Enteq Upstream PLC Director/PDMR Shareholding (3361O)

TIDMNTQ

RNS Number : 3361O

Enteq Upstream PLC

17 August 2017

Enteq Upstream plc

(the "Company" or the "Group")

Awards under the Enteq Upstream plc Performance Share Plan ("PSP")

Enteq Upstream plc announces that its Remuneration Committee approved a further grant of awards under the Performance Share Plan ("PSP") that came into effect on 17 August 2017. The PSP was initially approved on 17 September 2014 and applies to the Executive Directors as well as other Executive Managers.

The awards pursuant to the PSP, combined with the on-going all employee share option scheme already in existence, will remain within the overall limits already approved by the Company's shareholders.

This further grant has a vesting date of 31 March 2020. The performance condition relates solely to the achievement of a cumulative adjusted EBITDA target. This target is set and monitored by the Remuneration Committee and an aggregated adjusted EBITDA covering each of the financial years ending 31 March 2018, 31 March 2019 and 31 March 2020 will need to be achieved. The consideration payable for these awards is 1p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares").

Martin Perry (CEO) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 540,000 Ordinary Shares, taking the total granted under the PSP to date, to 1,458,219 Ordinary Shares. David Steel (Finance Director) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 270,000 Ordinary Shares, taking his total granted under the PSP, to date, to 658,664 Ordinary Shares.

 
 For further information, please contact: 
  Enteq Upstream plc [phone] 
  Martin Perry, Chief Executive Officer 
  David Steel, Finance Director 
 
  Investec Bank plc (Nomad and Broker) +44 
  (0) 20 7597 5970 
  Chris Treneman, Patrick Robb, David Anderson 
 
 
 
 1.   Details of the person discharging managerial 
       responsibilities/person closely associated 
---  --------------------------------------------------------------------- 
 a)   Name                                  1. Martin Perry 
                                             2. David Steel 
---  -------------------------------  ------------------------------------ 
 2.   Reason for the notification 
---  --------------------------------------------------------------------- 
 a)   Position/status                       1. Chief Executive Officer 
                                             2. Finance Director 
---  -------------------------------  ------------------------------------ 
 b)   Initial notification/Amendment   Initial notification 
---  -------------------------------  ------------------------------------ 
 3.   Details of the issuer, emission allowance market 
       participant, auction platform, auctioneer or 
       auction monitor 
---  --------------------------------------------------------------------- 
 a)   Name                             Enteq Upstream 
---  -------------------------------  ------------------------------------ 
 b)   LEI                              n/a 
---  -------------------------------  ------------------------------------ 
 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     Options over ordinary 
       instrument, type of              shares of 1 pence each 
       instrument                       GB00B41Q8Q68 
       Identification code 
---  -------------------------------  ------------------------------------ 
 b)   Nature of the transaction        Issue of options 
---  -------------------------------  ------------------------------------ 
 c)   Price(s) and volume(s)            Price(s)   Volume(s) 
                                        ---------  ----------------------- 
                                         GBP0.01               1. 540,000 
                                                                2. 270,000 
                                        ---------  ----------------------- 
---  -------------------------------  ------------------------------------ 
 d)   Aggregated information           Not applicable - single 
                                        transaction 
---  -------------------------------  ------------------------------------ 
 e)   Date of the transaction          17 August 2017 
---  -------------------------------  ------------------------------------ 
 f)   Place of the transaction         Outside a trading venue 
---  -------------------------------  ------------------------------------ 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 17, 2017 11:44 ET (15:44 GMT)