Cadogan Petroleum
Plc
("Cadogan" or the
"Company")
Issue of
Equity
Payment of
CEO’s 2015 and 2016 bonus
Cadogan Petroleum plc (“Cadogan” or the “Company”) announces
that it has issued 4,637,588 Ordinary shares of £0.03 each, (“New
Ordinary Shares”) in the capital of the Company for cash on the
basis of £0.0825 per share to the CEO, Mr Guido Michelotti.
Cadogan confirms that the payment for the New Ordinary Shares
in the Company was satisfied in full, by using the entire
amount of the 2015 and 2016 bonuses due to the CEO, Mr Guido Michelotti (but which had not yet been
paid), totalling €431,000 (2015: €231,000 and 2016:
€200,000).
The number of shares allocated was calculated using the prevailing
market value of such shares on the 19th September 2017, being the date that the bonuses
were deemed to be paid.
In addition, the Company confirms that Mr Michelotti has agreed to
fund the income tax due on both the 2015 and 2016 bonuses from his
own resources. Therefore there is no immediate need for any
of the above shares to be sold to fund the tax liability arising on
the bonuses. Also, as a consequence, there will be no cash
outflow for the Company arising from the award of the bonuses, with
the exception of any related social security contributions that
fall due following the payment of the bonuses. In addition,
Mr Michelotti has undertaken not to sell the shares for a period of
three years from the date of subscription.
Save for the undertaking not to sell the shares for three years,
this is as set out in the ‘Annual Report on Remuneration’ on page
33 of the Company’s 2016 Annual Financial Report and in the
‘Explanatory Notes on the resolutions – attachment to notice of
2016 AGM’ on page 7 of the Notice of AGM Circular sent to
shareholders on 26 May 2017.
Application has been made for the new Ordinary Shares to be
admitted to trading on the London Stock Exchange (the "Admission"),
and dealings in the new Ordinary Shares are expected to commence on
or around 28th September
2017.
Following the issue of the New Ordinary Shares the total number
of Ordinary Shares in issue is 235,729,322. There are 66
Ordinary Shares held in treasury. Therefore, the total number of
voting rights in the Company is 235,729,256. This figure may
be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest under the
Disclosure and Transparency Rules.
About
Cadogan is an independent oil and gas company. Cadogan
operates exploration and production licenses in Ukraine, conducts gas trading operations, and
provides services to E&P companies.
For further information, please
contact:
Cadogan Petroleum plc
Guido Michelotti, Chief Executive
Officer
+380 (44) 594 5870
Ben Harber, Company Secretary
+44 0207 264 4366
Cantor Fitzgerald Europe
David Porter
Sarah Wharry
+44 (0) 20 7894 7000
Appendix
The notification detailed above and summarised in the table
below is made in accordance with the requirements of the EU Market
Abuse Regulations as follows:
| 1. |
Details
of PDMR/ person closely associated with them (‘PCA’) |
| a) |
Name |
Guido Michelotti |
| 2. |
Reason
for the notification |
| a) |
Position/status |
Chief Executive
Officer |
| b) |
Initial notification /
Amendment |
Initial notification of
purchase of shares |
| 3. |
Details
of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor |
| a) |
Name |
Cadogan Petroleum
plc |
| b) |
LEI |
213800JIBKL29FAK1213
|
| 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 |
|
Description of the
financial instrument, type of instrument
Identification code |
Ordinary shares of 3
pence each
GB00B12WC938 |
| b) |
Nature of the transaction |
Purchase of ordinary
shares |
| c) |
Price(s) and volume(s) |
Price(s)
Volume(s)
0.0825p
4,637,588 |
| d) |
Aggregated
information
Aggregated volume
Price |
4,637,588
0.0825p |
| e) |
Date of the transaction |
20th
September 2017 |
| f) |
Place of the transaction |
XLON |