Enteq Upstream PLC Issue of Equity (0547J)

TIDMNTQ

RNS Number : 0547J

Enteq Upstream PLC

23 June 2017

Enteq Upstream plc

("Enteq" or the "Company")

Issue of shares

and

Director/PDMR Shareholding

Enteq, the oil and gas drilling technology Company, announces that on 23 June 2017 it issued and allotted 1,043,053 new ordinary shares of 1p each ("Ordinary Shares") to the Directors and various senior managers at the Company in compensation for remuneration due. This compensation was taken in new Ordinary Shares, rather than cash, in line with the Directors and senior managers support of the Company's policy to preserve cash and their belief in the Company's longer-term potential.

810,471 new Ordinary Shares were issued in compensation for the elements of remuneration foregone in respect of the period 1 April 2016 to 31 March 2017, at a price of 16.6p per new Ordinary Share. 232,582 new Ordinary Shares were issued in compensation for the elements of remuneration foregone in respect of the period 1 January 2017 to 31 May 2017, at a price of 22.8p per new Ordinary Share. Both the issue prices reflect the Company's average share price during the period to which the compensation relates.

These new Ordinary Shares issued to the Directors were as follows:

 
                                Total holding 
                                 after issue 
                       Number                      % Enlarged 
                       of new                          issued 
                     Ordinary         Number    share capital 
                       Shares    of Ordinary 
 Name                  issued         Shares 
 
 Martin Perry         441,288      1,936,256            3.14% 
 David Steel          244,886        442,340            0.72% 
 Iain Paterson         32,825        360,428            0.58% 
 Robin Pinchbeck       48,968        980,824            1.59% 
 
 

Application has been made for the 1,043,053 new Ordinary Shares to be admitted to trading on AIM which is expected to occur on 29 June 2017. Following the above issue of new Ordinary Shares, the number of Ordinary Shares (each carrying one vote) in issue is 61,754,682. There are no shares held in treasury. The figure of 61,754,682 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interests in, the share capital of Enteq under the Disclosure and Transparency Rules.

For further information, please contact:

 
 Enteq Upstream plc               [phone] 
 Martin Perry, Chief Executive 
  Officer 
 David Steel, Finance Director 
 Investec Bank plc (NOMAD         [phone] 
  and Broker)                      4000 
 Chris Treneman, Patrick 
  Robb, David Anderson 
 
 
 
 1.   Details of the person discharging managerial 
       responsibilities/person closely associated 
---  ----------------------------------------------------------------- 
 a)   Name                                  1. Martin Perry 
                                             2. David Steel 
                                             3. Iain Paterson 
                                             4. Robin Pinchbeck 
---  -------------------------------  -------------------------------- 
 2.   Reason for the notification 
---  ----------------------------------------------------------------- 
 a)   Position/status                       1. Chief Executive Officer 
                                             2. Finance Director 
                                             3. Chairman 
                                             4. 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                             Enteq Upstream 
---  -------------------------------  -------------------------------- 
 b)   LEI                              n/a 
---  -------------------------------  -------------------------------- 
 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     Ordinary Shares of 1 
       instrument, type of              pence each 
       instrument                       GB00B41Q8Q68 
       Identification code 
---  -------------------------------  -------------------------------- 
 b)   Nature of the transaction        Issue of shares in compensation 
                                        for cash remuneration 
---  -------------------------------  -------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                        ----------  ----------------- 
                                         GBP0.166         1. 420,146 
                                          GBP0.228         2. 115,240 
                                                           3. - 
                                                           4. - 
                                                           1. 21,142 
                                                           2. 129,646 
                                                           3. 32,825 
                                                           4. 48,968 
                                        ----------  ----------------- 
---  -------------------------------  -------------------------------- 
 d)   Aggregated information           Not applicable - single 
                                        transaction 
---  -------------------------------  -------------------------------- 
 e)   Date of the transaction          23 June 2017 
---  -------------------------------  -------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
---  -------------------------------  -------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 23, 2017 09:55 ET (13:55 GMT)