Sound Energy PLC Directorate Change (3753A)

TIDMSOU

RNS Number : 3753A

Sound Energy PLC

20 January 2020

20 January 2020

Sound Energy plc

("Sound Energy" or the "Company")

Board Change

Sound Energy, the Moroccan focused upstream gas company, announces that, as part of its planned preparations for the forthcoming potential partial divestment of Eastern Morocco portfolio, Brian Mitchener, Exploration Director of the Company will step down from the Board with effect from 31 March 2020.

At the Board's request, and to enable the Company to conserve cash balances, Mr. Mitchener has agreed to accept new ordinary shares in the Company ("Ordinary Shares") in settlement of termination of his employment contract. As a result, the Company expects to issue new Ordinary Shares, at the then prevailing price per Ordinary Share, with an aggregate market value of GBP107,983 on or around 25 January 2020 (the "Settlement Shares") and a further announcement will be made in this regard, as appropriate, in due course.

In addition, the Company announces that a total of 863,682 restricted stock units ("RSUs") previously awarded to Mr. Mitchener will now vest in full on 31 March 2020, ahead of the original date of vesting of the RSUs, announced on 26 April 2018, of 1 January 2021.

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

Marco Fumagalli, acting Chairman, commented:

"I am grateful to Brian for his leadership of our exploration programme and his continued support of our orderly handover of executive responsibilities for this next important phase of our development."

For further information please contact:

 
Vigo Communications - PR Adviser       Tel: [phone] 
 Patrick d'Ancona 
 Chris McMahon 
 Simon Woods 
Sound Energy                           [e-mail] 
Cenkos Securities - Nominated Adviser  Tel: [phone] 
 Azhic Basirov 
 Ben Jeynes 
                                       Tel: [phone] 
  RBC - Joint Broker 
  Matthew Coakes 
  Martin Copeland 
Macquarie Capital (Europe) Limited     Tel: [phone] 
 - Joint Broker 
 Alex Reynolds 
 

NOTIFICATION 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                                       Brian Mitchener 
       -----------------------------------------  ---------------------------------- 
 2      Reason for the notification 
       ----------------------------------------------------------------------------- 
 a)     Position/status 
                                                     PDMR (Director) 
       -----------------------------------------  ---------------------------------- 
 b)     Initial notification/Amendment             Initial Notification 
       -----------------------------------------  ---------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------- 
 a)    Name                                    Sound Energy plc 
      --------------------------------------  ----------------------------------- 
 b)    LEI                                     213800VQKS2TU6FOW115 
      --------------------------------------  ----------------------------------- 
 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 1p each 
        instrument, type of instrument 
      --------------------------------------  ----------------------------------- 
       Identification code                     GB00B90XFF12 
      --------------------------------------  ----------------------------------- 
 b)    Nature of the transaction               Change of vesting date of 
                                                existing restricted stock 
                                                units over ordinary shares 
                                                of 1p each 
      --------------------------------------  ----------------------------------- 
 c)    Price(s) and volumes(s)                 Price(s)           Volume(s) 
      --------------------------------------  -----------------  ---------------- 
    GBP0.00                                                       863,682 
   -----------------                                             ---------------- 
 d)    Aggregated information                  NA (single transaction) 
      --------------------------------------  ----------------------------------- 
  Aggregated volume 
 --------------------------------------  ---------------------------------------- 
  Price 
 --------------------------------------  ---------------------------------------- 
 e)    Date of the transaction                 20 January 2020 
      --------------------------------------  ----------------------------------- 
 f)    Place of the transaction                Outside a trading venue 
      --------------------------------------  ----------------------------------- 
 
 

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END

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January 20, 2020 12:16 ET (17:16 GMT)