TIDMCLNR
RNS Number : 8569E
Cluff Natural Resources plc
09 July 2019
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector:
Natural Resources
9 July 2019
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Grant of share options to Executive Directors
Notification of transactions by directors/persons discharging
managerial responsibilities
Cluff Natural Resources Plc, the AIM quoted natural resources
investing company with a high impact exploration and appraisal
portfolio focused on the Southern and Central North Sea, announces
that the Company has granted options ("Options") to its two
Executive Directors over a total of 40,000,000 ordinary shares of
0.5 pence each in the Company ("Ordinary Shares"), subject to
performance criteria, as follows:
Executive Director Position Number of Total number
Options of Ordinary Shares
granted now held under
option after
grant
Graham Swindells Chief Executive 20,000,000 38,654,096
------------------------- ----------- --------------------
Andrew Nunn Chief Operating Officer 20,000,000 38,654,096
------------------------- ----------- --------------------
Total 40,000,000 77,308,192
----------- --------------------
The Options have an exercise price of 1.75 pence each, being the
same price as the Company's recent successful fundraising which
completed on 1 July 2019 and have been granted as non-qualifying
options pursuant to the Company's Enterprise Management Incentives
Plan.
Following the announcement of the Company's farm out of two of
its licences to Shell UK in the first half of 2019 and recent
fundraise, the Remuneration Committee has considered it suitable to
grant options to its two Executive Directors.
The Options may vest in three equal tranches over three years,
subject to meeting certain share price performance criteria and are
exercisable, to the extent vested, until 10 years from the date of
grant. The first tranche of one third of the Options may vest after
one year, subject to the Company's share price increasing by at
least 33% over the exercise price and remaining at or above that
level for at least 30 consecutive days. The second tranche of one
third of the Options may vest after two years, subject to the
Company's share price increasing by at least 66% over the exercise
price and remaining at or above that level for at least 30
consecutive days. The third and final tranche may vest after three
years, subject to the Company's share price increasing by at least
100% over the exercise price and remaining at or above that level
for at least 30 consecutive days. Following vesting, Options are
subject to a further two year retention period before they may be
exercised.
The Options awarded today are equivalent to 2.8% of the
Company's current issued share capital. In total 88,308,192 Options
are now outstanding, representing approximately 6.3% of the
Company's current issued share capital. The total number of
Ordinary Shares currently in issue is 1,405,964,855. The FCA
notification, made in accordance with the requirements of the EU
Market Abuse Regulation is appended below.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Graham Swindells
------------------------------- --------------------------------
2. Reason for the Notification
-----------------------------------------------------------------
a) Position/status Chief Executive
------------------------------- --------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------
a) Name Cluff Natural Resources Plc
------------------------------- --------------------------------
b) LEI 213800TS8K1D27AFP275
------------------------------- --------------------------------
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 Grant of options
the Financial instrument, over ordinary shares
type of instrument of 0.5p
Identification ISIN: GB00B6SYKF01
code
------------------------------- --------------------------------
b) Nature of the transaction Grant of Options
------------------------------- --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Exercise price
1.75 pence per
share 20,000,000
-----------
------------------------------- --------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- --------------------------------
e) Date of the transaction 8 July 2019
------------------------------- --------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Nunn
------------------------------- --------------------------------
2. Reason for the Notification
-----------------------------------------------------------------
a) Position/status Chief Operating Officer
------------------------------- --------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------
a) Name Cluff Natural Resources Plc
------------------------------- --------------------------------
b) LEI 213800TS8K1D27AFP275
------------------------------- --------------------------------
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 Grant of options
the Financial instrument, over ordinary shares
type of instrument of 0.5p
Identification ISIN: GB00B6SYKF01
code
------------------------------- --------------------------------
b) Nature of the transaction Grant of Options
------------------------------- --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Exercise price
1.75 pence per
share 20,000,000
-----------
------------------------------- --------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- --------------------------------
e) Date of the transaction 8 July 2019
------------------------------- --------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------
**S**
For further information please contact the following:
Cluff Natural Resources Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328
& Joint Broker) 5656
David Hart / Alex Brearley / Asha Chotai
(Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker) Tel: +44 (0) 20 7710
7600
Callum Stewart / Nick Rhodes / Ashton Clanfield
Camarco Ltd Tel: +44 (0) 20 3757
4983
Billy Clegg/James Crothers / Owen Roberts
(Financial PR)
Notes to Editors
Cluff Natural Resources is a natural resources investing company
listed on the AIM market on the London Stock Exchange (CLNR.L) with
a high impact portfolio of operated and, following a farm-out to
Shell U.K. Ltd in February 2019, non-operated exploration and
appraisal assets located within the UKCS's mature hydrocarbon
basins. The Company's diversified portfolio contains near term,
infrastructure focussed oil and gas exploration drilling
opportunities in both the Central and Southern North Sea together
with larger, high impact opportunities in new play types along the
northern margin of the Southern Gas Basin.
The portfolio has a significant P50 prospective resource base in
excess of 2.4 TCF (gross, gas equivalent) across a number of
prospects with chances of success ranging from 9% to 49%.
Cluff Natural Resources is focused on extracting much needed gas
from the North Sea to supply the UK's energy mix which is currently
heavily reliant on foreign supply. Following its successful
farm-out of Licences P2252 and P2437 to Shell U.K. Ltd, the Company
is looking forward to 3D seismic acquisition over the Pensacola
prospect in the summer of 2019 and is seeking to repeat this
farm-out success with its licences awarded in the 30(th) Offshore
Licencing Round including licence P2352 which contains the Dewar
oil prospect.
The Company has a strong institutional investor base and a
portfolio which offers a unique opportunity of high quality, low
risk and low-cost drilling prospects with potentially high impact
results in an area where recent exploration has targeted both
mature and new plays and has resulted in large discoveries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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