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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lgo Energy | LSE:LGO | London | Ordinary Share | GB00BDGJ2R22 | ORD 0.05P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMLGO
RNS Number : 0576Z
LGO Energy PLC
09 March 2017
For Immediate Release
9 March 2017
LGO ENERGY PLC
("LGO" or the "Company")
Share Payments to Directors
and TVR
LGO today confirms that following the General Meeting held on 7 March 2017 which approved a share consolidation and authorities to allot new ordinary shares, and as indicated in the Company's announcement on 21 December 2016 ("the December Announcement") the Board have now approved the payment of accrued, but unpaid, directors' fees from 2015 and 2016 to several Directors in the form of new ordinary shares.
A gross cost of GBP397,000 had been accrued in the Company's books for these unpaid directors' fees since September 2015 and the amounts due net of tax and national insurance have now been paid by the allotment of 7,181,147 new ordinary shares of 0.05p each at 3p per new ordinary share (the "Director Shares"), a 22% premium to yesterday's closing price on AIM.
As a result the following Director Shares have been allotted and issued to Directors and their holdings in the Company are:
Hot Features
Premium
Director Ordinary Holding New total % TVR
Shares prior holding
allotted to allotment
------------------------ ---------- -------------- ---------- ------
Neil Ritson 4,215,998 1,250,000 5,465,998 1.28%
------------------------ ---------- -------------- ---------- ------
Fergus Jenkins 1,218,793 0 1,218,793 0.29%
------------------------ ---------- -------------- ---------- ------
James Thadchanamoorthy 973,439 750,000 1,723,439 0.40%
------------------------ ---------- -------------- ---------- ------
Michael Douglas 772,917 400,000 1,172,917 0.28%
------------------------ ---------- -------------- ---------- ------
Total 7,181,147
------------------------ ----------
The terms of the allotments including the amount of accrued directors' fees and the issue price are in accordance with those set out in the December Announcement. However the 7,181,147 new ordinary shares being allotted is equivalent to 143,622,940 ordinary shares prior to the recent consolidation compared to the original estimation of 120 million shares indicated in the December Announcement. This difference is due to actualisation of the payable taxes to HMRC.
These arrangements with the Directors, were treated as a Related Party Transaction under the AIM Rules, in the December Announcement. However given the change in the number of new ordinary shares being allotted (for the reasons given above) Mr Gordon Stein, an independent director and member of the Remuneration Committee, who joined the Board in January 2017 and who is not participating in the fee conversion, having consulted with the Company's Nominated Advisor, Beaumont Cornish Limited, considers the terms of the transaction to be fair and reasonable so far as shareholders in the Company are concerned.
Application is being made for the Director Shares, which will rank pari passu with all existing ordinary shares to be admitted to trading on AIM ("Admission"). Admission is expected on or around 15 March 2017.
Following Admission, the Company will have a total of 425,561,128 Ordinary Shares of 0.05p each.
The above figure of 425,561,128 Ordinary Shares with voting rights may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries:
LGO Energy plc +44 (0) 203 794 9230 Neil Ritson Beaumont Cornish Limited +44 (0) 20 7628 3396 Nomad and Joint Broker Roland Cornish Rosalind Hill Abrahams FirstEnergy Capital LLP +44 (0) 20 7448 0200 Joint Broker Jonathan Wright David van Erp Camarco +44 (0) 203 757 4983 Public and Investor Relations Billy Clegg
The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transactions as described above.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ------------------------------------------------------
a) Name Neil Ritson
--- ------------------------ ----------------------------
2 Reason for notification
--- ------------------------------------------------------
a) Position / status Chief Executive
--- ------------------------ ----------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ ----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ------------------------------------------------------
a) Name LGO Energy plc
--- ------------------------ ----------------------------
b) LEI 213800WBO186NYERMZ91
--- ------------------------ ----------------------------
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 Ordinary shares of 0.05
the financial pence each in LGO Energy
instrument, type plc
of instrument
Identification ISIN GB00BDGJ2R22
code
--- ------------------------ ----------------------------
Nature of the Issue of 4,215,998 ordinary
transaction shares in lieu of fees
--- ------------------------ ----------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
3p 4,215,998
--------- -----------
--- ------------------------ ----------------------------
d) Aggregated information n/a
--- ------------------------ ----------------------------
e) Date of the transaction 9 March 2017
--- ------------------------ ----------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ ----------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------
a) Name James Thadchanamoorthy
--- ------------------------ ------------------------------
2 Reason for notification
--- --------------------------------------------------------
a) Position / status Finance Director
--- ------------------------ ------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------
a) Name LGO Energy plc
--- ------------------------ ------------------------------
b) LEI 213800WBO186NYERMZ91
--- ------------------------ ------------------------------
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 Ordinary shares of 0.05 pence
the financial each in LGO Energy plc
instrument, type
of instrument ISIN GB00BDGJ2R22
Identification
code
--- ------------------------ ------------------------------
Nature of the Issue of 973,439 ordinary
transaction shares in lieu of fees
--- ------------------------ ------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
3p 973,439
--------- -----------
--- ------------------------ ------------------------------
d) Aggregated information n/a
--- ------------------------ ------------------------------
e) Date of the transaction 9 March 2017
--- ------------------------ ------------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ ------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------
a) Name Fergus Jenkins
--- ------------------------ ------------------------------
2 Reason for notification
--- --------------------------------------------------------
a) Position / status Director
--- ------------------------ ------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------
a) Name LGO Energy plc
--- ------------------------ ------------------------------
b) LEI 213800WBO186NYERMZ91
--- ------------------------ ------------------------------
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 Ordinary shares of 0.05 pence
the financial each in LGO Energy plc
instrument, type
of instrument ISIN GB00BDGJ2R22
Identification
code
--- ------------------------ ------------------------------
Nature of the Issue of 1,218,793 ordinary
transaction shares in lieu of fees
--- ------------------------ ------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
3p 1,218,793
--------- -----------
--- ------------------------ ------------------------------
d) Aggregated information n/a
--- ------------------------ ------------------------------
e) Date of the transaction 9 March 2017
--- ------------------------ ------------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ ------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------
a) Name Michael Douglas
--- ------------------------ ------------------------------
2 Reason for notification
--- --------------------------------------------------------
a) Position / status Non-Executive Director
--- ------------------------ ------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------
a) Name LGO Energy plc
--- ------------------------ ------------------------------
b) LEI 213800WBO186NYERMZ91
--- ------------------------ ------------------------------
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 Ordinary shares of 0.05 pence
the financial each in LGO Energy plc
instrument, type
of instrument ISIN GB00BDGJ2R22
Identification
code
--- ------------------------ ------------------------------
Nature of the Issue of 772,917 ordinary
transaction shares in lieu of fees
--- ------------------------ ------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
3p 772,917
--------- -----------
--- ------------------------ ------------------------------
d) Aggregated information n/a
--- ------------------------ ------------------------------
e) Date of the transaction 9 March 2017
--- ------------------------ ------------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ ------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEALDNEFEXEFF
(END) Dow Jones Newswires
March 09, 2017 09:12 ET (14:12 GMT)
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