Sound Energy PLC Directorate Change (3753A)
January 20 2020 - 12:16PM
UK Regulatory
TIDMSOU
RNS Number : 3753A
Sound Energy PLC
20 January 2020
20 January 2020
Sound Energy plc
("Sound Energy" or the "Company")
Board Change
Sound Energy, the Moroccan focused upstream gas company,
announces that, as part of its planned preparations for the
forthcoming potential partial divestment of Eastern Morocco
portfolio, Brian Mitchener, Exploration Director of the Company
will step down from the Board with effect from 31 March 2020.
At the Board's request, and to enable the Company to conserve
cash balances, Mr. Mitchener has agreed to accept new ordinary
shares in the Company ("Ordinary Shares") in settlement of
termination of his employment contract. As a result, the Company
expects to issue new Ordinary Shares, at the then prevailing price
per Ordinary Share, with an aggregate market value of GBP107,983 on
or around 25 January 2020 (the "Settlement Shares") and a further
announcement will be made in this regard, as appropriate, in due
course.
In addition, the Company announces that a total of 863,682
restricted stock units ("RSUs") previously awarded to Mr. Mitchener
will now vest in full on 31 March 2020, ahead of the original date
of vesting of the RSUs, announced on 26 April 2018, of 1 January
2021.
The notification below, made in accordance with the requirements
of the Market Abuse Regulation, provides further details of the
accelerated vesting of the RSUs.
Marco Fumagalli, acting Chairman, commented:
"I am grateful to Brian for his leadership of our exploration
programme and his continued support of our orderly handover of
executive responsibilities for this next important phase of our
development."
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Simon Woods
Sound Energy questions@soundenergyplc.com
Cenkos Securities - Nominated Adviser Tel: 44 (0)20 7397 8900
Azhic Basirov
Ben Jeynes
Tel: 44 (0)20 7653 4000
RBC - Joint Broker
Matthew Coakes
Martin Copeland
Macquarie Capital (Europe) Limited Tel: 44 (0)20 3031 2000
- Joint Broker
Alex Reynolds
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 Brian Mitchener
----------------------------------------- ----------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status
PDMR (Director)
----------------------------------------- ----------------------------------
b) Initial notification/Amendment Initial Notification
----------------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Sound Energy plc
-------------------------------------- -----------------------------------
b) LEI 213800VQKS2TU6FOW115
-------------------------------------- -----------------------------------
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 Ordinary shares of 1p each
instrument, type of instrument
-------------------------------------- -----------------------------------
Identification code GB00B90XFF12
-------------------------------------- -----------------------------------
b) Nature of the transaction Change of vesting date of
existing restricted stock
units over ordinary shares
of 1p each
-------------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
-------------------------------------- ----------------- ----------------
GBP0.00 863,682
----------------- ----------------
d) Aggregated information NA (single transaction)
-------------------------------------- -----------------------------------
Aggregated volume
-------------------------------------- ----------------------------------------
Price
-------------------------------------- ----------------------------------------
e) Date of the transaction 20 January 2020
-------------------------------------- -----------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- -----------------------------------
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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