Issue of Performance Rights

RNS Number : 6404E
Tlou Energy Ltd
19 October 2018
 

19 October 2018

 

Tlou Energy Limited

 

("Tlou" or "the Company")

 

Issue of Performance Rights

 

 

Tlou Energy Limited, the ASX, AIM and BSE listed company focused on developing gas-to-power projects in southern Africa using coal bed methane ("CBM") natural gas from its gas field in Botswana, wishes to advise that, further to the approval of shareholders at the Company's 2018 Annual General Meeting held on 17 October 2018, 4,950,000 Incentive Performance Rights have been issued to directors, employees and long term consultants of the Company pursuant to the Tlou Energy Performance Rights Plan.  The performance period for the unlisted Performance Rights expires 31 January 2025.

 

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 17 October 2018

•                The share price on 17 October 2018 was AUD $0.11

•                For Tranche 1 to vest the share price needs to be AUD $0.165 per share or greater for a period of 10 consecutive trading days

•                For Tranche 2 to vest the share price needs to be AUD $0.22 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.

 

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

 

Percentage of the Company

Performance Rights issued

Total Number of Performance Rights

 

Martin McIver

812,102

0.20%

500,000

750,000

Anthony Gilby

21,701,789

5.30%

500,000

750,000

Gabaake Gabaake

330,857

0.08%

500,000

750,000

Colm Cloonan

1,081,112

0.26%

500,000

750,000

Hugh Swire

4,560,092

1.11%

500,000

500,000

Linah Mohohlo

-

-

500,000

500,000

 

For further information regarding this announcement please contact:

 

Tlou Energy Limited

+61 7 3012 9793

Tony Gilby, Managing Director


Solomon Rowland, General Manager




Grant Thornton (Nominated Adviser)

+44 (0)20 7383 5100

Samantha Harrison, Colin Aaronson, Harrison Clarke




Shore Capital (Broker)

+44 (0) 207 408 4090

Jerry Keen, Toby Gibbs, Mark Percy




FlowComms Limited (Investor Relations)

+44 (0) 7891 677 441

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 is developing projects using coal bed methane ("CBM") natural gas.  Botswana has a significant energy shortage and generally relies on expensive imported power and diesel generation to fulfil its power 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.  Following successful implementation of this first scalable project, the Company looks forward to evaluating longer-term prospects for the delivery of electricity generated from CBM in Botswana to neighbouring countries.

 

 

 

Details of the person discharging managerial responsibility / person closely associated

 

 

a)

 

Name

 

Martin McIver

2

Reason for the notification

 

a)

 

Position/status

 

Chairman

 

b)

 

Initial notification/amendment

 

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Tlou Energy Limited

 

b)

 

LEI

 

213800SHI2BVAY1A4L52

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

 

Performance Rights

 

Identification code

 

Ordinary share ISIN : AU000000TOU2

 

b)

 

Nature of transaction

 

Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.

 

 

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil

500,000

 

d)

 

Aggregated information

 

Aggregated volume

 

n/a

 

Price

 

n/a

 

e)

 

Date of transaction

 

19 October 2018

 

f)

 

Place of transaction

 

Outside of trading venue

 

 

 

Details of the person discharging managerial responsibility / person closely associated

 

 

a)

 

Name

 

Anthony Gilby

2

Reason for the notification

 

a)

 

Position/status

 

Managing Director and Chief Executive Officer

 

b)

 

Initial notification/amendment

 

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Tlou Energy Limited

 

b)

 

LEI

 

213800SHI2BVAY1A4L52

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

 

Performance Rights

 

Identification code

 

Ordinary share ISIN : AU000000TOU2

 

b)

 

Nature of transaction

 

Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.

 

 

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil

500,000

 

d)

 

Aggregated information

 

Aggregated volume

 

n/a

 

Price

 

n/a

 

e)

 

Date of transaction

 

19 October 2018

 

f)

 

Place of transaction

 

Outside of trading venue

 

 

 

Details of the person discharging managerial responsibility / person closely associated

 

 

a)

 

Name

 

Gabaake Gabaake

2

Reason for the notification

 

a)

 

Position/status

 

Director

 

b)

 

Initial notification/amendment

 

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Tlou Energy Limited

 

b)

 

LEI

 

213800SHI2BVAY1A4L52

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

 

Performance Rights

 

Identification code

 

Ordinary share ISIN : AU000000TOU2

 

b)

 

Nature of transaction

 

Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.

 

 

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil

500,000

 

d)

 

Aggregated information

 

Aggregated volume

 

n/a

 

Price

 

n/a

 

e)

 

Date of transaction

 

19 October 2018

 

f)

 

Place of transaction

 

Outside of trading venue

 

 

 

Details of the person discharging managerial responsibility / person closely associated

 

 

a)

 

Name

 

Colm Cloonan

2

Reason for the notification

 

a)

 

Position/status

 

Finance Director

 

b)

 

Initial notification/amendment

 

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Tlou Energy Limited

 

b)

 

LEI

 

213800SHI2BVAY1A4L52

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

 

Performance Rights

 

Identification code

 

Ordinary share ISIN : AU000000TOU2

 

b)

 

Nature of transaction

 

Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.

 

 

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil

500,000

 

d)

 

Aggregated information

 

Aggregated volume

 

n/a

 

Price

 

n/a

 

e)

 

Date of transaction

 

19 October 2018

 

f)

 

Place of transaction

 

Outside of trading venue

 

 

 

Details of the person discharging managerial responsibility / person closely associated

 

 

a)

 

Name

 

Hugh Swire

2

Reason for the notification

 

a)

 

Position/status

 

Director

 

b)

 

Initial notification/amendment

 

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Tlou Energy Limited

 

b)

 

LEI

 

213800SHI2BVAY1A4L52

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

 

Performance Rights

 

Identification code

 

Ordinary share ISIN : AU000000TOU2

 

b)

 

Nature of transaction

 

Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.

 

 

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil

500,000

 

d)

 

Aggregated information

 

Aggregated volume

 

n/a

 

Price

 

n/a

 

e)

 

Date of transaction

 

19 October 2018

 

f)

 

Place of transaction

 

Outside of trading venue

 

 

 

Details of the person discharging managerial responsibility / person closely associated

 

 

a)

 

Name

 

Linah Mohohlo

2

Reason for the notification

 

a)

 

Position/status

 

Director

 

b)

 

Initial notification/amendment

 

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Tlou Energy Limited

 

b)

 

LEI

 

213800SHI2BVAY1A4L52

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

 

Performance Rights

 

Identification code

 

Ordinary share ISIN : AU000000TOU2

 

b)

 

Nature of transaction

 

Grant of Performance Rights following shareholder approval obtained at the Annual General Meeting of shareholders held on 17 October 2018.

 

 

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil

500,000

 

d)

 

Aggregated information

 

Aggregated volume

 

n/a

 

Price

 

n/a

 

e)

 

Date of transaction

 

19 October 2018

 

f)

 

Place of transaction

 

Outside of trading venue

 


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