TIDMSDX
RNS Number : 1975U
SDX Energy PLC
22 November 2023
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.
22 November 2023
SDX Energy Plc ("SDX" or the "Company")
BOARD CHANGES AND GRANT OF GROWTH-LINKED INCENTIVES
SDX is pleased to announce key Board and Executive updates. The
appointments build on the new senior management changes announced
in May 2023.
Following the appointment of Daniel Gould as Managing Director
in May 2023, the Board is pleased to appoint Daniel as Chief
Executive Officer. Additionally, Daniel will also be joining the
Board as an Executive Director. Both appointments will take place
with immediate effect.
William McAvock, the Company's Chief Financial Officer, will
also join the Board as an Executive Director, effective
immediately. Jay Bhattacherjee, currently the interim Executive
Chairman, will transition back to Non-Executive Chairman on 1
January 2024, but will remain active in supporting the Executives
in delivering on the soon-to-be-released new growth strategy.
The Board has granted the following incentives, which are linked
to significant growth milestones of the business, to the Executives
and interim Executive Chairman, who are persons discharging
managerial responsibilities ("PDMRs"):
Daniel William Lesley Maclean Option strike Market cap milestone
Gould McAvock price for vesting
3,000,000 2,000,000 1,750,000 GBP0.045 GBP12,000,000
---------- --------------- -------------- ---------------------
4,000,000 3,000,000 2,000,000 GBP0.10 GBP20,000,000
---------- --------------- -------------- ---------------------
6,000,000 4,000,000 3,000,000 GBP0.15 GBP30,000,000
---------- --------------- -------------- ---------------------
8,000,000 6,000,000 5,000,000 GBP0.30 GBP60,000,000
---------- --------------- -------------- ---------------------
10,000,000 8,000,000 6,000,000 GBP0.50 GBP100,000,000
---------- --------------- -------------- ---------------------
Vesting criteria:
-- 15% of the first tranche of options with 4.5p strike price
vest immediately when the market cap milestone is reached;
-- a further 25% of the first tranche of options with 4.5p
strike price when the market cap milestone is reached and 16 months
have elapsed from the start of employment; and
-- all other options vest when the market cap milestone is
reached and 30 months have elapsed from the start of
employment.
The Board has granted to the interim Executive Chairman, Mr Jay
Bhattacherjee, nil cost options which vest if the market
capitalisation of the Company stays at or above the milestones for
twenty consecutive trading days, as shown in the table below:
Market cap milestone for vesting Nil cost options (% of ISC)
GBP12,000,000 0.42%
----------------------------
GBP20,000,000 0.47%
----------------------------
GBP30,000,000 1.00%
----------------------------
GBP60,000,000 1.00%
----------------------------
GBP100,000,000 1.25%
----------------------------
Related party transaction
The grant of the awards constitutes a related party transaction
under Rule 13 of the AIM Rules for Companies. The independent
directors, Tim Linacre and Krzysztof Zielicki, consider, having
consulted with the Company's Nominated Adviser, Shore Capital and
Corporate Limited, that the terms of the related party transaction
are fair and reasonable insofar as the Company's shareholders are
concerned.
CEO Daniel Gould commented:
"I look forward to sharing the new company strategy that we have
been working on diligently for the past few months and thank
shareholders for their patience as we fine-tuned this to something
that I truly believe will be an exciting direction for SDX. I am
also pleased to be joining the Board to champion this new strategy,
which I see has great potential for all SDX stakeholders."
Chairman Jay Bhattacherjee commented:
"I am pleased to continue to support Daniel and the Executive
team, who have done an excellent job since joining, and I remain
committed to delivering on operational and commercial guidance. The
Company looks forward to an ambitious future and the management are
aligning themselves to this potential with the grant of incentives
which are materially geared to substantial growth of the
Company."
Additional Information in respect of the AIM Rules
In accordance with Schedule 2(g) of the AIM Rules, Daniel Popov
Gould, aged 43, holds or has held in the past 5 years the following
directorships and partnerships:
Current directorships/partnerships
Privat 3 Money Ltd
Morgiou Limited
Previous directorships/partnerships within the last 5 years
Nodamatics Ltd
Pattamar Limited
Vision Bank Limited
Liwathon Limited
There is no further information required to be disclosed in
respect of the above appointment pursuant to Rule 17 and Schedule 2
(g) of the AIM Rules for Companies.
In accordance with Schedule 2(g) of the AIM Rules, William
Patrick McAvock, aged 54, holds or has held in the past 5 years the
following directorships and partnerships:
Previous directorships/partnerships within the last 5 years
Block Energy PLC
Hencham Limited
Block Rustaveli Limited
There is no further information required to be disclosed in
respect of the above appointment pursuant to Rule 17 and Schedule 2
(g) of the AIM Rules for Companies.
For further information:
SDX Energy Plc
Daniel Gould, Managing Director
William McAvock, Chief Financial
Officer
Tel: +44 (0) 20 3219 5640
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs/Iain Sexton
Tel: +44 (0) 20 7408 4090
InHouseIR (Investor and Media Relations)
Sarah Dees/Oliver Clark
Email: sdx@inhouseir.com
Tel: +44 (0) 7881 650 813 / +44 (0) 20 3239 1669
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 20 3757 4980
About SDX
For further information, please see the Company's website at
www.sdxenergygroup.com or the Company's filed documents at
www.sedar.com
Notification and public disclosure of transactions by persons
discharging managerial responsibilities ("PDMRs") and persons
closely associated ("PCA") with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jay Bhattacherjee
-------------------------------- -----------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status Non-Executive Chairman
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in SDX Energy plc
Identification code ISIN GB00BJ5JNL69
-------------------------------- -----------------------------------
b) Nature of the transaction Grant of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
0p 8,459,534*
-----------
*Based on current issued share
capital
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 21 November 2023
-------------------------------- -----------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Daniel Gould
-------------------------------- -----------------------------------
Reason for notification
2
---------------------------------------------------------------------
a) Position / status Chief Executive Officer
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name SDX Energy plc
-------------------------------- -----------------------------------
b) LEI 213800ALYZJ5JN26DY75
-------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated
4 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 Options to acquire ordinary shares
instrument, type of instrument in SDX Energy plc
Identification code ISIN GB00BJ5JNL69
-------------------------------- -----------------------------------
b) Nature of the transaction Grant of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
4.5p 3,000,000
10p 4,000,000
15p 6,000,000
30p 8,000,000
50p 10,000,000
------------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 21 November 2023
-------------------------------- -----------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name William McAvock
-------------------------------- -----------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status Chief Financial Officer
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in SDX Energy plc
Identification code ISIN GB00BJ5JNL69
-------------------------------- -----------------------------------
b) Nature of the transaction Grant of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
4.5p 2,000,000
10p 3,000,000
15p 4,000,000
30p 6,000,000
50p 8,000,000
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 21 November 2023
-------------------------------- -----------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Lesley Maclean
-------------------------------- -----------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status Head of Corporate Development
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in SDX Energy plc
Identification code ISIN GB00BJ5JNL69
-------------------------------- -----------------------------------
b) Nature of the transaction Grant of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
4.5p 1,750,000
10p 2,000,000
15p 3,000,000
30p 5,000,000
50p 6,000,000
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 21 November 2023
-------------------------------- -----------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------
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END
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November 22, 2023 02:00 ET (07:00 GMT)
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