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 or
contact the following:
|
Mark Routh
|
Prospex Energy PLC
|
Tel: +44 (0) 20 7236 1177
|
|
Ritchie Balmer
Rory Murphy
David Asquith
|
Strand Hanson Limited
(Nominated Adviser)
|
Tel: +44
(0) 20 7409 3494
|
|
Andrew Monk (Corporate Broking)
Andrew Raca / Tommy Jackson (Corporate Finance)
|
VSA Capital Limited
|
Tel: +44
(0) 20 3005 5000
|
|
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
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
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
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
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
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
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
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
Aggregated volume Price
|
N/A (Single Transaction)
|
|
e)
|
Date of the transaction
|
03 October 2024
|
|
f)
|
Place of the transaction
|
AIM
|