GRANT OF LONG-TERM SHARE AWARDS

Touchstone Exploration Inc.
19 July 2024
 

 

GRANT OF LONG-TERM SHARE AWARDS

 

CALGARY, ALBERTA (July 19, 2024) - Touchstone Exploration Inc. ("Touchstone" or the "Company") reports that the Company granted its non-executive directors, executive officers and key employees share awards on July 12, 2024 as part of its long-term compensation program.

 

The Company issued 1,447,780 restricted share units ("RSUs") and 1,397,780 performance share units ("PSUs") under its shareholder approved omnibus incentive compensation plan to its executive officers and key employees. The RSUs vest one third on each of the next three anniversaries of the grant date and the number of share awards are fixed. The PSUs vest on June 11, 2027 and the number of share awards are variable. Each award may, in the Board of Director's ("Board") sole discretion, entitle the holder to be issued the number of Company common shares designated in the award or payment in cash. If paid in cash, the plan participant will receive a cash payment based on the fair value of the underlying common shares on the applicable vesting date. The number of RSUs and PSUs may be adjusted for dividend equivalents from the grant date at the discretion of the Board.

 

PSUs are subject to a performance multiplier. This multiplier, ranging from zero to 1.75, will be applied to the original PSU awards granted on vesting and is dependent on the performance of the Company relative to predefined corporate performance measures set by the Board for the three-year vesting period.

 

In accordance with its long-term director compensation plan, the Company issued 977,332 deferred share units ("DSUs") to its non-executive directors. The DSUs fully vest on the grant date but are only available for redemption when the director ceases to be a member of the Board. Awards are settled in cash as determined by the value of the underlying common shares and may be adjusted based on dividend equivalents from the grant date at the discretion of the Board.

 

The annual grants were awarded to the following recipients:

 

Recipient

Number of RSUs



Paul R. Baay, Director, President and Chief Executive Officer

291,667

Scott Budau, Chief Financial Officer

185,000

Brian Hollingshead, EVP, Engineering and Business Development

139,473

James Shipka, EVP, Asset Development and HSE

185,000

Employees

646,640

Total

1,447,780

 

Recipient

Number of PSUs



Paul R. Baay, Director, President and Chief Executive Officer

291,667

Scott Budau, Chief Financial Officer

185,000

Brian Hollingshead, EVP, Engineering and Business Development

139,473

James Shipka, EVP, Asset Development and HSE

185,000

Employees

596,640

Total

1,397,780

 

Recipient

Number of DSUs



Jenny Alfandary, Non-Executive Director

      108,333

Priya Marajh, Non-Executive Director

      108,333

Kenneth R. McKinnon, Non-Executive Director

      132,500

Peter Nicol, Non-Executive Director

      122,833

Beverley Smith, Non-Executive Director

      122,833

Stanley T. Smith, Non-Executive Director

      132,500

Harrie Vredenburg, Non-Executive Director

      108,333

John D. Wright, Non-Executive Director

      141,667

Total

977,332

 

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail on the above transactions.

 

Touchstone Exploration Inc.

 

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".

 

For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:

 

Touchstone Exploration Inc.

Mr. Paul Baay, President and Chief Executive Officer                 Tel: +1 (403) 750-4487

Mr. Scott Budau, Chief Financial Officer

 

Shore Capital (Nominated Advisor and Joint Broker)

Daniel Bush / Toby Gibbs / Tom Knibbs                                     Tel: +44 (0) 207 408 4090

 

Canaccord Genuity (Joint Broker) 

Adam James / Anna Ercegovic                                                  Tel: +44 (0) 207 523 8000

 

FTI Consulting (Financial PR)

Nick Hennis / Ben Brewerton                                                      Tel: +44 (0) 203 727 1000

Email: touchstone@fticonsulting.com

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulation.

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

 

Name

 

1.   Paul R. Baay

2.   Scott Budau

3.   Brian Hollingshead

4.   James Shipka

5.   Paul R. Baay

6.   Scott Budau

7.   Brian Hollingshead

8.   James Shipka

9.   Jenny Alfandary

10.  Priya Marajh

11.  Kenneth R. McKinnon

12.  Peter Nicol

13.  Beverley Smith

14.  Stanley T. Smith

15.  Dr. Harrie Vredenburg

16.  John D. Wright

2.

Reason for the notification

a)

Position/status

1.   Director, President and Chief Executive Officer

2.   Chief Financial Officer

3.   EVP, Engineering and Business Development

4.   EVP, Asset Development and HSE

5.   Director, President and Chief Executive Officer

6.   Chief Financial Officer

7.   EVP, Engineering and Business Development

8.   EVP, Asset Development and HSE

9.   Non-Executive Director

10.  Non-Executive Director

11.  Non-Executive Director

12.  Non-Executive Director

13.  Non-Executive Director

14.  Non-Executive Director

15.  Non-Executive Director

16.  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

Touchstone Exploration Inc.

b)

LEI

2138008URBSUC1J24J73

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

1.  Restricted share units over common shares of no par value in the capital of Touchstone Exploration Inc.

2.  Restricted share units over common shares of no par value in the capital of Touchstone Exploration Inc.

3.  Restricted share units over common shares of no par value in the capital of Touchstone Exploration Inc.

4.  Restricted share units over common shares of no par value in the capital of Touchstone Exploration Inc.

5.  Performance share units over common shares of no par value in the capital of Touchstone Exploration Inc.

6.  Performance share units over common shares of no par value in the capital of Touchstone Exploration Inc.

7.  Performance share units over common shares of no par value in the capital of Touchstone Exploration Inc.

8.  Performance share units over common shares of no par value in the capital of Touchstone Exploration Inc.

9.  Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

10.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

11.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

12.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

13.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

14.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

15.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

16.      Deferred share units over common shares of no par value in the capital of Touchstone Exploration Inc.

 

CA89156L1085

b)

Nature of the transactions

Grant of share units to executive directors/officers

c)

 

Prices and volumes

 


Effective prices

Volumes

1.

Nil

291,667

2.

Nil

185,000

3.

Nil

139,473

4.

Nil

185,000

5.

Nil

291,667

6.

Nil

185,000

7.

Nil

139,473

8.

Nil

185,000

9.

Nil

108,333

10.

Nil

108,333

11.

Nil

132,500

12.

Nil

122,833

13.

Nil

122,833

14.

Nil

132,500

15.

Nil

108,333

16.

Nil

141,667

  

d)

Aggregated information

- Aggregated volume

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Price

Aggregate volumes

1.   291,667

2.   185,000

3.   139,473

4.   185,000

5.   291,667

6.   185,000

7.   139,473

8.   185,000

9.   108,333

10.  108,333

11.  132,500

12.  122,833

13.  122,833

14.  132,500

15.  108,333

16.  141,667

 

Aggregate prices

1.   Nil

2.   Nil

3.   Nil

4.   Nil

5.   Nil

6.   Nil

7.   Nil

8.   Nil

9.   Nil

10.  Nil

11.  Nil

12.  Nil

13.  Nil

14.  Nil

15.  Nil

16.  Nil

e)

Date of the transaction

July 12, 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

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