Cadogan Petroleum Issue of Equity

 
TIDMCAD 
 
Cadogan Petroleum Plc 
 
                         ("Cadogan" or the "Company") 
 
                                Issue of Equity 
 
                      Payment of CEO's 2015 and 2016 bonus 
 
Cadogan Petroleum plc ("Cadogan" or the "Company") announces that it has issued 
4,637,588 Ordinary shares of GBP0.03 each, ("New Ordinary Shares") in the capital 
of the Company for cash on the basis of GBP0.0825 per share to the CEO, Mr Guido 
Michelotti. 
 
Cadogan confirms that the payment for the New Ordinary Shares  in the Company 
was satisfied in full, by using the entire amount of the 2015 and 2016 bonuses 
due to the CEO, Mr Guido Michelotti (but which had not yet been paid), 
totalling EUR431,000 (2015: EUR231,000  and 2016: EUR200,000). 
 
 
The number of shares allocated was calculated using the prevailing market value 
of such shares on the 19th September 2017, being the date that the bonuses were 
deemed to be paid. 
 
 
In addition, the Company confirms that Mr Michelotti has agreed to fund the 
income tax due on both the 2015 and 2016 bonuses from his own resources. 
Therefore there is no immediate need for any of the above shares to be sold to 
fund the tax liability arising on the bonuses.  Also, as a consequence, there 
will be no cash outflow for the Company arising from the award of the bonuses, 
with the exception of any related social security contributions that fall due 
following the payment of the bonuses.  In addition, Mr Michelotti has 
undertaken not to sell the shares for a period of three years from the date of 
subscription. 
 
Save for the undertaking not to sell the shares for three years, this is as set 
out in the 'Annual Report on Remuneration' on page 33 of the Company's 2016 
Annual Financial Report and in the 'Explanatory Notes on the resolutions - 
attachment to notice of 2016 AGM' on page 7 of the Notice of AGM Circular sent 
to shareholders on 26 May 2017. 
 
Application has been made for the new Ordinary Shares to be admitted to trading 
on the London Stock Exchange (the "Admission"), and dealings in the new 
Ordinary Shares are expected to commence on or around 28th September 2017. 
 
Following the issue of the New Ordinary Shares the total number of Ordinary 
Shares in issue is 235,729,322. There are 66 Ordinary Shares held in treasury. 
Therefore, the total number of voting rights in the Company is 235,729,256. 
This figure 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 under the Disclosure and 
Transparency Rules. 
 
About 
 
 Cadogan is an independent oil and gas company. Cadogan operates exploration 
and production licenses in Ukraine, conducts gas trading operations, and 
provides services to E&P companies. 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
 
Guido Michelotti, Chief Executive Officer 
 
[phone] 
 
Ben Harber, Company Secretary 
 
[phone] 
 
Cantor Fitzgerald Europe 
 
David Porter 
 
Sarah Wharry 
 
[phone] 
 
Appendix 
 
The notification detailed above and summarised in the table below is made in 
accordance with the requirements of the EU Market Abuse Regulations as follows: 
 
  * Guido Michelotti , CEO purchased 4,637,588 shares at 0.0825pence per share 
    on 20th September 2017 
 
1.  Details of PDMR/ person closely associated with them ('PCA') 
 
a)  Name                         Guido Michelotti 
 
2.  Reason for the notification 
 
a)  Position/status              Chief Executive Officer 
 
b)  Initial notification /       Initial notification of purchase of shares 
    Amendment 
 
3.  Details of the issuer, emission allowance market participant, auction 
    platform, auctioneer or auction monitor 
 
a)   Name                        Cadogan Petroleum plc 
 
b)  LEI                          213800JIBKL29FAK1213 
 
 
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 
 
    Description of the financial Ordinary shares of 3 pence each 
    instrument, type of 
    instrument 
                                 GB00B12WC938 
    Identification code 
 
b)  Nature of the transaction    Purchase of ordinary shares 
 
c)  Price(s) and volume(s)       Price(s) 
                                 Volume(s) 
 
                                 0.0825p 
                                 4,637,588 
 
d)  Aggregated information 
 
    Aggregated volume            4,637,588 
 
    Price                        0.0825p 
 
e)  Date of the transaction      20th September 2017 
 
f)  Place of the transaction     XLON 
 
 
 
END 
 

(END) Dow Jones Newswires

September 22, 2017 05:31 ET (09:31 GMT)