Enteq Upstream PLC Issue of Equity (2641T)

TIDMNTQ

RNS Number : 2641T

Enteq Upstream PLC

16 July 2020

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 16 July 2020 it issued and allotted 1,610,022 new ordinary shares of 1p each ("Ordinary Shares") to the Executive Directors, a former director and a senior manager in compensation for remuneration due.

Of these new Ordinary Shares 494,667 were issued in compensation for the elements of remuneration foregone in respect of the period 1 April 2019 to 31 March 2020, at a prices of 26.2p and 12.7p per new Ordinary Share. These issue prices reflects the Company's average share price during the periods to which the compensation relates. In addition, 1,115,355 new Ordinary Shares were issued under the Performance Share Plan ("PSP") that came into effect on 14 September 2014. Under the terms of this award, the performance conditions having been met, the consideration for these shares was 1p per share.

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           545,408     3,889,821           5.77% 
 David Steel            450,523     1,451,741           2.15% 
 
 

Application has been made for the 1,610,022 new Ordinary Shares to be admitted to trading on AIM which is expected to occur on 22 July 2020. Following the above issue of new Ordinary Shares, the number of Ordinary Shares (each carrying one vote) in issue is 67,456,235. There are no shares held in treasury. The figure of 67,456,235 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. Andrew Law 
     ---------------------------------  ------------------------------------ 
      Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                         1. Chief Executive Officer 
                                               2. Finance Director 
                                               3. Commercial 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       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) 
                                           GBP0.010         1. 305,355 
                                            GBP0.262         2. 270,000 
                                            GBP0.127         3. - 
                                                             1. 195,519 
                                                             2. 145,233 
                                                             3. 36,973 
                                                             1. 44,534 
                                                             2. 35,290 
                                                             3. 37,118 
                                                      ----------------- 
     ---------------------------------  ------------------------------------ 
 d)   Aggregated information             Not applicable - single transaction 
     ---------------------------------  ------------------------------------ 
 e)   Date of the transaction            16 July 2020 
     ---------------------------------  ------------------------------------ 
 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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July 16, 2020 10:42 ET (14:42 GMT)