Enteq, the oil and gas drilling technology Company, announces that on 13 August 2019 it issued and allotted 1,603,217 new ordinary shares of 1p each ("Ordinary Shares") to the Executive Directors and a senior manager in compensation for remuneration due.
Of these new Ordinary Shares 561,582 were issued in compensation for the elements of remuneration foregone in respect of the period 1 April 2018 to 31 March 2019, at prices of 23.5p and 28.0p per new Ordinary Share. These issue prices reflect the Company's average share price during the periods to which the compensation relates. In addition, 1,041,635 new Ordinary Shares were issued under the Performance Share Plan ("PSP") that came into effect on 29 June 2015. 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 new Ordinary Shares issued
Number of Ordinary Shares
% Enlarged issued share capital
Application has been made for the 1,603,217 new Ordinary Shares to be admitted to trading on AIM which is expected to occur on 20 August 2019. Following the above issue of new Ordinary Shares, the number of Ordinary Shares (each carrying one vote) in issue is 65,488,644. There are no shares held in treasury. The figure of 65,488,644 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
+44 (0)1494 618739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker)
+44 (0)207 597 5970
Chris Treneman, Patrick Robb, David Anderson
Details of the person discharging managerial responsibilities/person closely associated
1. Martin Perry
2. David Steel
3. Raymond Garcia
Reason for the notification
1. Chief Executive Officer
2. Finance Director
3. Chief Operating Officer
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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
Description of the financial instrument, type of instrument
Ordinary Shares of 1 pence each
Nature of the transaction
Issue of shares in compensation for cash remuneration
Price(s) and volume(s)
Not applicable - single transaction
Date of the transaction
13 August 2019
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 [email protected] or visit www.rns.com.
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