ADES International Holding PLC Grant and Vesting of Awards under LTIP (2322A)
17 Gennaio 2020 - 7:00PM
UK Regulatory
TIDMADES
RNS Number : 2322A
ADES International Holding PLC
17 January 2020
Grant and Vesting of Awards under LTIP
(London & Dubai, 17 January 2020) ADES International Holding
PLC ("ADES", "Company" or the "Group"), a leading oil & gas
drilling and production services provider in the Middle East and
North Africa (MENA), is pleased to announce that, pursuant to the
rules of the ADES Investments Holding Ltd. (the majority
shareholder of the company) Long Term Incentive Plan ("LTIP"),
vesting of awards over a total number of 290,133 ordinary shares of
US$1.00 in the capital of the Company each are made at nil cost
which includes vesting of awards previously announced on 04/01/2019
and vesting of conditional awards to new participants with total
awards for all participants being 1,153,970 ordinary shares with
557,821 ordinary shares vested during 2019 and 2020 (collectively
the "Awards").
The Awards follow three years vesting plan ending 2021, 2022 and
2023 for relevant participants and will be satisfied by the
transfer of existing ordinary shares to each participant.
These shares are held by ADES Investments Holding Ltd and the
awards will not be satisfied by the new issue of any shares in the
Company. Awards will lapse and cease to vest on termination of
employment.
Among the Awards is an award to one Executive Director as
follows:
Executive Director Number of shares in respect of which awards
have vested on January 2020
Dr Mohamed Farouk 218,970
--------------------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
Details of the person discharging managerial responsibilities
/ person closely associated
Name Dr Mohamed Farouk
-------------------------------------
Reason for the notification
Position/status Dr Mohamed Farouk - CEO and PDMR
-------------------------------------
Initial notification Initial notification
/Amendment
-------------------------------------
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
Name ADES INTERNATIONAL HOLDING PLC
-------------------------------------
LEI 213800WADXE5U3ZY1K46
-------------------------------------
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
Description Ordinary shares of US$1.00 in the capital
of the financial of the Company
instrument,
type of instrument
------------------------------------------
Identification AEDFXA1EN018
code
------------------------------------------
Nature of the Vesting of Conditional Awards
transaction
------------------------------------------
Price(s) and GBP0.00 - 218,970
volume(s)
------------------------------------------
Aggregated information N/A (Single transaction)
- Aggregated Nil
volume
- Price
------------------------------------------
Date of the 16/01/2020
transaction
------------------------------------------
Place of the Outside a trading venue
transaction
------------------------------------------
-Ends-
Enquiries
ADES International Holding
Hussein Badawy
Investor Relations Officer ir@adesgroup.com +971 4355 0255
Instinctif
+44 (0)20 7457
Mark Garraway mark.garraway@instinctif.com 2020
+44 (0)20 7457
Dinara Shikhametova dinara.shikhametova@instinctif.com 2020
+44 (0)20 7457
Sarah Hourahane sarah.hourahane@instinctif.com 2020
NOTES TO EDITORS
About ADES International Holding
ADES International Holding extends oil and gas drilling and
production services through its subsidiaries and is a leading
service provider in the Middle East and North Africa, offering
onshore and offshore contract drilling as well as workover and
production services. Its c.4,000 employees serve clients including
major national oil companies ("NOCs") such as Saudi Aramco and
Kuwait Oil Company as well as joint ventures of NOCs with global
majors including BP and Eni. While maintaining a superior health,
safety and environmental record, the Group currently has a fleet of
thirty-four onshore drilling rigs, thirteen jack-up offshore
drilling rigs, a jack-up barge, and a mobile offshore production
unit ("MOPU"), which includes a floating storage and offloading
unit. For more information, visit investors.adihgroup.com
Forward-looking statements
Certain statements contained in this announcement, including any
information as to the Group's strategy, plans or future financial
or operating performance constitute "forward looking statements".
These forward-looking statements can be identified by the use of
forward looking terminology, including the terms "believes",
"estimates", "anticipates", "projects", "expects", "intends",
"aims", "plans", "predicts", "may", "will", "seeks" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They
appear in a number of places throughout this announcement and
include statements regarding the intentions, beliefs or current
expectations of the Directors of the Company concerning, amongst
other things, the Group's results of operations, financial
condition and performance, prospects, growth and strategies and the
industry in which the Group operates.
By their nature, forward looking statements address matters that
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward looking statements are not guarantees of future performance
and the Group's actual results of operations and financial
condition, and the development of the business sector in which the
Group operates, may differ materially from those suggested by the
forward-looking statements contained in this announcement. In
addition, even if the Group's results of operations and financial
condition, and the development of the industry in which the Group
operates, are consistent with the forward- looking statements
contained in this announcement, those results or developments may
not be indicative of results or developments in subsequent
periods.
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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