Sound Energy PLC Director/PDMR Shareholding (1672M)

TIDMSOU

RNS Number : 1672M

Sound Energy PLC

11 October 2016

11 October 2016

Sound Energy plc

("Sound Energy" or the "Company")

Director/PDMR Shareholding

Sound Energy, the European and African focused upstream gas company announces that, following an approach to the Company by a large UK financial institution wishing to secure an equity position, it has been notified that Greenberry S.A. ("Greenberry") has sold, to the above pre-identified institution, 10,000,000 of the Company's warrants to subscribe for new ordinary shares in the Company expiring 21 June 2021 (the "Warrants"). This transaction occurred on 10 October 2016 at a price of 50 pence per Warrant. Should the Warrants be exercised, the acquisition price of ordinary shares for the new Warrant holder (inclusive of the 30 pence per share exercise price) would therefore be 80 pence per new ordinary share, representing a 5.9 per cent. discount to the closing mid market price per Sound Energy ordinary share of 85.0 pence on 10 October 2016.

The Company looks forward to the introduction of further institutions to the shareholder register.

Marco Fumagalli, a director of the Company, is Managing Partner of, and a 25% shareholder in, Continental Investment Partners SA ("Continental"). Greenberry is an affiliate of Continental by virtue of its common ownership.

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

 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
----  ---------------------------------------------------------------------------------- 
 a)    Name                                      Greenberry S.A. 
----  ----------------------------------------  ---------------------------------------- 
 2     Reason for the notification 
----  ---------------------------------------------------------------------------------- 
 a)    Position/status                           Notification concens a PCA, 
                                                  being a legal person the managerial 
                                                  responsibilities of which are 
                                                  discharged by Marco Fumagalli, 
                                                  a PDMR (Non-Executive Director 
                                                  of Sound Energy plc). 
----  ----------------------------------------  ---------------------------------------- 
 b)    Initial notification/Amendment            Initial Notification 
----  ----------------------------------------  ---------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
----  ---------------------------------------------------------------------------------- 
 a)    Name                                      Sound Energy plc 
----  ----------------------------------------  ---------------------------------------- 
 b)    LEI                                       - 
----  ----------------------------------------  ---------------------------------------- 
 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              Warrants to subscribe for new 
        instrument, type of instrument            ordinary shares of GBP0.01 
                                                  each at an exercise price of 
                                                  30 pence per share 
----  ----------------------------------------  ---------------------------------------- 
       Identification code                       GB00B90XFF12 
----  ----------------------------------------  ---------------------------------------- 
 b)    Nature of the transaction                 Disposal of warrants 
----  ----------------------------------------  ---------------------------------------- 
 c)    Price(s) and volumes(s)                   Price(s)            Volume(s) 
----  ----------------------------------------  ------------------  -------------------- 
                                                           GBP0.50            10,000,000 
  ----------------------------------------------------------------  -------------------- 
 d)    Aggregated information                    N/A (single transaction) 
----  ----------------------------------------  ---------------------------------------- 
  Aggregated volume 
 ------------------------------------------------------------  ------------------------- 
  Price 
 ------------------------------------------------------------  ------------------------- 
 e)    Date of the transaction                   10 October 2016 
----  ----------------------------------------  ---------------------------------------- 
 f)    Place of the transaction                  Outside of a trading venue 
----  ----------------------------------------  ---------------------------------------- 
 

This announcement is inside information for the purposes of article 7 of Regulation 596/2014.

For further information please contact:

 
 Vigo Communications - PR Adviser        Tel: [phone] 
  Patrick d'Ancona 
  Chris McMahon 
  Alexandra Roper 
----------------------------------  ----------------------------- 
 Sound Energy                        [e-mail] 
  James Parsons, Chief Executive 
  Officer 
----------------------------------  ----------------------------- 
 Smith & Williamson - Nominated          Tel: [phone] 
  Adviser 
  Azhic Basirov 
  David Jones 
  Ben Jeynes 
----------------------------------  ----------------------------- 
 Cantor Fitzgerald Europe - Broker       Tel: [phone] 
  Sarah Wharry 
  David Porter 
----------------------------------  ----------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHAKKDPOBDDNKD

(END) Dow Jones Newswires

October 11, 2016 02:00 ET (06:00 GMT)