TIDMNTQ

RNS Number : 2128V

Enteq Upstream PLC

13 April 2021

13 April 2021

Enteq Upstream plc

(the "Company" or the "Group")

Awards under the Enteq Upstream plc Performance Share Plan ("PSP")

Enteq Upstream plc announces that its Remuneration Committee approved a further grant of awards under the Performance Share Plan ("PSP") that came into effect on 12 April 2021.

The awards pursuant to the PSP, combined with the on-going all employee share option scheme already in existence, will remain within the overall limits already approved by the Company's shareholders.

This further grant has a vesting date of 31 March 2023. The performance condition relates equally to the achievement of both a cumulative adjusted EBITDA and a total shareholder growth target. These targets are set and monitored by the Remuneration Committee. The consideration payable for these awards is 1p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares").

Andrew Law (CEO) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 500,000 Ordinary Shares, taking the total granted to him under the PSP to date, to 1,040,387 Ordinary Shares.

 
 
   For further information, please contact: 
 
   Enteq Upstream plc +44 (0)149 461 8739 
   Andrew Law, Chief Executive Officer 
   David Steel, Chief Financial Officer 
 
   Investec Bank plc (NOMAD and Broker) +44 (0)207 597 
   5970 
   Chris Sim, Patrick Robb, David Anderson 
 
 
 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                                   1. Andrew Law 
     --------------------------------  -------------------------------------- 
 2.   Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                              1. 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                              Enteq Upstream 
     --------------------------------  -------------------------------------- 
 b)   LEI                               n/a 
     --------------------------------  -------------------------------------- 
 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      Options over ordinary shares 
       instrument, type of instrument    of 1 pence each 
       Identification code               GB00B41Q8Q68 
     --------------------------------  -------------------------------------- 
 b)   Nature of the transaction         Issue of options 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)    Volume(s) 
                                          GBP0.01                1. 500,000 
                                                     ---------------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            Not applicable - single transaction 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 April 2021 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  --------------------------------------

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END

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(END) Dow Jones Newswires

April 13, 2021 02:00 ET (06:00 GMT)

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