Issue of Equity, Director Shareholdings and TVR

RNS Number : 8254B

Coro Energy PLC

04 February 2020

 

4 February 2020

Coro Energy plc

("Coro" or the "Company")

Issue of Equity, Director/PDMR Shareholdings and Total Voting Rights

Coro Energy plc, the Southeast Asian focused upstream oil and gas company, announces it has issued a total of 3,737,031 new ordinary shares of 0.1p each in the Company (the "New Ordinary Shares") to certain employees of the Company, at an effective issue price of 1.65 pence per new Ordinary Share, in respect of performance bonuses for the financial year ended 31 December 2019.

Application will be made to the London Stock Exchange plc for the New Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 7 February 2020.

The issue of the New Ordinary Shares includes the issue of 2,248,485 New Ordinary Shares to James Menzies, Chief Executive Officer and 1,156,364 New Ordinary Shares to Andrew Dennan, Chief Financial Officer, in lieu of the post-tax value of their respective cash performance bonus awards for the 2019 financial year of £70,000 and £36,000 respectively.

Following the issue of the New Ordinary Shares, Mr. Menzies will be interested in 9,656,324 Ordinary Shares in the Company, representing 1.22 per cent. of the Company's issued ordinary share capital, and Mr. Dennan will be interested in 4,280,194 Ordinary Shares in the Company, representing 0.54 per cent. of the Company's issued ordinary share capital.

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further details in relation to the issue of the New Ordinary Shares.

Following the issue of the New Ordinary Shares, the Company will have 793,322,635 Ordinary Shares in issue with no shares held in treasury. This is the total number of voting rights in Coro and may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Related Party Transaction

The issue of New Ordinary Shares, in lieu of cash bonus payments, to Mr. Menzies and Mr. Dennan constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent directors, being James Parsons, Marco Fumagalli, Fiona MacAulay and Nick Cooper, consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

For further information please contact:

Coro Energy plc James Menzies, Chief Executive Officer Andrew Dennan, Chief Financial Officer	Tel: [phone]
Cenkos Securities plc (Nominated Adviser) Ben Jeynes Katy Birkin	Tel: [phone]
Vigo Communications Ltd (IR/PR Advisor) Patrick d'Ancona Chris McMahon	Tel: [phone]
Mirabaud Securities Ltd (Joint Broker) Peter Krens Ed Haig-Thomas	Tel: [phone]
Turner Pope Investments (TPI) Ltd (Joint Broker) Zoe Alexander Andy Thacker	Tel: [phone] [e-mail]

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		James Menzies
2		Reason for the notification
a)		Position/status		Chief Executive Officer
b)		Initial notification/Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Coro Energy plc
b)	LEI		2138004JXMD9YXLMKS49
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 0.1p each
	Identification code		GB00BDCFP425
b)	Nature of the transaction		Award of ordinary shares in lieu of cash bonus
c)	Price(s) and volumes(s)		Price(s)		Volume(s)
			£0.0165		2,248,485
d)	Aggregated information		NA (single transaction)
	Aggregated volume		-
	Price		-
e)	Date of the transaction		3 February 2020
f)	Place of the transaction		Outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Andrew Dennan
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	Coro Energy plc
b)	LEI	2138004JXMD9YXLMKS49
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 0.1p each
	Identification code	GB00BDCFP425
b)	Nature of the transaction	Award of ordinary shares in lieu of cash bonus
c)	Price(s) and volumes(s)	Price(s)		Volume(s)
		£0.0165		1,156,364
d)	Aggregated information	NA (single transaction)
	Aggregated volume	-
	Price	-
e)	Date of the transaction	3 February 2020
f)	Place of the transaction	Outside of a trading venue

 

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