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Coro Energy PLC (CORO)

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Wednesday 17 March, 2021

Coro Energy PLC

Issue of Options

RNS Number : 6088S
Coro Energy PLC
17 March 2021
 

 

17 March 2021

Coro Energy plc

("Coro" or the "Company")

 

New awards under Long Term Incentive Plan / PDMR Shareholding

 

Coro Energy plc, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, announces that following the completion of the acquisition of Global Energy Partnership Limited, the Company has today awarded an aggregate of 57,187,500 options to subscribe for new ordinary shares in the Company (the "Options") to certain of the Company's executives under the Company's Long Term Incentive Plan ("LTIP"), the terms of which were announced by the Company on 22 February 2021.

 

37,500,000 of the Options have been awarded to the Company's Chief Executive Officer, Mark Hood. The Options will vest on 22 February 2024, provided each grantee remains employed by the Company and that the mid-market closing price per Coro ordinary share on the last day of the vesting period is equal to or higher than 0.46 pence per ordinary share, being 15% above the placing price in connection with the placing approved by the Company's shareholders at a General Meeting held on 15 March 2021. Once vested, the Options may be exercised at any time until 22 February 2027.  

 

Subject to meeting the aforementioned continuous service and minimum share price conditions, the number of Options which will vest on the Vesting Date will depend on the Company's Total Shareholder Return ("TSR") over a 3 year performance period starting on the date of grant, compared to a comparator group of 20 energy companies selected by the Company's Remuneration Committee. The number of Options vesting will be calculated as follows: 

 

Relative TSR

Percentage of Options

vesting on the Vesting Date

Below median

0%

Median

30%

Upper decile

100%

Between median and upper decile

Straight-line vesting between 30% and 100%

 

In the event the options vest (by achieving the above floor price and at least a median relative TSR performance) then they are exercisable at a price of 0.1p per new ordinary share.

 

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

 

Enquiries:

Coro Energy plc

James Parsons, Non-Executive Chairman

 

 

Via Vigo Communications Ltd

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900

 

Tennyson Securities (Broker)

Peter Krens

Ed Haig-Thomas

 

Tel: 44 (0)20 7186 9030

 

Vigo Communications Ltd (IR/PR Advisor)

Patrick d'Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230

 

NOTIFICATIONS 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

 

Mark Hood

2

 

Reason for the notification

 

a)

 

Position/status

 

 

PDMR (Chief Executive)

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

 

Grant of options to acquire new ordinary shares of 0.1p each

c)

 

Price(s) and volume(s)

 

 

 

 


 

Price(s)

Volume(s)

 


 

Nil

37,500,000

 


 

 

 

 

d)

 

Aggregated information

n/a - single transaction



- Aggregated volume




- Price




e)

 

Date of the transaction

 

17 March 2021

f)

 

Place of the transaction

 

Outside a trading venue

 

 

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