REG - Reabold Resources - Long Term Incentive Plan Awards

Reabold ResourcesAnnouncement

28/04/2023 12:00

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RNS Number : 9040X  Reabold Resources PLC  28 April 2023

28 April 2023

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

 

Long Term Incentive Plan Awards

 

 

Reabold, the oil & gas investing company with a diversified portfolio of
exploration, appraisal and development projects, announces that the Company
has granted nil cost options over a total of 390,000,000 ordinary shares of
0.1p each ("Ordinary Shares") (representing approximately 4.25% of the
Company's issued share capital) in accordance with the rules of the new
Reabold Resources plc 2023 Long Term Incentive Plan ("LTIP"). The award has
been made to members of the Group's executive team and senior management. All
previous share option plans in the Company expired on 19 March 2023.

 

These awards include a total of 150,000,000 Ordinary Shares to each of the
Co-Chief Executive Officers and 90,000,000 Ordinary Shares to the Chief
Financial Officer, as set out in the table below and are subject to vesting
criteria that are designed to incentivise performance that delivers value for
all shareholders. Awards are subject to standard malus and clawback
provisions.

 

The vesting criteria is based on Total Shareholder Return ("TSR") over a
three-to-five-year period. For the awards to vest in full, the TSR of a share
must be at or more than six times (6x) the market value of a share at the
grant date using a 30-trading day average. The first measurement date shall be
at the end of year three, the second measurement date at the end of year four
and the final measurement date at the end of year five. If TSR is less than
2.5x market value, 0% of the award vests. If TSR is at 2.5x market value, 30%
of the award vests and if TSR is at 4x market value, 60% of the award vests.
Performance between TSR thresholds shall be calculated on a straight-line
basis.

 

 Director/PDMR     Position                    Number of Ordinary Shares awarded
 Sachin Oza        Co-Chief Executive Officer  150,000,000
 Stephen Williams  Co-Chief Executive Officer  150,000,000
 Chris Connolly    Chief Financial Officer     90,000,000

 

 

The below notifications are made in accordance with the Article 19 of the
Market Abuse Regulation (EU) 596/2014 as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended.

 

PDMR Notification Forms:

 

 1.   Details of the person discharging managerial responsibilities / person
 closely associated

 a)  Name                                     Sachin Oza
 b)  Position / status                        Co-CEO

 c)  Initial notification / amendment         Initial Notification

 2.   Details of the issuer or emission allowance market participant

 a)  Name                                     Reabold Resources PLC
 b)  LEI                                      2138006DR8T8XE87OC49
 3.   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  Ordinary shares of 0.1p per share par value

     Identification code

                                              GB00B95L0551

 b)  Nature of the transaction                Award of options under the LTIP

 c)  Price(s) and volume (s)                  Price (s)  Volume (s)
                                              N/A        150,000,000
 d)  Aggregated information                   N/A (single transaction)

     ·      Aggregated volume

     ·      Price
 e)  Date of the transaction                  27 April 2023
 f)  Place of the transaction                 Outside a trading venue

d)

Aggregated information

·      Aggregated volume

·      Price

N/A (single transaction)

 

e)

Date of the transaction

27 April 2023

f)

Place of the transaction

Outside a trading venue

 

 1.   Details of the person discharging managerial responsibilities / person
 closely associated

 a)  Name                                     Stephen Williams
 b)  Position / status                        Co-CEO

 c)  Initial notification / amendment         Initial Notification

 2.   Details of the issuer or emission allowance market participant

 a)  Name                                     Reabold Resources PLC
 b)  LEI                                      2138006DR8T8XE87OC49
 3.   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  Ordinary shares of 0.1p per share par value

     Identification code

                                              GB00B95L0551

 b)  Nature of the transaction                Award of options under the LTIP

 c)  Price(s) and volume (s)                  Price (s)  Volume (s)
                                              N/A        150,000,000
 d)  Aggregated information                   N/A (single transaction)

     ·      Aggregated volume

     ·      Price
 e)  Date of the transaction                  27 April 2023
 f)  Place of the transaction                 Outside a trading venue

d)

Aggregated information

·      Aggregated volume

·      Price

N/A (single transaction)

e)

Date of the transaction

27 April 2023

f)

Place of the transaction

Outside a trading venue

 

 1.   Details of the person discharging managerial responsibilities / person
 closely associated

 a)  Name                                     Chris Connolly
 b)  Position / status                        CFO

 c)  Initial notification / amendment         Initial Notification

 2.   Details of the issuer or emission allowance market participant

 a)  Name                                     Reabold Resources PLC
 b)  LEI                                      2138006DR8T8XE87OC49
 3.   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  Ordinary shares of 0.1p per share par value

     Identification code

                                              GB00B95L0551

 b)  Nature of the transaction                Award of options under the LTIP

 c)  Price(s) and volume (s)                  Price (s)  Volume (s)
                                              N/A        90,000,000
 d)  Aggregated information                   N/A (single transaction)

     ·      Aggregated volume

     ·      Price
 e)  Date of the transaction                  27 April 2023
 f)  Place of the transaction                 Outside a trading venue

d)

Aggregated information

·      Aggregated volume

·      Price

N/A (single transaction)

e)

Date of the transaction

27 April 2023

f)

Place of the transaction

Outside a trading venue

 

 

 

 

For further information please contact:

 Reabold Resources PLC                                    c/o Camarco

 Stephen Williams                                         +44 (0) 20 3757 4980

 Sachin Oza
 Strand Hanson Limited - Nominated and Financial Adviser  +44 (0)20 7409 3494

 James Spinney

 James Dance

 Rob Patrick
 Camarco                                                  +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth
 Stifel Nicolaus Europe Limited - Joint Broker            +44 (0) 20 7710 7600

 Callum Stewart

 Simon Mensley

 Ashton Clanfield
 finnCap Ltd - Joint Broker                               +44 (0) 20 7220 0500

 Christopher Raggett

 Barney Hayward

 

Notes to Editors

Reabold Resources PLC has a diversified portfolio of exploration, appraisal
and development oil & gas projects. Reabold's strategy is to invest in
low-risk, near-term projects which it considers to have significant valuation
uplift potential, with a clear monetisation plan, where receipt of such
proceeds will be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the undeveloped
Victory gas field to Shell, the proceeds of which are being returned to
shareholders and re-invested.

 

 

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