SDX Energy PLC Issue of Equity (2214A)
28 September 2020 - 4:00PM
UK Regulatory
TIDMSDX
RNS Number : 2214A
SDX Energy PLC
28 September 2020
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"),
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
28 September 2020
SDX ENERGY PLC
("SDX" or the "Company")
Issue of Equity
SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company,
announces that it has agreed to issue a total of 655,028 Ordinary
Shares of GBP0.01 to its Executive Directors and certain other
employees as part of the bonus awarded for 2019 performance. The
total bonus amount to be paid was determined as 30% of the possible
target opportunity to reflect performance outcomes in 2019 against
KPIs. It was additionally decided by the Board to defer the total
bonus payment from March to September 2020 and to pay a portion in
shares in lieu of cash.
The issue of the Ordinary Shares has been approved by the Board
of Directors to further align the Executive Directors and other
employees with the Company's shareholder base, as well as
satisfying the Company's objective of preserving its cash balance
in the current economic environment. These shares will be issued,
conditional upon Admission, at a price of GBP0.1647 per share,
representing the 60-day volume weighted average price of a share on
25 September 2020.
A total of 308,925 shares have been issued to the Executive
Directors, as detailed below:
Name Ordinary Shares Issued Total Interest in
Ordinary Shares
Mark Reid 231,694 692,897
----------------------- ------------------
Nick Box 77,231 97,261
----------------------- ------------------
Subject to customary exemptions, these shares will be subject to
hold periods of up to three years, with a third being released
annually.
Total Voting Rights
SDX has applied to the London Stock Exchange for 655,028 new
Ordinary Shares (the "New Ordinary Shares") to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
become effective on 1 October 2020. The New Ordinary Shares will
rank pari passu in all respects with the existing issued Ordinary
Shares. Following Admission, the Company's issued share capital
will be 205,378,069 Ordinary Shares. The Company does not hold any
Ordinary Shares in treasury. Therefore the total number of voting
rights in the Company will be 205,378,069. Shareholders may use
this figure as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
About SDX
SDX is an international oil and gas exploration, production and
development company, headquartered in London, United Kingdom, with
a principal focus on MENA. In Egypt, SDX has a working interest in
three producing assets: a 55% operated interest in the South Disouq
gas field in the Nile Delta, a 50% non-operated interest in the
West Gharib concession, which is located onshore in the Eastern
Desert, adjacent to the Gulf of Suez, and a 12.75% non-operated
interest in the South Ramadan concession offshore Gulf of Suez. In
Morocco, SDX has a 75% working interest in five
development/production concessions, all situated in the Gharb
Basin. The producing assets in Morocco are characterised by
attractive gas prices and exceptionally low operating costs. SDX
has a strong weighting of fixed price gas assets in its portfolio
with low operating costs and attractive margins throughout,
providing resilience in a low commodity price environment. SDX's
portfolio also includes high impact exploration opportunities in
both Egypt and Morocco.
For further information, please see the Company's website at
www.sdxenergy.com or the Company's filed documents at www.sedar.com
.
For further information:
SDX Energy Plc
Mark Reid
Chief Executive Officer
Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)
Callum Stewart
Simon Mensley
Ashton Clanfield
Tel: +44 (0) 207 710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton
David McKeown
Tel: +44 (0) 207 418 8900
Camarco (PR)
Billy Clegg
Owen Roberts
Violet Wilson
Tel: +44 (0) 203 757 4980
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 Mark Reid
------------------------------- ----------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status CEO
------------------------------- ----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- ----------------------------------------
3 Details of the issuer
-------------------------------------------------------------------------
a) Name SDX Energy PLC
------------------------------- ----------------------------------------
b) LEI 213800ALYZJ5JN26DY75
------------------------------- ----------------------------------------
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 GBP GBP0.01
Identification Code GB00BJ5JNL69
------------------------------- ----------------------------------------
b) Nature of the transaction Issue of Ordinary shares in lieu of cash
bonus
------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
16.47 pence 231,694
---------
------------------------------- ----------------------------------------
d) Aggregated information Price(s) Volume(s)
- Aggregated volume - 16.47 pence 231,694
Price ---------
------------------------------- ----------------------------------------
e) Date of the transaction 28 September 2020
------------------------------- ----------------------------------------
f) Place of the transaction XOFF
------------------------------- ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Nicholas Box
------------------------------- ----------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status CFO
------------------------------- ----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- ----------------------------------------
3 Details of the issuer
-------------------------------------------------------------------------
a) Name SDX Energy PLC
------------------------------- ----------------------------------------
b) LEI 213800ALYZJ5JN26DY75
------------------------------- ----------------------------------------
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 GBP GBP0.01
Identification Code GB00BJ5JNL69
------------------------------- ----------------------------------------
b) Nature of the transaction Issue of Ordinary shares in lieu of cash
bonus
------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
16.47 pence 77,231
---------
------------------------------- ----------------------------------------
d) Aggregated information Price(s) Volume(s)
- Aggregated volume - 16.47 pence 77,231
Price ---------
------------------------------- ----------------------------------------
e) Date of the transaction 28 September 2020
------------------------------- ----------------------------------------
f) Place of the transaction XOFF
------------------------------- ----------------------------------------
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END
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