Coro Energy PLC Issue of Options (6088S)
18 March 2021 - 1:20AM
UK Regulatory
TIDMCORO
RNS Number : 6088S
Coro Energy PLC
17 March 2021
17 March 2021
Coro Energy plc
("Coro" or the "Company")
New awards under Long Term Incentive Plan / PDMR
Shareholding
Coro Energy plc, the South East Asian energy company focused on
supporting the regional transition to a low carbon economy,
announces that following the completion of the acquisition of
Global Energy Partnership Limited, the Company has today awarded an
aggregate of 57,187,500 options to subscribe for new ordinary
shares in the Company (the "Options") to certain of the Company's
executives under the Company's Long Term Incentive Plan ("LTIP"),
the terms of which were announced by the Company on 22 February
2021.
37,500,000 of the Options have been awarded to the Company's
Chief Executive Officer, Mark Hood. The Options will vest on 22
February 2024, provided each grantee remains employed by the
Company and that the mid-market closing price per Coro ordinary
share on the last day of the vesting period is equal to or higher
than 0.46 pence per ordinary share, being 15% above the placing
price in connection with the placing approved by the Company's
shareholders at a General Meeting held on 15 March 2021. Once
vested, the Options may be exercised at any time until 22 February
2027.
Subject to meeting the aforementioned continuous service and
minimum share price conditions, the number of Options which will
vest on the Vesting Date will depend on the Company's Total
Shareholder Return ("TSR") over a 3 year performance period
starting on the date of grant, compared to a comparator group of 20
energy companies selected by the Company's Remuneration Committee.
The number of Options vesting will be calculated as follows:
Relative TSR Percentage of Options
vesting on the Vesting Date
Below median 0%
------------------------------
Median 30%
------------------------------
Upper decile 100%
------------------------------
Between median and upper decile Straight-line vesting between
30% and 100%
------------------------------
In the event the options vest (by achieving the above floor
price and at least a median relative TSR performance) then they are
exercisable at a price of 0.1p per new ordinary share.
The notification below, made in accordance with the requirements
of the UK Market Abuse Regulation, provides further details.
Enquiries:
Coro Energy plc Via Vigo Communications
James Parsons, Non-Executive Chairman Ltd
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Tennyson Securities (Broker) Tel: 44 (0)20 7186 9030
Peter Krens
Ed Haig-Thomas
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
NOTIFICATIONS 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 Mark Hood
------------------------------- -----------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------
a) Position/status PDMR (Chief Executive)
------------------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name Coro Energy plc
------------------------------- -----------------------------------------------
b) LEI 2138004JXMD9YXLMKS49
------------------------------- -----------------------------------------------
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 Ordinary shares of 0.1p each
financial instrument,
type of instrument
Identification code GB00BDCFP425
b) Nature of the transaction Grant of options to acquire new ordinary
shares of 0.1p each
------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
--------------------- ---------------------
Price(s) Volume(s)
--------------------- ---------------------
Nil 37,500,000
---------------------------------------------------------- ---------------------
d) Aggregated information n/a - single transaction
- Aggregated volume
- Price
e) Date of the transaction 17 March 2021
------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- -----------------------------------------------
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END
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