TIDMSDX
RNS Number : 8238Y
SDX Energy PLC
14 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.
14 September 2020
SDX ENERGY PLC
("SDX" or the "Company")
Grant of awards under the Company's long-term incentive plan
("LTIP") to the Executive Directors and certain other key employees
of the Company and PDMR dealings
SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company,
announces that on 14 September 2020 the Company issued awards under
its long term incentive plan ("LTIP" or the "Plan") to its
Executive Directors and certain other key employees.
It is the aim of the Board of Directors of the Company to reward
key employees on a basis which is aligned with the interests of
shareholders and the performance of the Company. As such, the
Remuneration Committee has set stretching strategic, operational,
financial and shareholder return criteria which must be met for
vesting of these LTIP awards to occur.
The maximum number of ordinary shares that could vest under the
LTIP awards is 6,454,356 in aggregate, with awards having a three
year vesting period and the performance criteria shown below. In
order for vesting to occur, a minimum 25% aggregate attainment
across the performance criteria must be reached. The aggregate
attainment is calculated as the percentage of the stretch target
achieved multiplied by the performance measure weighting, totaled
across all targets. The Board of Directors retains absolute
discretion to adjust the level of vesting should the initial
outcome not constitute a fair and accurate reflection of the
performance of the Company over the period.
Performance measure Stretch target Weighting
Post-tax operating
cash flow US$135 million 16.67%(1)
------------------------------- ----------
Working interest production 27,000 boe/d 16.67%(1)
------------------------------- ----------
Proved and probable
reserves 75 million boe 16.67%(1)
------------------------------- ----------
Outperform the FTSE All-Share
Total shareholder return Oil & Gas index(2) 50.00%
------------------------------- ----------
1 - Rounded to nearest 0.01%
2 - Outperformance of the FTSE All-Share Oil & Gas index
constitutes threshold performance and would result in a 25%
attainment of this performance measure. The degree of
outperformance will be considered by the Board of Directors when
assessing attainment above this initial 25% level.
The number of LTIP awards granted to the Company's Executive
Directors is 2,653,302, as shown in the table below. Should the
awards vest, each vested option may be exercised into one ordinary
share. The number of ordinary shares over which the LTIP awards
have been granted equates to 100% of each of the Executive
Directors' 2020 salaries, representing a reduced opportunity from
previous awards granted to Executive Directors, the most recent of
which was in March 2018 and included an opportunity equivalent to
200% of salary. The awards for the Executive Directors are subject
to a further two year holding period from the date of vesting with
malus and clawback provisions contained in the rules of the Plan
which can be applied to awards made to all participants.
To take account of share price volatility in current market
conditions, the number of ordinary shares subject to the LTIP
awards has been determined by reference to the 60-day volume
weighted average price of a share on 11 September 2020 (GBP0.1696
per share).
1. Name 2. Status 3. Number of ordinary
shares subject to
LTIP award
Mark Reid CEO and Director 1,768,868
------------------ ----------------------
Nick Box CFO and Director 884,434
------------------ ----------------------
The number of ordinary shares that may be issued or reserved for
issuance under the awards granted pursuant to the LTIP, together
with all ordinary shares which may be issued under options granted
pursuant to the Company's stock option plan, may not exceed 10% of
the Company's issued and outstanding ordinary shares at the time of
grant. As at the date of this announcement, vested and issued
options under the LTIP and the Company's stock option plan amounted
to 5.15% of the Company's issued and outstanding ordinary
shares.
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 Grant of Options over Ordinary shares
Identification Code of GBP GBP0.01
GB00BJ5JNL69
------------------------------- ---------------------------------------
b) Nature of the transaction Grant of Options over Ordinary shares
of GBP GBP0.01
------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Award - nil 1,768,868
---------
------------------------------- ---------------------------------------
d) Aggregated information Price(s) Volume(s)
- Aggregated volume - Award - nil 1,768,868
Price ---------
------------------------------- ---------------------------------------
e) Date of the transaction 14 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 Grant of Options over Ordinary shares
Identification Code of GBP GBP0.01
GB00BJ5JNL69
------------------------------- ---------------------------------------
b) Nature of the transaction Grant of Options over Ordinary shares
of GBP GBP0.01
------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Award - nil 884,434
---------
------------------------------- ---------------------------------------
d) Aggregated information Price(s) Volume(s)
- Aggregated volume - Award - nil 884,434
Price ---------
------------------------------- ---------------------------------------
e) Date of the transaction 14 September 2020
------------------------------- ---------------------------------------
f) Place of the transaction XOFF
------------------------------- ---------------------------------------
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END
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