Issue of Shares - Performance Rights Plan

RNS Number : 5821Z

Tlou Energy Ltd

18 December 2017

 

18 December 2017

Tlou Energy Limited

("Tlou" or "the Company")

Issue of Shares - Performance Rights Plan

Tlou Energy Limited, the company focused on developing Gas-to-Power projects in Botswana and southern Africa through the development of coal bed methane ("CBM") natural gas, has issued shares following satisfaction of Conditions under of its Performance Rights Plan.

At the Company's Annual General Meeting ("AGM") on 10 November 2016, shareholder approval was granted for the issue of 2,000,000 Performance Rights to the Directors of the Company.  In addition to the Performance Rights being issued to Directors, a further 2,550,000 Performance Rights were issued to senior management and consultants with the same performance conditions attached.

The Performance Rights are linked to the share price performance of the Company, ensuring alignment with the interests of the Company's shareholders.  The Performance Rights are split into two equal Tranches.  For the Performance Rights issued under the Plan to vest and therefore become exercisable by a participant, the following performance conditions are required to be met:

Tranche	Performance Condition
Tranche 1	The closing price of Shares being 50% or more above the price at the date of shareholder approval for a period of 10 consecutive trading days.
Tranche 2	The closing price of Shares being 100% or more above the price at the date of shareholder approval for a period of 10 consecutive trading days.

Notes:

•              The date of shareholder approval was 10 November 2016

•              The share price on 10 November 2016 was AUD $0.14

•              For Tranche 1 to vest the share price needs to be AUD $0.21 per share or greater for a period of 10 consecutive trading days

•              For Tranche 2 to vest the share price needs to be AUD $0.28 or greater for a period of 10 consecutive trading days

On vesting, holders of Performance Rights will be entitled to acquire Tlou Energy Limited ordinary shares at nil cost.

The conditions for Tranche 1 have been met so 2,275,000 shares have been issued to Directors, staff and consultants of the Company in accordance with the terms of the Performance Rights Plan.  Following the issue of the Performance Rights shares, the interests of Directors in the Company will be as per the table below.  The Directors do not hold any share options.

	Ordinary Shares (including shares issued under Tranche 1 of the Performance Rights plan)	Percentage of the Company	Performance Rights not yet issued (Tranche 2)
Martin McIver	696,088	0.21%	250,000
Anthony Gilby	18,196,487	5.52%	250,000
Gabaake Gabaake	330,857	0.10%	250,000
Colm Cloonan	669,525	0.20%	250,000
Hugh Swire	3,064,366	0.93%	-
Linah Mohohlo	-	-	-

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

**ENDS**

For further information regarding this announcement please contact:

Tlou Energy Limited	[phone]
Tony Gilby, Managing Director
Solomon Rowland, Company Secretary
Grant Thornton (Nominated Adviser)	[phone]
Samantha Harrison, Colin Aaronson, Harrison Clarke
Shore Capital (Joint Broker)	[phone]
Jerry Keen, Mark Percy, Toby Gibbs
Optiva Securities Limited (Joint Broker)	[phone]
Jeremy King, Christian Dennis
St Brides Partners Limited (Public Relations)	[phone]
Lottie Wadham, Megan Dennison, Susie Geliher
FlowComms Limited (Investor Relations)	[phone]
Sasha Sethi

Company Information

Tlou Energy is focused on delivering Gas-to-Power solutions in Botswana and southern Africa to alleviate some of the chronic power shortage in the region.  Tlou's is developing projects using coal bed methane ("CBM") natural gas.  Botswana has a severe energy shortage and is currently relying on expensive imported power and diesel generation to deliver its requirements.  As 100% owner of the most advanced gas project in the country, the Lesedi CBM Project, Tlou Energy provides investors with access to a compelling opportunity using domestic gas to produce power and displace expensive diesel and imported power.

The Company is listed on the Australian Securities Exchange, London's AIM market and the Botswana Stock Exchange and is led by an experienced Board, management and advisory team including individuals with successful track records in the CBM industry.

Since establishment, the Company has significantly de-risked the project in consideration of its goal to become a significant gas-to-power producer.  The Company flared its first gas in 2014, holds a Mining Licence and nine Prospecting Licences, covering an area of ~8,300Km² in total, and the Lesedi Project already benefits from significant independently certified Contingent Gas Resources of ~3.2 trillion cubic feet (3C) and independently certified Gas Reserves of ~261 billion cubic feet (3P).

The Company is planning an initial scalable gas-to-power project in Botswana.  Following successful implementation of this first scalable project, the Company plans to expand to provide further power to Botswana and the southern African region.

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Martin McIver
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited
b)	LEI	213800SHI2BVAY1A4L52
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 no par value
	Identification code	AU000000TOU2
b)	Nature of the transaction	Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017
c)	Price(s) and volume(s)		Price(s)	Volume(s)
			A$0.00	250,000
d)	Aggregated information
	- Aggregated volume - Price	Aggregate volume: 250,000 Aggregate price: A$0.00 Aggregate total: A$0.00
e)	Date of the transaction	18 December 2017
f)	Place of the transaction	Australian Securities Exchange

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Anthony Gilby
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited
b)	LEI	213800SHI2BVAY1A4L52
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 no par value
	Identification code	AU000000TOU2
b)	Nature of the transaction	Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017
c)	Price(s) and volume(s)		Price(s)	Volume(s)
			A$0.00	250,000
d)	Aggregated information
	- Aggregated volume - Price	Aggregate volume: 250,000 Aggregate price: A$0.00 Aggregate total: A$0.00
e)	Date of the transaction	18 December 2017
f)	Place of the transaction	Australian Securities Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Colm Cloonan
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited
b)	LEI	213800SHI2BVAY1A4L52
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 no par value
	Identification code	AU000000TOU2
b)	Nature of the transaction	Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017
c)	Price(s) and volume(s)		Price(s)	Volume(s)
			A$0.00	250,000
d)	Aggregated information
	- Aggregated volume - Price	Aggregate volume: 250,000 Aggregate price: A$0.00 Aggregate total: A$0.00
e)	Date of the transaction	18 December 2017
f)	Place of the transaction	Australian Securities Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Gabaake Gabaake
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tlou Energy Limited
b)	LEI	213800SHI2BVAY1A4L52
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 no par value
	Identification code	AU000000TOU2
b)	Nature of the transaction	Issue of Shares under the Performance Rights Plan announced by Tlou Energy Limited on 10 February 2017
c)	Price(s) and volume(s)		Price(s)	Volume(s)
			A$0.00	250,000
d)	Aggregated information
	- Aggregated volume - Price	Aggregate volume: 250,000 Aggregate price: A$0.00 Aggregate total: A$0.00
e)	Date of the transaction	18 December 2017
f)	Place of the transaction	Australian Securities Exchange

 

END

 

 

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