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Trinity Exploration & Production plc issued 852,014 new ordinary shares to employees who exercised options under its Long Term Incentive Plan on 11 August 2022, increasing its issued share capital to 39,884,637 Ordinary Shares. On the same date, CEO Jeremy Bridglalsingh exercised 361,369 options and sold 111,041 Ordinary shares at 96.9p each to cover tax liabilities, leaving him interested in 319,463 Ordinary shares, representing 0.8% of the enlarged issued share capital.
| Date | 11 Aug 2022 |
| Time | 17:46:18 |
| Category | Capital structure |
| ID | 7784V |
Trinity Exploration & Production plc
('Trinity' or the 'Company' or the 'Group')
Issue of Equity, Director PDMR Dealings and Total Voting Rights
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces the Company has issued 852,014 new ordinary shares in the Company ('Ordinary Shares') to certain employees who have exercised options that vested in respect of the 2017 One Off Award, 2017 Rolling Award and 2018 Award made under the approved 2017 Long Term Incentive Plan ("LTIP"), as announced to the market on 10 July 2020, 13 August 2021 and 7 June 2022. The 852,014 Ordinary Shares issued fall under the block admission to trade that was effective from 16 July 2020. Following the issue of shares the Company's issued share capital is 39,884,637 Ordinary Shares of USD 0.01 each in issue with no shares held in treasury.
Of the Ordinary Shares to be issued, Jeremy Bridglalsingh, Chief Executive Officer, has exercised 361,369 options of which 111,041 Ordinary shares were sold to cover tax liabilities in respect of the Ordinary Shares issued. Following these transactions, Mr Bridglalsingh is interested in 319,463 Ordinary shares in the Company representing 0.8% per cent of the enlarged issued share capital (voting rights), of the Company as per the table below.
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a) |
Name |
Jeremy Bridglalsingh |
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2 |
Reason for the notification |
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a) |
Position/status |
Chief Executive Officer |
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b) |
Initial notification/Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Trinity Exploration & Production plc |
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b) |
LEI |
213800WHW7571LAEDG63 |
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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 |
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a) |
Description of the financial instrument, type of instrument
Identification code |
Ordinary shares of USD 0.01 per share par value
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b) |
Nature of the transaction |
1. Exercise of Options under the Trinity Exploration & Production plc Long Term Incentive Plan 2. Sale of Ordinary Shares
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c) |
Currency |
GBP |
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d) |
Price(s) and volume(s) |
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e) |
Aggregated information
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N/A
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f) |
Date of the transaction |
11 August 2022 |
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g) |
Place of the transaction |
London Stock Exchange, AIM |
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Enquiries:
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Trinity Exploration & Production plc Nick Clayton, Non- Executive Chairman Jeremy Bridglalsingh, Chief Executive Officer
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Via Walbrook |
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SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser) Mark Brady James Keeshan
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Tel: +44 (0)20 3368 3550 |
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Cenkos Securities PLC (Broker) Leif Powis Neil McDonald
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Tel: +44 (0)20 7397 8900 +44(0)131 220 6939 |
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Walbrook PR Limited Nick Rome /Tom Cooper
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Tel: +44 (0)20 7933 8780
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About Trinity (www.trinityexploration.com)
Trinity is an independent oil production company focused solely on Trinidad and Tobago. Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The Company operates all of its ten licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2021 was 19.73 mmbbls. Group 2C contingent resources are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.95 mmbbls."
Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.