TIDMTRIN
RNS Number : 0778K
Trinity Exploration & Production
22 August 2023
22 August 2023
Trinity Exploration & Production plc
('Trinity' or the 'Company' or the 'Group')
V esting of the 201 9 Annual Award under the Long Term Incentive
Plan ("LTIP")
and
Grant of 2022 Annual LTIP Awards
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago,
announces on 21 August 2023 the vesting of awards made under the
LTIP Award granted on 25 June 2020 ("2019 LTIP Awards") and new
awards granted under the LTIP.
2019 LTIP Awards
On 25 June 2020 the Company issued Awards under the LTIP to
Management in respect of performance during the financial year
ended 31 December 2019 (the "2019 Annual Award"). The Company
granted options over 381,586 ordinary shares (amounts restated to
reflect the Share Consolidation) which, subject to meeting the set
performance criteria, vested on 02 January 2023 to those
participants who remained in employment with the Company at the
time of vesting.
The Awards are subject to the achievement of relative Total
Shareholder Return ("Relative TSR") performance targets measured
over a three year performance period ending on 31 December 2022.
The Relative TSR ranking was determined by calculating the three
month average TSR to the end of the performance period and dividing
this by the three month average TSR to the beginning of the
performance period for all companies in the agreed comparator
group. Companies were ranked on this basis with the highest
performing company ranked first.
Based on the performance targets, 70.53% (249,655) of the
options vested, including the vesting of 55,809 options to Jeremy
Bridglalsingh, Chief Executive Officer.
The Options are exercisable at nil cost by the participants and
remain available to be exercised until 1 January 2026.
LTIP Award Granted on 21 August 2023
The Company announces that 565,000 options have been granted
under the LTIP in respect of the Company's performance in the year
to 31 December 2022 (the "2022 LTIP Award"), including 100,000
options granted to Jeremy Bridglalsingh, Chief Executive Officer,
175,000 options granted to Julian Kennedy, Chief Financial Officer
, (CFO) (of which 100,000 are one-off options granted on joining
the Board), and 100,000 one-off options granted to the new Chief
Operating Officer , (COO) who joined earlier this year. The 2022
Annual LTIP Award represents 1.42 % of the Company's current issued
share capital. Excluding the one-off options issued to the CFO and
COO concerning their appointments, the 2022 Annual LTIP Award
represents 0.91 per cent of the current issued share capital of the
Company.
The performance targets set for awards made under the 2022
Annual LTIP Award will be measured considering both the Company's
absolute TSR performance and the Company's relative TSR performance
over a three year period, commencing with the current financial
year of the Company (i.e. a measurement period of 1 January 2023 to
31 December 2025). TSR calculations will be determined by reference
to the three month average closing price prior to the start and end
of the measurement period. The three month average closing price at
the start of the performance period for the 2022 Annual LTIP Award
was GBP 1.15.
The performance targets provide that:
-- No portion of a distinct one-half of the 2022 Annual LTIP
Award (the "Absolute TSR Part") may vest unless the Company's
compound annual growth rate of TSR over the performance period is
at least 10% p.a., for which 30% of the Absolute TSR Part may vest,
rising on a straight line basis for full vesting of the Absolute
TSR Part if the Company's compound annual growth rate of TSR over
the performance period equals or exceeds 20% p.a.
-- No portion of the other distinct one-half of the 2022 Annual
LTIP Award (the "Relative TSR Part") may vest unless the Company's
TSR over the performance period ranks at least median relative to
the TSR performance within a comparator group of companies, for
which 30% of the Relative TSR Part may vest, rising on a straight
line basis for full vesting of the Relative TSR Part if the
Company's TSR over the performance period ranks upper quartile or
better relative to the TSR performance within a comparator group.
However, an underpin term applies to the Relative TSR Part which
provides that, regardless of relative TSR performance, no vesting
may ordinarily accrue in respect of the Relative TSR Part unless
the Company's compound annual growth rate of TSR over the
performance period is at least 10% per annum.
The Relative TSR Comparator Group has been determined in 2021 as
follows:
-- FTSE AIM All Share Oil & Gas constituents.
-- Market capitalisation of between GBP 20 million and GBP 400 million.
-- Exploration & Production operations, excluding oil
equipment and service, pure-play exploration and alternative energy
companies.
For 2023, the same companies will be used which form a
comparator group of some 30 companies.
The earliest vesting date for the 2022 Annual LTIP Award will be
1 January 2026.
The Remuneration Committee believes that the Company's LTIP
continues to be an important tool for aligning the interests of the
Trinity Executive Management Team with those of shareholders.
The Company noted that the TSR is being determined by
calculating the three month average closing price rather than using
the three month volume weighted average price, as previously
communicated. Since there is minimal difference between the two and
the former is also industry practice, going forward, the three
month average closing price will be used to determine if TSR
performance criteria are met.
The information set out below is provided in accordance with the
requirements of Article 19(3) of the UK Market Abuse
Regulations.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeremy Bridglalsingh
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status 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 Trinity Exploration & Production plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800WHW7571LAEDG63
-------------------------------------------------------- -------------------------------------------------------
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 USD 0.01 per share par value
instrument
Identification code
GB00BN7CJ686
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Trinity Exploration &
Production plc Long-Term Incentive Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 100,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 100,000 ordinary shares of USD 0.01 per share par
value
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 21 August 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Julian Kennedy
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Trinity Exploration & Production plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800WHW7571LAEDG63
-------------------------------------------------------- -------------------------------------------------------
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 USD 0.01 per share par value
instrument
Identification code
GB00BN7CJ686
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Trinity Exploration &
Production plc Long-Term Incentive Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 175,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 175,000 ordinary shares of USD 0.01 per share par
value
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 21 August 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
Nick Clayton, Non- Executive Chairman
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 t rinity @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 2022 was 17.96 mmbbls. Group 2C contingent resources
are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.84 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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END
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