TIDMJSE
RNS Number : 3363E
Jadestone Energy PLC
10 March 2022
Long-Term Incentive Awards and Block Listing
10 March 2022 - Singapore: Jadestone Energy plc (the "Company"),
an independent oil and gas production company focused on the
Asia-Pacific region, announces that on 9 March 2022 it granted (a)
an aggregate 1,046,690 share options to a number of its directors,
officers and employees, (b) an aggregate 1,406,956 performance
shares to a number of its directors, officers and employees, and
(c) 43,655 restricted shares to the Company's President and CEO, A.
Paul Blakeley (together, the "2022 LTI Awards"). Non-executive
Directors of the Company are not participants in the 2022 LTI
Awards.
The 2022 LTI Awards were granted in accordance with the terms of
the Company's new share option, performance share and restricted
share plans, each of which were approved by the Company's Board of
Directors on 9 March 2022. The Company is in the final year of a
three-year transition away from a North American approach to
long-term incentives, which places an emphasis on share options,
towards a more typical UK approach, which places an emphasis on
performance shares. The 2022 LTI Awards comprise 25% share options
and 75% performance shares. The 2022 LTI Awards represent the final
grant of share options.
The share options are exercisable for a period of ten years at
an exercise price of GBP 0.92 per share and will vest upon the
third anniversary of the grant date.
The market value of the performance shares to be issued upon the
vesting of the performance share awards is approximately GBP 0.98
per share, as calculated by an independent specialist service
provider. The performance share awards will vest on the third
anniversary of the grant date. The number of performance shares to
be issued will be determined against two performance measures which
will be applied annually: (i) absolute total shareholder return as
measured on a target share price plus dividend, weighted at 30%,
and (ii) relative total shareholder return as measured against peer
companies, weighted at 70%.
The market value of the restricted shares to be issued upon the
vesting of the restricted shares award is approximately GBP 0.85
per share as calculated by an independent specialist service
provider. The restricted shares award will vest on the third
anniversary of the grant date. The restricted shares award was
elected to be taken by the recipient in lieu of cash remuneration
in 2022 as furthering the alignment of interests between recipient,
the Company and shareholders.
Furthermore, the application for a block listing of securities
in respect of 1,046,690 ordinary shares (the "New Ordinary Shares")
to be admitted to trading on AIM, has been submitted by the Company
to the London Stock Exchange, with the admission expected to become
effective on or around 15 March 2022. When issued, the New Ordinary
Shares will be credited as the Company's ordinary shares of
GBP0.001 each, and each with voting rights in the capital of the
Company.
At present, the issued share capital of the Company comprises
465,455,284 ordinary shares of GBP0.001 each, and each with voting
rights. The Company does not hold any ordinary shares in treasury.
This figure should be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
A. Paul Blakeley, the Executive Director, President & Chief
Executive Officer of the Company is a person discharging managerial
responsibilities who is the recipient of the share options, the
performance shares and the restricted shares under the 2022 LTI
Awards. The FCA notification, made in accordance with the
requirements of the UK Market Abuse Regulation is appended below
and gives further details on the transaction.
DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND
THEIR CLOSELY ASSOCIATED PERSONS
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name: A. Paul Blakeley
------------------------------------------------------- -------------------------------------------------------
2. Reason for the notification
----------------------------------------------------------------------------------------------------------------
(a) Position/status: Executive Director, President and Chief Executive
Officer
------------------------------------------------------- -------------------------------------------------------
(b) Initial notification/ amendment: Initial notification
------------------------------------------------------- -------------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------------------------
(a) Name: Jadestone Energy plc
------------------------------------------------------- -------------------------------------------------------
(b) LEI: 21380076GWJ8XDYKVQ37
------------------------------------------------------- -------------------------------------------------------
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 Ordinary shares of GBP0.001
instrument:
Identification code:
GB00BLR71299
------------------------------------------------------- -------------------------------------------------------
(b) Nature of the transaction: i) Share options award;
ii) Performance shares award; and
iii) Restricted shares award
------------------------------------------------------- -------------------------------------------------------
(c) Price(s) and volume(s): GBP 0.92 per share 260,382 share options
- 350,005 performance
shares
----------------------
- 43,655 restricted
shares
----------------------
------------------------------------------------------- -------------------------------------------------------
(d) Aggregated information:
- Aggregated volume: 260,382 share options
350,005 performance shares
43,655 restricted shares
- Price: GBP 239,551.44 (for the share options)
------------------------------------------------------- -------------------------------------------------------
(e) Date of the transaction: 9 March 2022
------------------------------------------------------- -------------------------------------------------------
(f) Place of the transaction: XOFF
------------------------------------------------------- -------------------------------------------------------
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Phil Corbett, Investor Relations Manager +44 7713 687467 (UK)
ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
Tony White
Will Soutar
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
James Crothers
About Jadestone Energy
Jadestone Energy plc is an independent oil and gas company
focused on the Asia-Pacific region. It has a balanced, low risk,
full cycle portfolio of development, production and exploration
assets in Australia, Malaysia, Indonesia, Vietnam and the
Philippines.
The Company has a 100% operated working interest in the Stag
oilfield and in the Montara project, both offshore Australia. Both
the Stag and Montara assets include oil producing fields, with
further development and exploration potential. The Company also has
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. Further, the
Company has a 100% operated working interest in two gas development
blocks in Southwest Vietnam, and an operated 100% interest
(assuming completion of the Hexindo stake acquisition, as announced
in November 2021) in the Lemang PSC, onshore Sumatra, Indonesia,
which includes the Akatara gas field.
In addition, the Company has executed a sale and purchase
agreement to acquire a 69% operated working interest in the Maari
Project, shallow water offshore New Zealand, and is working with
the seller to obtain final New Zealand government approvals.
Led by an experienced management team with a track record of
delivery, who were core to the successful growth of Talisman's
business in Asia, the Company is pursuing an acquisition strategy
focused on growth and creating value through identifying,
acquiring, developing and operating assets in the Asia-Pacific
region.
Jadestone Energy plc is listed on the AIM market of the London
Stock Exchange. The Company is headquartered in Singapore. For
further information on the Company please visit
www.jadestone-energy.com .
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 which is part
of UK law by virtue of the European Union (Withdrawal) Act
2018.
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END
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