Directorate Change

RNS Number : 3753A

Sound Energy PLC

20 January 2020

 

20 January 2020

Sound Energy plc

("Sound Energy" or the "Company")

Board Change

Sound Energy, the Moroccan focused upstream gas company, announces that, as part of its planned preparations for the forthcoming potential partial divestment of Eastern Morocco portfolio, Brian Mitchener, Exploration Director of the Company will step down from the Board with effect from 31 March 2020.

At the Board's request, and to enable the Company to conserve cash balances, Mr. Mitchener has agreed to accept new ordinary shares in the Company ("Ordinary Shares") in settlement of termination of his employment contract. As a result, the Company expects to issue new Ordinary Shares, at the then prevailing price per Ordinary Share, with an aggregate market value of £107,983 on or around 25 January 2020 (the "Settlement Shares") and a further announcement will be made in this regard, as appropriate, in due course.

In addition, the Company announces that a total of 863,682 restricted stock units ("RSUs") previously awarded to Mr. Mitchener will now vest in full on 31 March 2020, ahead of the original date of vesting of the RSUs, announced on 26 April 2018, of 1 January 2021.

The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further details of the accelerated vesting of the RSUs.

Marco Fumagalli, acting Chairman, commented:

"I am grateful to Brian for his leadership of our exploration programme and his continued support of our orderly handover of executive responsibilities for this next important phase of our development."

For further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Simon Woods	Tel: [phone]
Sound Energy	[e-mail]
Cenkos Securities - Nominated Adviser Azhic Basirov Ben Jeynes	Tel: [phone]
RBC - Joint Broker Matthew Coakes Martin Copeland	Tel: [phone]
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds	Tel: [phone]

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		Brian Mitchener
2		Reason for the notification
a)		Position/status		PDMR (Director)
b)		Initial notification/Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Sound Energy plc
b)	LEI		213800VQKS2TU6FOW115
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 1p each
	Identification code		GB00B90XFF12
b)	Nature of the transaction		Change of vesting date of existing restricted stock units over ordinary shares of 1p each
c)	Price(s) and volumes(s)		Price(s)		Volume(s)
			£0.00		863,682
d)	Aggregated information		NA (single transaction)
	Aggregated volume
	Price
e)	Date of the transaction		20 January 2020
f)	Place of the transaction		Outside a trading venue

 

END

 

 

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