanfield

2.

Reason for the Notification

a)

Position/status

Group Head of Finance

b)

Initial notification/amendment

Initial notification

3.

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

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of options to acquire Ordinary Shares over the next 5 years

c)

Price(s) and volume(s)

Price(s)

Volume(s)

6.4 pence

 

750,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

PDMR Notifications for the amendment of the 5p options

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Routh

2.

Reason for the Notification

a)

Position/status

Director

b)

Initial notification/amendment

Amendment

3.

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

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Variation to the term of expiry of the 5p options awarded on 18 March 2022

c)

Price(s) and volume(s)

Price(s)

Volume(s)

5.0 pence

 

2,100,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

William Smith

2.

Reason for the Notification

a)

Position/status

Director

b)

Initial notification/amendment

Amendment

3.

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

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Variation to the term of expiry of the 5p options awarded on 18 March 2022

c)

Price(s) and volume(s)

Price(s)

Volume(s)

5.0 pence

 

900,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Alasdair Buchanan

2.

Reason for the Notification

a)

Position/status

Director

b)

Initial notification/amendment

Amendment

3.

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

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

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 of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of options to acquire Ordinary Shares over the next 5 years

c)

Price(s) and volume(s)

Price(s)

Volume(s)

5.0 pence

 

900,000

 

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

03 October 2024

f)

Place of the transaction

AIM

 

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