TIDMTRIN
RNS Number : 0175M
Trinity Exploration & Production
03 January 2019
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Director/PDMR shareholding
Grant under the Long-Term Incentive Plan
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago,
announces that on 2 January 2019 the Company issued awards under
its Long-Term Incentive Plan ("LTIP").
These awards have been made in accordance with the policy
announced to the market on 25 August 2017 and have been made to
certain individuals within the Company in respect of the
performance of the Company as at the end of the financial year
ended 31 December 2017. It is anticipated that future annual awards
shall be made shortly after the announcement of the preliminary
results.
As a result, the Company announces the grant of Options over
2,824,000 ordinary shares (representing 0.735 per cent of the
Company's issued share capital) under the LTIP on 2 January 2019,
including the awards to Executive Directors shown in the table
below.
Name Position NUMBER OF ORDINARY SHARES
SUBJECT TO THE OPTION
Bruce Dingwall Executive Chairman 664,219
==================== ==========================
Chief Financial
Jeremy Bridglalsingh Officer 478,238
==================== ==========================
The above Options will vest on 1 January 2021, subject to
meeting the performance criteria set and continued employment in
the Company, the Options are exercisable at nil cost by the
participants.
The LTIP Awards are subject to the achievement of relative Total
Shareholder Return ("TSR") performance targets measured over a
three year performance period ending on 1 January 2021. The amounts
shown above represent the maximum possible opportunity.
TSR is the increase in share price plus the value of any
dividends paid over a period of time and captures the full return
shareholders see on an investment. Relative TSR is the comparison
of these returns against peer companies over a set period of time.
For Trinity, the performance will be assessed over a three year
period.
The Relative TSR ranking will be 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 will be ranked on this basis with the highest
performing company ranked first. The share price used to calculate
the start of the TSR calculation in respect of these awards is
based on the three month average TSR leading into 31 December 2017,
being 16.77p.
The amount of the award which will vest at the end of the three
year period is based on performance against a comparator group.
Threshold vesting occurs when Trinity is ranked at median against
the comparator group and maximum vesting occurs when Trinity is
ranked at upper quartile (or above). The table below shows the
level of vesting at threshold and maximum:
Vesting occurs on a straight line basis between threshold and
maximum.
Performance Vesting
Below the Median None of the award will vest
-------------------------------
Median (50(th) percentile) 30% of the maximum award will
vest
-------------------------------
Between Median and Upper Quartile Straight Line basis between
these points
-------------------------------
Upper Quartile (75%) 100% of the maximum award will
vest.
-------------------------------
Above the Upper Quartile 100% of the maximum award will
vest
-------------------------------
The comparator group has been created using the following
filters:
Sector: FTSE AIM All Share Oil & Gas constituents
Size: Market capitalisation of between GBP20 million - GBP400
million
Further relevance filter: Exploration & Production
operations, excluding Oil equipment and services and Alternative
energy
These filters create a comparator group which excludes larger
companies that may be expected to be on the main list and micro
capitalisation explorers that can show extreme volatility and which
can be numerous at certain points in the business cycle. For 2018,
the market capitalisation range of GBP20m-GBP400m has been deemed
appropriate, but the Remuneration Committee will review the
appropriate range for each new LTIP grant.
The information set out below is provided in accordance with the
requirements of Article 19(3) of the EU Market Abuse Regulation No
596/2014.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Bruce Dingwall
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Executive Chairman
-------------------------------------------------------- -------------------------------------------------------
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 N/A
-------------------------------------------------------- -------------------------------------------------------
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
GB00B8JG4R91
-------------------------------------------------------- -------------------------------------------------------
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 664,219
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 664,219 ordinary shares of USD 0.01 per share par
value
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2 January 2019
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeremy Bridglalsingh
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Financial 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 N/A
-------------------------------------------------------- -------------------------------------------------------
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
GB00B8JG4R91
-------------------------------------------------------- -------------------------------------------------------
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 478,238
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 478,238 ordinary shares of USD 0.01 per share par
value
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2 January 2019
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald
Beth McKiernan
Derrick Lee +44 (0)20 7397 8900
Pete Lynch +44 (0)131 220 6939
Whitman Howard Limited (Equity Adviser) +44 (0)20 7659 1234
Nick Lovering
Hugh Rich
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and 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 nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2017 was 23.2 mmbbls.
Group 2C contingent resources are estimated to be 24.0 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 47.2 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
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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