REG - Prospex Energy PLC - Director/PDMR Shareholding

Prospex EnergyAnnouncement

03/10/2024 07:00

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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 (http://www.prospex.energy)
or contact the following:

 

 Mark Routh                                        Prospex Energy PLC            Tel: +44 (Tel:+44) (0) 20 7236 1177
 Ritchie Balmer                                    Strand Hanson Limited         Tel: +44 (0) 20 7409 3494

Rory Murphy

                                                 (Nominated Adviser)
 David Asquith
 Andrew Monk (Corporate Broking)                   VSA Capital Limited           Tel: +44 (0) 20 3005 5000

Andrew Raca / Tommy Jackson (Corporate Finance)
 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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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                                       N/A (Single Transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      03 October 2024
 f)  Place of the transaction                                     AIM

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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