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ADES Ades International Holding Plc

12.35
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ades International Holding Plc LSE:ADES London Ordinary Share AEDFXA1EN018 ORD USD1.00 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 12.35 12.00 12.70 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

ADES International Holding PLC Grant and Vesting of Awards under LTIP (3182L)

12/01/2021 7:00am

UK Regulatory


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TIDMADES

RNS Number : 3182L

ADES International Holding PLC

12 January 2021

Grant and Vesting of Awards under LTIP

(London & Dubai, 12 January 2021) ADES International Holding PLC ("ADES", "Company" or the "Group"), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that, pursuant to the rules of the ADES Investments Holding Ltd. (the majority shareholder of the company) Long Term Incentive Plan ("LTIP"), vesting of awards over a total number of 547,008 ordinary shares of US$1.00 in the capital of the Company each are made at nil cost which includes vesting of awards previously announced on 04/01/2019, & 17/01/2020 and vesting of conditional awards to new participants with total awards for all participants being 1,137,875 the ordinary shares (representing the net participants) with 1,104,829 ordinary shares vested during 2019, 2020 and 2021 (collectively the "Awards").

The Awards follow three years vesting plan ending 2021, 2022 and 2023 for relevant participants and will be satisfied by the transfer of existing ordinary shares to each participant.

These shares are held by ADES Investments Holding Ltd and the awards will not be satisfied by the new issue of any shares in the Company. Awards will lapse and cease to vest on termination of employment.

Among the Awards is an award to one Executive Director as follows:

 
 Executive Director    Number of shares in respect of which awards 
                        have vested on January 2021 
 Dr Mohamed Farouk     437,938 
                      -------------------------------------------- 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 Details of the person discharging managerial responsibilities 
  / person closely associated 
 Name                       Dr Mohamed Farouk 
                           ------------------------------------- 
 Reason for the notification 
 Position/status            Dr Mohamed Farouk - CEO and PDMR 
                           ------------------------------------- 
 Initial notification       Initial notification 
  /Amendment 
                           ------------------------------------- 
 Details of the issuer, emission allowance market participant, 
  auction platform, auctioneer or auction monitor 
 Name                       ADES INTERNATIONAL HOLDING PLC 
                           ------------------------------------- 
 LEI                        213800WADXE5U3ZY1K46 
                           ------------------------------------- 
 
 
 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 
 Description               Ordinary shares of US$1.00 in the capital 
  of the financial          of the Company 
  instrument, 
  type of instrument 
                          ------------------------------------------ 
 Identification            AEDFXA1EN018 
  code 
                          ------------------------------------------ 
 Nature of the             Vesting of Conditional Awards 
  transaction 
                          ------------------------------------------ 
 Price(s) and 
  volume(s)                $0.00 - 437,938 
                          ------------------------------------------ 
 Aggregated information    N/A (Single transaction) 
  - Aggregated              Nil 
  volume 
  - Price 
                          ------------------------------------------ 
 Date of the               06/01/2021 
  transaction 
                          ------------------------------------------ 
 Place of the              Outside a trading venue 
  transaction 
                          ------------------------------------------ 
 

-Ends-

Enquiries

 
 ADES International Holding 
 Hussein Badawy 
 Investor Relations Officer     ir@adesgroup.com     +971 4355 0255 
 
 

NOTES TO EDITORS

About ADES International Holding

ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services. Its c.3,500 employees serve clients including major national oil companies ("NOCs") such as Saudi Aramco and Kuwait Oil Company as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit ("MOPU"), which includes a floating storage and offloading unit. For more information, visit investors.adihgroup.com

Forward-looking statements

Certain statements contained in this announcement, including any information as to the Group's strategy, plans or future financial or operating performance constitute "forward looking statements". These forward-looking statements can be identified by the use of forward looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "aims", "plans", "predicts", "may", "will", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Directors of the Company concerning, amongst other things, the Group's results of operations, financial condition and performance, prospects, growth and strategies and the industry in which the Group operates.

By their nature, forward looking statements address matters that involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance and the Group's actual results of operations and financial condition, and the development of the business sector in which the Group operates, may differ materially from those suggested by the forward-looking statements contained in this announcement. In addition, even if the Group's results of operations and financial condition, and the development of the industry in which the Group operates, are consistent with the forward- looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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January 12, 2021 02:00 ET (07:00 GMT)

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