Enteq Upstream PLC Issue of Equity (9383S)

TIDMNTQ

RNS Number : 9383S

Enteq Upstream PLC

14 March 2019

Enteq Upstream plc

("Enteq" or the "Company")

Issue of shares

and

Director/PDMR Shareholding

Enteq, the oil and gas drilling technology Company, announces that on 12 March 2019 it issued and allotted 180,126 new ordinary shares of 1p each ("Ordinary Shares") to various Directors in compensation for remuneration due. This compensation was taken in new Ordinary Shares, rather than cash, in line with the Directors support of the Company's policy to preserve cash and their belief in the Company's longer-term potential.

These new Ordinary Shares were issued in compensation for the elements of remuneration foregone in respect of the period 1 June 2018 to 31 January 2019, at a price of 28.0p per new Ordinary Share. The issue price reflects the Company's average share price during the period to which the compensation relates.

These new Ordinary Shares issued to the Directors were as follows:

 
                                           Total holding after 
                                            issue 
                         Number of     Number of      % Enlarged 
                      new Ordinary      Ordinary    issued share 
 Name                Shares issued        Shares         capital 
 
 Martin Perry               55,264     2,732,547           4.28% 
 David Steel                39,060       804,151           1.26% 
 Robin Pinchbeck            42,901     1,099,447           1.72% 
 Iain Paterson              42,901       506,065           0.79% 
 
 

Application has been made for the 180,126 new Ordinary Shares to be admitted to trading on AIM which is expected to occur on 20 March 2019. Following the above issue of new Ordinary Shares, the number of Ordinary Shares (each carrying one vote) in issue is 63,885,427. There are no shares held in treasury. The figure of 63,885,427 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interests in, the share capital of Enteq under the Disclosure and Transparency Rules.

For further information, please contact:

 
 Enteq Upstream plc                       [phone] 
 Martin Perry, Chief Executive Officer 
 David Steel, Finance Director 
 Investec Bank plc (NOMAD and Broker)     [phone] 
 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 
                                               3. Iain Paterson 
                                               4. Robin Pinchbeck 
     ---------------------------------  ------------------------------------ 
 2.   Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                         1. Chief Executive Officer 
                                               2. Finance Director 
                                               3. Chairman 
                                               4. Non-executive 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                                2138006BKS2MOAPRUB75 
     ---------------------------------  ------------------------------------ 
 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       Ordinary Shares of 1 pence each 
       instrument, type of instrument     GB00B41Q8Q68 
       Identification code 
     ---------------------------------  ------------------------------------ 
 b)   Nature of the transaction          Issue of shares in compensation 
                                          for cash remuneration 
     ---------------------------------  ------------------------------------ 
 c)   Price(s) and volume(s)              Price(s)   Volume(s) 
                                           GBP0.280        1. 55,264 
                                                            2. 39,060 
                                                            3. 42,901 
                                                            4. 42,901 
                                                     ---------------- 
     ---------------------------------  ------------------------------------ 
 d)   Aggregated information             Not applicable - single transaction 
     ---------------------------------  ------------------------------------ 
 e)   Date of the transaction            12 March 2019 
     ---------------------------------  ------------------------------------ 
 f)   Place of the transaction           Outside a trading venue 
     ---------------------------------  ------------------------------------ 
 

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 [e-mail] or visit www.rns.com.

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March 14, 2019 12:32 ET (16:32 GMT)