TIDMTRIN
RNS Number : 7902D
Trinity Exploration & Production
24 October 2022
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
24 October 2022
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Further Share Buyback
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces that it intends to conduct on-market purchases under a
second share buyback programme (the "Programme") pursuant to the
shareholder authorities obtained at the Company's last annual
general meeting held on 29 June 2022 "AGM") to return up to US$ one
million to shareholders of the Company. Under the Programme the
maximum aggregate number of ordinary shares of US$ 0.01 each
("Ordinary Shares") that can be purchased is 3,215,943 Ordinary
Shares (which represents approximately 10 per cent of the Company's
issued share capital at the time of the AGM less 672,000 Ordinary
Shares repurchased by the Company under the buyback programme
announced on 20 September 2022).
Following the success of the buyback programme announced on 20
September 2022 and completed on 17 October 2022, the Board of
Trinity still considers the Company's current market capitalisation
does not reflect an appropriate valuation for the Company. In
addition to its commitment to operational delivery, as announced in
the Interim Results announced on 20 September 2022, it is the
Company's intention to implement a new Capital Allocation Policy
which is likely to include the payment of a regular dividend and a
share buy-back programme. These initial share buyback programmes
confirm that intent to further deliver value to the Company's
shareholders.
The Programme, which will be funded from the Company's existing
cash resources, will take place within the limitations of the
authority granted by shareholders to the Board of Trinity at the
AGM. The Programme will commence with immediate effect and will,
unless terminated at an earlier date, expire at the conclusion of
the 2023 AGM, or 30 June 2023, whichever is earlier (the "Expiry
Date").
The minimum price (exclusive of expenses) which may be paid for
each ordinary share is US$ 0.01; the maximum price (exclusive of
expenses) which may be paid for any Ordinary Share shall not exceed
the higher of: i. 5 per cent above the average middle market price
of the Ordinary Shares on AIM, a market operated by the London
Stock Exchange plc ("AIM") for the 5 business days immediately
preceding the date on which the Company agrees to buy the shares
concerned; and ii. the price of the last independent trade of any
Ordinary Share and the highest independent current bid for an
Ordinary Share on AIM at the time the purchase is carried out. In
exercising this authority, the Company may purchase shares using
any currency, including British pounds sterling ("GBP" or "GBP"),
United States Dollars ("US$") and Euros ("EUR").
Share purchases will take place in open market transactions and
may be made from time to time depending on market conditions, share
price, trading volume and other factors. The Company has appointed
Cenkos Securities Plc to manage the Programme and make market
purchases of Ordinary Shares on its behalf, independently of the
Company.
Trinity intends to put the repurchased Ordinary Shares into
treasury.
The Company has determined that in conducting the Programme it
will not rely on the safe harbour conditions for trading set out in
Article 3(2) and Article 3(3) of the Commission Delegated
Regulation (EU) 2016/1052 (which forms part of domestic UK law
pursuant to the European Union (Withdrawal) Act 2018) given the
limited liquidity in the Ordinary Shares and limitations that the
conditions would impose on the number of Ordinary Shares that can
be purchased and, as such, the Company may purchase on any trading
day materially in excess of 25 per cent of the average daily volume
in the 20 trading days preceding the date on which the purchase is
carried out.
Purchases may continue during any closed period to which the
Company is subject to from the date of this announcement to the
Expiry Date.
There is no guarantee that the Programme will be implemented in
full or that any purchases will be made.
As at the time of this announcement, the Company's total issued
share capital consists of Ordinary Shares with one voting right per
share. Trinity holds 672,000 of its Ordinary Shares in treasury and
has 39,884,637 Ordinary Shares in issue (including treasury
shares). Therefore, the total voting rights in the Company will be
39,212,637 .
The above figure of 39,212,637 Ordinary Shares may 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.
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Corporate Development Manager
SPARK Advisory Partners Limited
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cenkos Securities PLC (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson / Patrick d'Ancona +44 (0)20 739 0 0230
About Trinity ( www.trinityexploration.com )
Trinity is an independent oil production company focused solely
on Trinidad and Tobago. Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low-risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its ten licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2021 was 19.73 mmbbls. Group 2C contingent resources
are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.95 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the
London Stock Exchange Plc, under the ticker TRIN.
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