TIDMTRIN
RNS Number : 0407O
Trinity Exploration & Production
07 June 2022
Trinity Exploration & Production plc
('Trinity' or the 'Company' or the 'Group')
V esting of the 201 8 Awards under the Long Term Incentive Plan
(LTIP)
and
Grant of June 2022 Annual LTIP Awards
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago,
announces the vesting of awards made under the Long Term Incentive
Plan ("LTIP") on 09 May 2019 ("2018 Awards") and awards granted
under the LTIP.
2018 LTIP Awards
On 09 May 2019 the Company issued Awards under the LTIP to
Management in respect of performance during the financial year
ended 31 December 2018 (the "2018 Annual Award"). The Company
granted options over 383,282 ordinary shares (amounts restated to
reflect the Share Consolidation) which, subject to meeting the set
performance criteria, vested on 02 January 2022 to those
participants who remained in employment with the Company at the
time of vesting.
The Awards are subject to the achievement of relative Total
Shareholder Return ("Relative TSR") performance targets measured
over a three year performance period ending on 31 December 2021.
The Relative TSR ranking was determined by calculating the three
month average TSR to the end of the performance period and dividing
this by the three month average TSR to the beginning of the
performance period for all companies in the agreed comparator
group. Companies were ranked on this basis with the highest
performing company ranked first.
Based on the performance targets, 82.97% (318,009) of the
options vested, however, 64,111 options were forfeitied and
therefore the total number of Options vested on 02 January 2022 was
264,816, representing 69.09% of the total LTIPs awarded, including
the vesting of 54,853 options to Jeremy Bridglalsingh, Chief
Executive Officer.
The Options are exercisable at nil cost by the participants and
remain available to be exercised until 1 January 2025.
LTIP Award Granted on 06 June 2022
The Company announces that 290,000 options have been granted
under the LTIP in respect of the Company's performance in the year
to 31 December 2021 (the "June 2022 LTIP Award"), including 90,000
options granted to Jeremy Bridglalsingh, Chief Executive Officer.
The June 2022 Annual LTIP Award represents 0.75% of the Company's
current issued share capital.
The performance targets set for awards made under the June 2022
Annual LTIP Award will be measured considering both the Company's
absolute TSR performance and the Company's relative TSR performance
over a three year period, commencing with the current financial
year of the Company (i.e. a measurement period of 1 January 2022 to
31 December 2024). TSR calculations will be determined by reference
to the volume weighted three month average price prior to the start
and end of the measurement period (with the starting average price
adjusted for the Share Consolidation). The three month volume
weighted average price at the start of the performance period for
the June 2022 Annual LTIP Award was GBP1.38 (adjusted for the Share
Consolidation).
The performance targets provide that:
-- No portion of a distinct one-half of the June 2022 Annual
LTIP Award (the "Absolute TSR Part") may vest unless the Company's
compound annual growth rate of TSR over the performance period is
at least 10% p.a., for which 30% of the Absolute TSR Part may vest,
rising on a straight line basis for full vesting of the Absolute
TSR Part if the Company's compound annual growth rate of TSR over
the performance period equals or exceeds 20% p.a.
-- No portion of the other distinct one-half of the June 2022
Annual LTIP Award (the "Relative TSR Part") may vest unless the
Company's TSR over the performance period ranks at least median
relative to the TSR performance within a comparator group of
companies, for which 30% of the Relative TSR Part may vest, rising
on a straight line basis for full vesting of the Relative TSR Part
if the Company's TSR over the performance period ranks upper
quartile or better relative to the TSR performance within a
comparator group.
Relative TSR Comparator Group
FTSE AIM All Share Oil & Gas constituents
Size:
Market capitalisation of between GBP 20 million and GBP 400
million
Further relevance filter:
Exploration & Production operations, excluding oil equipment
and service, pure-play exploration and alternative energy
companies.
These filters create a comparator group of 30 companies which
excludes larger companies that may be expected to be on the main
list and micro explorers that can show extreme volatility and which
can be numerous at various points in the business cycle. For 2022,
the market cap range of GBP 20-400 million has been deemed
appropriate, but the Remuneration Committee will review the
appropriate range for each new LTIP grant.
However, an underpin term applies to the Relative TSR Part which
provides that, regardless of relative TSR performance, no vesting
may ordinarily accrue in respect of the Relative TSR Part unless
the Company's compound annual growth rate of TSR over the
performance period is at least 10% per annum.
The earliest vesting date for the June 2022 Annual LTIP Award
will be 1 January 2025.
The Remuneration Committee believes that the Company's LTIP
continues to be an important tool for aligning the interests of the
Trinity Executive Management Team with those of shareholders. The
Remuneration Committee will determine the Absolute TSR targets, and
the underpin, for future awards taking into account the share price
at the start of each measurement period, and may also alter the
composition of the comparator group for future awards if it deems
it appropriate to do so.
The information set out below is provided in accordance with the
requirements of Article 19(3) of the UK Market Abuse
Regulations.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeremy Bridglalsingh
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status 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 Trinity Exploration & Production plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 2 13800WHW7571LAEDG63
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary shares of USD 0.01 per share par value
instrument
Identification code
GB00B N 7CJ686
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Trinity Exploration &
Production plc Long-Term Incentive Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 90,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 90,000 ordinary shares of USD 0.01 per share par
value
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 06 June 2022
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
Enquiries:
Trinity Exploration & Production plc Via Walbrook
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
SPARK Advisory Partners Limited ( Nominated Tel: +44 (0)20 3368
Adviser and Financial Adviser) 3550
Mark Brady
James Keeshan
Cenkos Securities PLC (Broker) Tel: +44 (0)20 7397
Leif Powis 8900
Neil McDonald +44(0)131 220 6939
Walbrook PR Limited Tel: +44 (0)20 7933
Nick Rome /Tom Cooper 8780
trinityexploration@walbrookpr.com
About Trinity ( www.trinityexploration.com )
Trinity is an independent oil production company focused solely
on Trinidad and Tobago . Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad . Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its ten licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2021 was 19.73 mmbbls. Group 2C contingent resources
are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.95 mmbbls."
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
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