Issue of Equity

RNS Number : 0547J

Enteq Upstream PLC

23 June 2017

 

Enteq Upstream plc

("Enteq" or the "Company")

Issue of shares

and

Director/PDMR Shareholding

Enteq, the oil and gas drilling technology Company, announces that on 23 June 2017 it issued and allotted 1,043,053 new ordinary shares of 1p each ("Ordinary Shares") to the Directors and various senior managers at the Company in compensation for remuneration due.  This compensation was taken in new Ordinary Shares, rather than cash, in line with the Directors and senior managers support of the Company's policy to preserve cash and their belief in the Company's longer-term potential.

810,471 new Ordinary Shares were issued in compensation for the elements of remuneration foregone in respect of the period 1 April 2016 to 31 March 2017, at a price of 16.6p per new Ordinary Share.  232,582 new Ordinary Shares were issued in compensation for the elements of remuneration foregone in respect of the period 1 January 2017 to 31 May 2017, at a price of 22.8p per new Ordinary Share.   Both the issue prices reflect the Company's average share price during the period to which the compensation relates.

These new Ordinary Shares issued to the Directors were as follows:

			Total holding after issue
Name	Number of new Ordinary Shares issued	Number of Ordinary Shares		% Enlarged issued share capital
Martin Perry	441,288	1,936,256		3.14%
David Steel	244,886	442,340		0.72%
Iain Paterson	32,825	360,428		0.58%
Robin Pinchbeck	48,968	980,824		1.59%

Application has been made for the 1,043,053 new Ordinary Shares to be admitted to trading on AIM which is expected to occur on 29 June 2017. Following the above issue of new Ordinary Shares, the number of Ordinary Shares (each carrying one vote) in issue is 61,754,682.  There are no shares held in treasury.  The figure of 61,754,682 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interests in, the share capital of Enteq under the Disclosure and Transparency Rules.

For further information, please contact:

Enteq Upstream plc	[phone]
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker)	[phone]
Chris Treneman, Patrick Robb, David Anderson

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	1.   Martin Perry 2.   David Steel 3.   Iain Paterson 4.   Robin Pinchbeck
2.	Reason for the notification
a)	Position/status	1.   Chief Executive Officer 2.   Finance Director 3.   Chairman 4.   Non-executive Director
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Enteq Upstream
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 instrument Identification code	Ordinary Shares of 1 pence each GB00B41Q8Q68
b)	Nature of the transaction	Issue of shares in compensation for cash remuneration
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.166 £0.228 1.   420,146 2.   115,240 3.   - 4.   - 1.   21,142 2.   129,646 3.   32,825 4.   48,968
d)	Aggregated information	Not applicable - single transaction
e)	Date of the transaction	23 June 2017
f)	Place of the transaction	Outside a trading venue

 

END

 

 

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