PROVIDENCE RES. Providence Resources P.L.C. : Grant Of Options To Non-Executive Directors

 
TIDMPVR 
 
 
   GRANT OF OPTIONS 
 
   Dublin and London - June 8, 2017 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Oil and Gas Exploration Company, today 
announces the grant of options (the "Options") to certain of its 
non-executive Directors under the Company's 2009 Option Scheme (the 
"Scheme") in respect of a total of 3,750,000 ordinary shares of EUR0.10 
in the Company (the "Ordinary Shares"). 
 
 
 
 
    Director              Position          Number of Options Granted 
Lex Gamble         Non-Executive Director                     400,000 
James McCarthy     Non-Executive Director                     400,000 
Angus McCoss       Non-Executive Director                     800,000 
Philip O'Quigley   Non-Executive Director                     400,000 
Pat Plunkett       Non-Executive Chairman                   1,750,000 
                  TOTAL                                     3,750,000 
 
 
 
   The grant of these Options is made subject to the terms and conditions 
of the Scheme. The Directors have determined that the undernoted terms 
shall apply in accordance with clauses 9(a) and 9(b) of the 2009 Scheme. 
 
 
   1. Fifty percent (50%) of the total Options granted are exercisable after 
      one year of the date of grant provided that the market price of the 
      Ordinary Shares has increased by a minimum of 25% and has maintained such 
      increase over a period of three months prior to the exercise of any 
      Options. 
 
   2. The remaining fifty percent (50%) of the total Options granted are 
      exercisable after two years of the date of grant provided that the market 
      price of the Ordinary Share has increased by a minimum of 25% and has 
      maintained such increase over a period of three months prior to the 
      exercise of any Options. 
 
   3. The Option price shall be the closing market price per Ordinary Share on 
      June 8, 2017 such price being EUR0.17. 
 
   4. No Option shall be exercisable more than seven years after the relevant 
      grant date. 
 
 
   The number of Options being granted represents less than 0.7% of the 
issued ordinary share capital of the Company. 
 
   Following the grant of these Options, the following is a schedule of all 
share options held by the non-executive Directors: 
 
 
 
 
                    Granted      Granted* 
    Director        June 2017   August 2016    TOTAL 
Lex Gamble            400,000       400,000    800,000 
James McCarthy        400,000       400,000    800,000 
Angus McCoss(1)       800,000            NA    800,000 
Philip O'Quigley      400,000       400,000    800,000 
Pat Plunkett(2)     1,750,000            NA  1,750,000 
      TOTAL         3,750,000     1,200,000   4,950,00 
 
 
 
   1. Appointed June 1, 2017 
 
   2. Appointed October 1, 2016 
 
 
   * The options awarded in August 2016 (the "2016 LTIP Options") were made 
under the 2016 LTIP Scheme to reflect the agreement of the non-executive 
Directors to forego director's fees earlier in 2016, as well as their 
agreement to the relinquishment of 640,000 options previously issued to 
the non-executive Directors. 
 
   The following specific terms and conditions apply to the 2016 LTIP 
Options: 
 
 
   1. Fifty percent (50%) of the 2016 LTIP Options (600,000) are exercisable on 
      or after August 8, 2017, provided that the market price of the Ordinary 
      Shares exceeds EUR0.45 per Ordinary Share; 
 
   2. The remaining fifty percent (50%) of the 2016 LTIP Options (600,000) are 
      exercisable on or after August 8, 2018, provided that the market price of 
      the Ordinary Shares exceeds EUR0.45 per Ordinary Share; and 
 
   3. The 2016 LTIP Options must be exercised prior to or on August 8, 2019 
 
 
 
 
INVESTOR ENQUIRIES 
Providence Resources P.l.c.              Tel: [phone] 
Tony O'Reilly, Chief Executive Officer 
 
Cenkos Securities plc                   Tel: [phone] 
Neil McDonald/Derrick Lee 
 
J&E Davy                                 Tel: [phone] 
Anthony Farrell 
 
MEDIA ENQUIRIES 
Powerscourt                             Tel: [phone] 
Lisa Kavanagh/Peter Ogden 
 
Murray Consultants                       Tel: [phone] 
Pauline McAlester 
 
   ABOUT PROVIDENCE RESOURCES 
 
   Providence Resources is an Irish based Oil and Gas Exploration Company 
with a portfolio of appraisal and exploration assets located offshore 
Ireland.  Providence's shares are quoted on AIM in London and the ESM in 
Dublin. 
 
   Notification and public disclosure of transactions by persons 
discharging managerial responsibilities and persons closely associated 
with them 
 
 
 
 
     Details of the person discharging managerial responsibilities 
1.    / person closely associated 
a)   Name                       Lex Gamble 
2.   Reason for the Notification 
a)   Position/status            Non-Executive Director of the Company 
     Initial 
b)   notification/amendment     Initial notification 
     Details of the issuer, emission allowance market participant, 
3.    auction platform, auctioneer or auction monitor 
a)   Name                       Providence Resources P.l.c. 
b)   LEI 
     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 
4.    transactions have been conducted 
     Description of the 
     Financial instrument, 
a)   type of instrument         Options over ordinary shares of EUR0.10 each 
     Identification code        IE00B66B5T26 
                                Award of options under the Company's 2009 
b)   Nature of the Transaction  Option Scheme 
c)   Price(s) and volume(s)           Price                  Volume 
                                          EUR0.17                      400,000 
d)   Aggregated information     N/A (Single transaction) 
      Aggregated volume Price 
e)   Date of the transaction    8 June 2017 
f)   Place of the transaction   London Stock Exchange, AIM (LON:PVR) 
 
 
 
 
     Details of the person discharging managerial responsibilities 
1.    / person closely associated 
a)   Name                       James McCarthy 
2.   Reason for the Notification 
a)   Position/status            Non-Executive Director of the Company 
     Initial 
b)   notification/amendment     Initial notification 
     Details of the issuer, emission allowance market participant, 
3.    auction platform, auctioneer or auction monitor 
a)   Name                       Providence Resources P.l.c. 
b)   LEI 
     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 
4.    transactions have been conducted 
     Description of the 
     Financial instrument, 
a)   type of instrument         Options over ordinary shares of EUR0.10 each 
     Identification code        IE00B66B5T26 
                                Award of options under the Company's 2009 
b)   Nature of the Transaction  Option Scheme 
c)   Price(s) and volume(s)           Price                  Volume 
                                          EUR0.17                      400,000 
     Aggregated information 
d)    Aggregated volume Price                         N/A (Single transaction) 
e)   Date of the transaction                                       8 June 2017 
f)   Place of the transaction             London Stock Exchange, AIM (LON:PVR) 
     Details of the person discharging managerial responsibilities 
1.    / person closely associated 
a)   Name                                                         Angus McCoss 
2.   Reason for the Notification 
a)   Position/status                     Non-Executive Director of the Company 
     Initial 
b)   notification/amendment                               Initial notification 
     Details of the issuer, emission allowance market participant, 
3.    auction platform, auctioneer or auction monitor 
a)   Name                                          Providence Resources P.l.c. 
b)   LEI 
     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 
4.    transactions have been conducted 
     Description of the 
     Financial instrument, 
a)   type of instrument           Options over ordinary shares of EUR0.10 each 
     Identification code                                          IE00B66B5T26 
                                     Award of options under the Company's 2009 
b)   Nature of the Transaction                                   Option Scheme 
c)   Price(s) and volume(s)                 Price                       Volume 
                                          EUR0.17                      800,000 
d)   Aggregated information     N/A (Single transaction) 
      Aggregated volume Price 
e)   Date of the transaction    8 June 2017 
f)   Place of the transaction   London Stock Exchange, AIM (LON:PVR) 
 
 
 
 
     Details of the person discharging managerial responsibilities 
1.    / person closely associated 
a)   Name                       Philip O'Quigley 
2.   Reason for the Notification 
a)   Position/status            Non-Executive Director of the Company 
     Initial 
b)   notification/amendment     Initial notification 
     Details of the issuer, emission allowance market participant, 
3.    auction platform, auctioneer or auction monitor 
a)   Name                       Providence Resources P.l.c. 
b)   LEI 
     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 
4.    transactions have been conducted 
     Description of the 
     Financial instrument, 
a)   type of instrument         Options over ordinary shares of EUR0.10 each 
     Identification code        IE00B66B5T26 
                                Award of options under the Company's 2009 
b)   Nature of the Transaction  Option Scheme 

c)   Price(s) and volume(s)           Price                  Volume 
                                          EUR0.17                      400,000 
d)   Aggregated information     N/A (Single transaction) 
      Aggregated volume Price 
e)   Date of the transaction    8 June 2017 
f)   Place of the transaction   London Stock Exchange, AIM (LON:PVR) 
 
 
 
 
     Details of the person discharging managerial responsibilities 
1.    / person closely associated 
a)   Name                       Pat Plunkett 
2.   Reason for the Notification 
a)   Position/status            Non-Executive Chairman of the Company 
     Initial 
b)   notification/amendment     Initial notification 
     Details of the issuer, emission allowance market participant, 
3.    auction platform, auctioneer or auction monitor 
a)   Name                       Providence Resources P.l.c. 
b)   LEI 
     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 
4.    transactions have been conducted 
     Description of the 
     Financial instrument, 
a)   type of instrument         Options over ordinary shares of EUR0.10 each 
     Identification code        IE00B66B5T26 
                                Award of options under the Company's 2009 
b)   Nature of the Transaction  Option Scheme 
c)   Price(s) and volume(s)         Price                   Volume 
                                       EUR0.17                       1,750,000 
d)   Aggregated information     N/A (Single transaction) 
      Aggregated volume Price 
e)   Date of the transaction    8 June 2017 
f)   Place of the transaction   London Stock Exchange, AIM (LON:PVR) 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Providence Resources plc via Globenewswire 
 
 
  http://www.providenceresources.com/html/ 
 

(END) Dow Jones Newswires

June 09, 2017 02:00 ET (06:00 GMT)

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