Coro Energy PLC Issue of Options (6088S)

TIDMCORO

RNS Number : 6088S

Coro Energy PLC

17 March 2021

17 March 2021

Coro Energy plc

("Coro" or the "Company")

New awards under Long Term Incentive Plan / PDMR Shareholding

Coro Energy plc, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, announces that following the completion of the acquisition of Global Energy Partnership Limited, the Company has today awarded an aggregate of 57,187,500 options to subscribe for new ordinary shares in the Company (the "Options") to certain of the Company's executives under the Company's Long Term Incentive Plan ("LTIP"), the terms of which were announced by the Company on 22 February 2021.

37,500,000 of the Options have been awarded to the Company's Chief Executive Officer, Mark Hood. The Options will vest on 22 February 2024, provided each grantee remains employed by the Company and that the mid-market closing price per Coro ordinary share on the last day of the vesting period is equal to or higher than 0.46 pence per ordinary share, being 15% above the placing price in connection with the placing approved by the Company's shareholders at a General Meeting held on 15 March 2021. Once vested, the Options may be exercised at any time until 22 February 2027.

Subject to meeting the aforementioned continuous service and minimum share price conditions, the number of Options which will vest on the Vesting Date will depend on the Company's Total Shareholder Return ("TSR") over a 3 year performance period starting on the date of grant, compared to a comparator group of 20 energy companies selected by the Company's Remuneration Committee. The number of Options vesting will be calculated as follows:

 
           Relative TSR                 Percentage of Options 
                                     vesting on the Vesting Date 
           Below median                          0% 
                                   ------------------------------ 
              Median                             30% 
                                   ------------------------------ 
           Upper decile                         100% 
                                   ------------------------------ 
 Between median and upper decile    Straight-line vesting between 
                                             30% and 100% 
                                   ------------------------------ 
 

In the event the options vest (by achieving the above floor price and at least a median relative TSR performance) then they are exercisable at a price of 0.1p per new ordinary share.

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

Enquiries:

 
 Coro Energy plc                                                   Via Vigo Communications 
  James Parsons, Non-Executive Chairman                                                Ltd 
 Cenkos Securities plc (Nominated Adviser)                         Tel: [phone] 
  Ben Jeynes 
  Katy Birkin 
 Tennyson Securities (Broker)                                      Tel: [phone] 
  Peter Krens 
  Ed Haig-Thomas 
 Vigo Communications Ltd (IR/PR Advisor)                           Tel: [phone] 
  Patrick d'Ancona 
  Chris McMahon 
 NOTIFICATIONS AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS 
  DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY 
  ASSOCIATED WITH THEM 
 
   1     Details of the person discharging managerial responsibilities 
          / person closely associated 
   a)    Name                             Mark Hood 
        -------------------------------  ----------------------------------------------- 
   2     Reason for the notification 
        -------------------------------------------------------------------------------- 
   a)    Position/status                  PDMR (Chief Executive) 
        -------------------------------  ----------------------------------------------- 
   b)    Initial notification             Initial notification 
          /Amendment 
        -------------------------------  ----------------------------------------------- 
   3     Details of the issuer, emission allowance market participant, 
          auction platform, auctioneer or auction monitor 
        -------------------------------------------------------------------------------- 
   a)    Name                             Coro Energy plc 
        -------------------------------  ----------------------------------------------- 
   b)    LEI                              2138004JXMD9YXLMKS49 
        -------------------------------  ----------------------------------------------- 
   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               Ordinary shares of 0.1p each 
          financial instrument, 
          type of instrument 
 
         Identification code              GB00BDCFP425 
 
   b)    Nature of the transaction        Grant of options to acquire new ordinary 
                                           shares of 0.1p each 
        -------------------------------  ----------------------------------------------- 
   c)    Price(s) and volume(s) 
                                          ---------------------  --------------------- 
                                           Price(s)               Volume(s) 
                                          ---------------------  --------------------- 
      Nil                                                         37,500,000 
     ----------------------------------------------------------  --------------------- 
 
   d)    Aggregated information           n/a - single transaction 
 
    - Aggregated volume 
 
    - Price 
 
   e)    Date of the transaction          17 March 2021 
        -------------------------------  ----------------------------------------------- 
   f)    Place of the transaction         Outside a trading venue 
        -------------------------------  ----------------------------------------------- 
 

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March 17, 2021 10:20 ET (14:20 GMT)